Chime® Review [2025]: My Streamlined Experience With No-Monthly-Fee Banking

Chime account basics

Feature	Chime® Checking	Chime® High Yield Savings
APY	N/A	2.00% (as of Sept. 9, 2024)7 <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p>
Minimum balance for APY	N/A	$0.01
Minimum deposit to open	$0	$0
Monthly maintenance fees	$02 <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p>	$02 <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p>
ATM access	Over 60,000 fee-free ATMs5 <p>Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.</p>	None
Transactions per month	Unlimited	Up to 6 withdrawals per month
Early direct deposit	Up to 2 days early3 <p> Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.</p>	N/A
Overdraft	Up to $200 with SpotMe®4 <p>SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account; SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Credit Builder Terms and Conditions</a>.</p>	N/A
Mobile check deposit	Available for eligible members8 <p>Mobile Check Deposit eligibility is determined by Chime in its sole&nbsp;discretion and may be granted based on various factors including, but not&nbsp;limited to, a member's direct deposit enrollment status.</p>	N/A
FDIC insured	Yes1 <p class="">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.&nbsp;<br></p>	Yes1 <p class="">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.&nbsp;<br></p>
	Visit Chime®	Visit Chime®

What is Chime?

Chime® is an online financial technology platform that offers a mobile-first checking account, savings account, and secured credit card. To offer these products, Chime partners with FDIC-insured banks, including Bancorp Bank, N.A. and Stride Bank, N.A.

As someone who's always on the go, I was intrigued by Chime's promise of hassle-free banking from my smartphone. During my testing period, I found myself appreciating the simplicity of managing my finances without stepping foot in a physical branch. The app's intuitive interface made it easy to track my spending and set up automated savings⁹ <p class="">Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.&nbsp;<br></p> ¹⁰ <p>Save When I Get Paid automatically transfers 10% of your direct deposits&nbsp;of $500 or more from your Checking Account into your savings account.</p> .

Who is Chime best for?

Chime's unique features make it particularly well-suited for various people:

• Employees and direct deposit recipients: The combination of early direct deposit and no-fee overdraft of up to $200 can be a lifesaver for those with irregular income. Getting paid up to two days early can help you smooth out cash flow between gigs.
• Recent graduates and young professionals: Those just starting their financial journey, can benefit from the Secured Chime Credit Builder Visa^® Credit Card. This secured credit card doesn't require a credit check to apply, making it accessible even without an established credit history.¹¹ <p>The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.&nbsp; To apply for Credit Builder, you must have an active Chime® Checking Account.</p>
• Budget-conscious users: Chime's lack of monthly fees and automatic savings features can benefit people who like to budget their income to build toward their goals.
• Customers rebuilding their banking relationship: If you had issues with traditional banks in the past, Chime's second-chance banking approach could offer a fresh start. Chime doesn't perform a ChexSystems check and has no minimum balance requirements.

Who shouldn't choose Chime?

While Chime offers many benefits, we wouldn't recommend it for the following people:

• Savers with large balances: Chime Checking doesn't earn interest, while Chime Savings earns 2.00% (as of Sept. 9, 2024) APY, which isn't a competitive rate. If you have a substantial amount saved up, you might find better returns with a different high-yield savings account. Consider SoFi Checking and Savings, which offers up to 3.80% APY¹² <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> with direct deposit.
• Those who need specialized banking services: If you need a joint bank account or require services like wire transfers, money orders, or cashier's checks, Chime's limited offering in these areas may be frustrating. I had to use a different bank when I needed to send an international wire transfer.

Chime benefits and features

Minimal fees

One of Chime's most appealing features is its commitment to minimal fees² <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p> . During my testing period, I didn't have to pay monthly maintenance fees or foreign transaction fees and I didn't have to worry about minimum balance requirements.

The absence of common banking fees allowed me to keep more of my money and focus on my financial goals. For instance, when I traveled abroad, I appreciated not having to worry about foreign transaction fees when using my Chime debit card for purchases.

Early access to direct deposits

Chime's early direct deposit feature can easily improve your cash flow. I found it helpful to receive my paycheck up to two days earlier than I would with traditional banks. This extra time gave me a head start on paying bills and allocating funds for savings or investments.

The early access to funds can be particularly beneficial during months with tight budgets. For example, if an unexpected car repair bill came up, having your paycheck two days early could help you pay for the repairs without resorting to credit card debt or delaying other important payments.

Automatic savings tools

Chime's automatic savings features make it easy to build your savings without much effort. The Round Ups feature, which rounds up your debit card purchases to the nearest dollar and transfers the difference to your savings, can help you grow your savings without even noticing.

Additionally, the automatic savings feature allows you to set aside a percentage of each paycheck. I set it to automatically transfer 10% of each direct deposit to my savings account. Over six months, this effortless saving helped me accumulate a solid sum of money in an emergency fund.

