Anyone with a bank account or credit card has most likely experienced the woes of monthly or hidden fees. It’s something that many of us have reluctantly accepted as just the way these things are sometimes.
But pesky fees aren’t something you should have to deal with. With the rise of online banking, many savvy savers are turning away from big banks with their big fees and heading to smaller, online financial institutions whose optimistic bottom lines promise to work for—and actually benefit—their customers (gasp!).
Chime is one of these, a financial technology (aka fintech) company that offers mobile and online banking through its banking partners with no hidden fees˜, early direct depositsˆ and fee-free overdraft protection*. Yes, you read all of that right.
Chime believes that anyone can reach financial peace of mind if they have the right support, which is not something you’re probably used to hearing from your bank. Their mobile app (with 300,000+ 5-star reviews, by the way) helps members take control of their finances, so they can focus on the more important parts of their lives. As a member, you get simple, fee-free˜ services, so you can feel confident saving and spending on the things you actually want and need.
What You Get With Chime
Chime offers two main types of accounts: a Spending Account (debit card) and Savings Account (exactly what it sounds like).
With a Spending Account, you’ll get a debit card with no monthly or maintenance fees˜, and no minimum balance requirements. Plus, for a limited time you can earn $35 when you sign up for a Chime Spending Account and get $500 or more in qualifying direct deposits*.
With a Savings Account, you’ll be able to set money aside with a 0.50% Annual Percentage Yield (APY)¹ that’s 10x² the national average—with no fees˜. Plus, every time you swipe your debit card, Chime rounds up to the nearest dollar and transfers the round-up amount from your Spending Account straight into your Savings Account. That’s extra money to put toward bills, home projects or your rainy day fund. It’s your money, after all.
Our Favorite Chime Perks
- Get paid up to two days early with direct depositˆ.
- Fee-free overdraft up to $100* with Chime’s SpotMe.
- No unnecessary bank fees˜
- Manage everything from your phone
- Send money with Pay Friends to other Chime members
- Turn on real-time transaction notifications to get push notifications after every purchase and daily balance alerts every morning
- Turn your card on/off instantly in-app
- Move money between your other bank accounts
- Over 38,000 fee-free ATMs with Moneypass® and Visa® Plus Alliance
- Apple Pay™ / Google Pay™ for when you forget your wallet
- Your funds are FDIC insured up to $250,000 through The Bancorp Bank or Stride Bank, N.A., Members FDIC
Now get to saving!
Chime is a financial technology company. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC
^ Early access to direct deposit funds depends on the timing of the employer’s submission of their payroll file. We generally make payroll funds available on the day that the payroll file is received, which may be up to 2 days earlier than the employer’s scheduled payment date.
˜ Out-of-Network cash withdrawal fees apply. Third-party and cash deposit fees may apply.
* Chime SpotMe is an optional, no fee service that requires $500 in qualifying direct deposits to the Chime Spending Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases initially, but may be later eligible for a higher limit of up to $100 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. SpotMe won’t cover non-debit card purchases, including ATM withdrawals,
ACH transfers, Pay Friends transfers, or Chime Checkbook transactions. https://www.chime.com/policies/bancorp/spotme_terms
*$35 Offer Terms and Conditions: In order for the individual to qualify for and receive the $35.00 enrollment reward, the following conditions must be met: the individual must not have previously opened a Chime Spending Account (“Account”); they must be one of the first 100,00 individuals to open an Account using the enrollment reward webpage after January 22, 2021; and the Account must receive a total of $500.00 or more in qualifying direct deposits within 45 days from when the Chime Spending Account was opened. The qualifying direct deposit must be made by the individual’s employer, payroll provider, or benefits payer by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Friends transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits. The reward is paid to the individual’s Account within seven (7) business days after qualifying funds are first deposited into the individual’s new Account. This reward cannot be combined with any other enrollment bonuses, including a referral reward. Chime reserves the right to cancel or modify the terms of the enrollment reward offer or terminate the member’s eligibility at any time with or without prior notice. Credits of $10 or more will be reported on tax form 1099-INT for new member. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.
¹ APY—Annual Percentage Yield. Effective December 9, 2020 the interest rate will be 0.50%. These interest rates are variable and may change at our discretion at any time. No minimum balance required. Must have $0.01 in savings to earn interest.
² The average national savings account interest rate of 0.05% is determined by FDIC as of November 30th, 2020 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available.