Chime Review [2023]: Get Your Paycheck Early

We've all had this banking experience at one time or another: Fees. FEES. FEES.

What if I told you there was a new type of account in town, and it's saying, “Enough with all the fees already!”?

I can’t exactly quote them on that, but Chime is that new account. ⁵ What’s its business model? It doesn’t profit off you but rather with you. Every time you swipe your Chime Visa® Debit Card, Chime earns a small amount from Visa. That’s it. No minimum balance fees, no monthly service fees, no foreign transaction fees, and no transfer fees. ³

Chime is fully mobile, and it offers a debit card and an optional High Yield Savings Account. ⁶  So, does Chime have a place in your personal finance plans? We’re here to help you figure that out.

Quick Summary

Make managing your money easier and less expensive with this straightforward mobile app.

• No monthly fees
  
• Improve your cash flow by getting your paycheck up to 2 days earlier with direct deposit ²
  
• Automatic savings, including Round Ups ⁷ , help you grow your money faster

Visit Chime

*Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC.

Chime Checking Account basics

Chime Savings Account basics

What we like about Chime

• Get your paycheck early: Chime members who set up direct deposit are automatically eligible to receive their paycheck up to two days early. How? Employers often deposit your money up to two days before it’s made available to you in most accounts. Chime makes your money available as soon as your employer deposits it. ²
• No monthly fees: There are a lot of bank fees you should never pay. And Chime knows this. So with Chime there are basically no fees at all. No overdraft fees, no monthly maintenance fees, no monthly service fees, no minimum balance fees, no foreign transaction fees, and over 60,000 fee-free ATMs. ^{3 8}
• Overdraft protection: Chime has a special program they named SpotMe® to help you with accidental overdrafts that other financial institutions might charge you a lot for. With SpotMe, qualifying members can overdraft up to $200 without incurring a fee. ¹
• Mobile banking: The Chime mobile app is available for both iOS and Android devices.
• Save automatically: Chime’s Savings Account has several features that allow you to automate your savings, such as automatic transfers and an option to save when you spend. You can choose to automatically transfer a percentage of every paycheck into your Savings Account to put aside extra money toward your goals. ⁹ You can also have every debit card transaction rounded up to the nearest dollar. That rounded amount will then be transferred automatically from your Checking Account into your Savings Account. ⁷
• A decent savings rate: APY stands for annual percentage yield, and is the amount your money could earn you while sitting in your account. The Chime Savings Account offers a generous APY of 2.00% (as of Jan. 30, 2023) ⁴ — the average APY for traditional savings accounts is just 0.33% (as of Feb. 8, 2023). ¹⁰
  
• Easy deposits: It’s simple to make deposits with Chime. Direct deposit is the easiest way to add funds to your account, but Chime also supports mobile check deposits, electronic funds transfers, and cash deposits. ¹¹ Cash deposits are available at over 90,000 retail locations — such as Walgreens, CVS, and 7-Eleven — using the Green Dot Network. ¹²
• Write checks: Fewer and fewer paper checks are written these days, but Chime provides an option for people who still need them. The service is known as Chime Checkbook, and it’s 100% free, takes only a few clicks to initiate, and has no limit on the number of checks you can send each day. Just enter the check details in your Chime Checkbook, either online or through the app, and Chime drops your check in the mail for you. 
• Referral bonus: Chime offers a referral bonus of $100 for both you and the person you refer. The person you refer must enroll and complete a single direct deposit of $200 or more from their payroll provider within 45 days of opening their new account for you to receive the bonus.

Chime Credit Builder

Chime also offers a Secured Chime Credit Builder Visa^® Credit Card ¹⁶ . To qualify for the card, you need to have received a qualifying direct deposit of $200 or more to your Checking Account within the past 365 days. It has a $0 annual fee and you don't need a credit check to apply. The Credit Builder card is designed to help you improve your credit through on-time payments. ¹³

The way it works is that you move money from your Checking Account to your Credit Builder account. ¹⁴ The amount you move is what you can spend. You can also use the money you moved to pay your balance by turning on Chime's Safer Credit Building feature. ¹⁵ Chime reports your payments to the major credit bureaus. Chime doesn't report credit utilization, so you don't have to worry about high utilization hurting your credit score. 

Build Credit with Everyday Purchases and Regular, on-Time Payments

Sign up here

Chime® Benefits

• No interest, no annual fee, no credit check to apply
• Better credit can mean better interest rates
• Start building credit with everyday purchases and on-time payments

Sign up here

What Chime could improve

• Fees for depositing cash: Many online banking accounts don’t provide a way to deposit cash, so the fact that Chime even offers a solution to this problem is worth noting. However, depending on how often you’ll need to deposit cash, you might find yourself racking up quite a few fees. Chime doesn’t charge a fee itself, but the Green Dot location that processes the cash deposit might, which could cost you up to $4.95 for each deposit.

Earnings from a Chime Savings Account vs. a traditional savings account 

The Chime Savings Account offers a generous APY compared to a traditional bank account. With more and more of the best banks competing for your money, there’s no need to settle for a less-than-generous interest rate.

To showcase the difference in earning potential, we put the Chime Savings Account and a traditional savings account up against each other. We used the standard interest rates for these types of accounts and an initial deposit of $5,000 for our example.

As you can see, Chime offers a better return. If you're looking for a decent APY on your savings and minimal fees, Chime might be the way to go. 

How to open an account with Chime

Opening an account with Chime is straightforward and can be completed through the Chime app or website in just two minutes. You must be a U.S. citizen who is at least 18 years old to open an account, and all you need is a few bits of personal information to apply.

To create a Chime account, you’ll provide your first and last name, Social Security number, email, and a password. Once your eligibility is confirmed, you’ll be a new Chime member.

Since Chime is mobile-only, you’ll need to download the Chime mobile app via your smartphone. Once you complete your account in the app, you can set up direct deposit to fund your account. You can also fund your account at any time if you transfer money from an external bank account at a different financial institution.

How to withdraw money from a Chime account

Chime members are provided with a debit card when they open a Chime Checking Account, which can be used for purchases and cash withdrawals at ATMs.

Other Chime account fees

Chime customer service

Chime’s Member Services team can be reached 24/7 through the customer support tab in the Chime app or by email at support@chime.com. You can contact one of their phone specialists by dialing 844-244-6363.

Common questions about Chime

Final thoughts

There's a reason Chime is on our list of the best checking accounts and our list of the best savings accounts. If simple, on-the-go money management is your top priority, then opening a Savings Account or Checking Account with Chime might seem pretty appealing. With no fees and a passive-saving feature, managing your money can be simpler and less expensive.

Disclaimer: All rates and fees are accurate as of Jan. 9, 2023.

Get Your Paycheck Early

Visit Chime®

Chime® Benefits

• No minimum balance, no monthly service fees ³
• Get your paycheck up to 2 days earlier with direct deposit ²
• Eligible Members can access fee-free overdraft up to $200 ¹
• 60K+ fee-free ATMs ⁸ nationwide
• Automatic savings helps you grow your money faster ¹⁷

Visit Chime®

Author Details

Matt Miczulski Matt Miczulski is a personal finance writer specializing in financial news, budget travel, banking, and debt. His interest in personal finance took off after eliminating $30,000 in debt in just over a year, and his goal is to help others learn how to get ahead with better money management strategies. A lover of history, Matt hopes to use his passion for storytelling to shine a new light on how people think about money. His work has also been featured on MoneyDoneRight and Recruiter.com.

More posts from Matt Miczulski >