SpotMe overdraft

Eligible members who receive access to Chime's SpotMe feature can benefit from fee-free overdraft up to $200. This can be handy if you miscalculated a payment and ended up overdrafting your account. While many traditional banks would charge you $35 or more in overdraft fees, Chime doesn't charge you any fees.

Having this $200 buffer meant I could confidently make my payments and transfers near the end of a pay period without constantly checking my balance.

Secured Chime Credit Builder Visa^® Credit Card

The Secured Chime Credit Builder Visa^® Credit Card is an excellent tool for building your credit. With no credit check required to apply, it's accessible to many who might struggle to qualify for unsecured credit cards.

The Credit Builder card allows you to move money into a secured account, which becomes your spending limit. This method helps prevent overspending but it still enables reporting your payment history to the major credit bureaus. While I didn't try this card myself, I see how beneficial it can be for someone who is just starting to build their credit or someone who is working on recovering their score.

Read our full Secured Chime Credit Builder Visa^® Credit Card review.

Drawbacks: Why you may want a different bank

Limited cash deposit options

While Chime allows cash deposits at certain retail locations⁶ <p>Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.</p> , the process can be inconvenient and potentially costly. To deposit cash, I had to drive to a nearby Walgreens and there was a $500 cap on each deposit. I had to go to two different Walgreens locations to deposit $1,000.

This limitation was particularly problematic when I would receive cash payments. The need to make frequent trips to retail locations for deposits, combined with the potential fees, made managing these cash deposits time-consuming and unpleasant. Those who regularly deal with cash transactions will prefer one of the best brick-and-mortar banks like Chase.

Lower savings APY

While Chime's High Yield Savings Account offers 2.00% (as of Sept. 9, 2024) APY⁷ <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p> , this rate isn't competitive compared to some other online banks. For comparison, SoFi Checking and Savings offers up to 3.80% APY¹² <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> with qualifying direct deposit. If maximizing your savings interest is a priority, you might want to look elsewhere.

To illustrate the difference, let's compare the interest earned on a $10,000 balance over one year at current rates:

	Chime High Yield Savings	SoFi Checking and Savings
APY	2.00% (as of Sept. 9, 2024)	Up to 3.80% with qualifying direct deposit
Initial balance	$10,000	$10,000
Interest earned in one year	$200	$400
Final balance	$10,200	$10,400

Alternatives to Chime

Chime vs. SoFi®

SoFi® offers a compelling alternative to Chime with its Checking and Savings account. Unlike Chime, SoFi provides a high-yield savings rate of up to 3.80% APY¹² <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> with direct deposit, significantly more than Chime's savings rate. SoFi also offers early paycheck access¹⁶ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> and no monthly fees¹⁷ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> , similar to Chime.

However, SoFi is an online-only bank, so like Chime, it doesn't offer physical branches. SoFi uses the Allpoint ATM network, providing access to over 55,000 fee-free ATMs nationwide.¹⁸ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p> For those comfortable with digital banking and looking to maximize their savings interest, SoFi could be an excellent choice. SoFi is a Member, FDIC.¹⁴ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

Visit SoFi® or learn more in our SoFi® review.

Chime vs. Current

Like Chime, Current¹⁹ <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC</b>. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.</p> ²⁰ <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC.</b>.</p> is not a bank but a financial technology company. Also like Chime, it offers a limited number of banking products. In fact, it only offers one banking account, similar to SoFi. Current accounts earn up to 4.00% (as of Aug. 1, 2023) APY²¹ <p>Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.<br></p> on Savings Pods balances (up to $6,000), which is much better than what Chime provides. The account also includes a debit card and ATM access. Current even provides a credit-building secured card called the Current Build Card.

Chime and Current are comparable for overdrafts, but Chime pulls ahead for making it easier to qualify for protection. Current offers overdraft protection²² <p>Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to <a href="https://current.com/overdraft_protection_terms_of_service/" target="_blank" rel="noopener noreferrer">Fee-free Overdraft Terms and Conditions</a>. Individual Current Accounts only.</p> and lets you overdraft up to $200, similar to SpotMe, but you need to receive $500 in qualifying direct deposits for 35 days prior to the overdraft to qualify. Chime requires just $200 in qualifying direct deposits each month. Chime would be our pick for anyone worried about overdrawing their accounts, as well as people who want the option to open separate checking and savings accounts. But for high-yield savings on smaller balances, Current is the better choice.

Visit Current or learn more in our Current review.

FAQs

Bottom line

Chime offers a compelling banking platform for those seeking fee-free, mobile-first banking with features like early direct deposit and automatic savings tools. Its intuitive app and SpotMe overdraft make day-to-day banking a breeze. Additionally, the Credit Builder card can provide you with an opportunity to improve your credit.

These features, combined with the lack of ChexSystems checks for new accounts, make Chime particularly attractive for individuals looking to rebuild their financial health or establish a fresh banking relationship.

However, the lack of physical branches and limited cash deposit options may feel restrictive. My personal dealbreaker was its uncompetitive savings rates. That's why I find that while Chime excels in many areas, savers looking for high yields may prefer keeping their balances in one of the best high-yield savings accounts.