Chime Bank is a mobile-first banking platform that was founded in 2013 with the goal of providing its customers with an innovative and user-friendly banking experience. But is Chime a good bank? Unlike traditional banks, Chime operates entirely online, which means that you can access your account from anywhere with an internet connection. In this review, we will take a closer look at Chime Bank and see what it has to offer.
Chime Bank offers a range of different account types to suit your needs, including:
- Spending Account: This is the basic account that comes with a Visa debit card. It has no monthly fees, no minimum balance requirements, and no overdraft fees.
- Savings Account: This account offers an annual percentage yield (APY) of 0.50%, which is higher than many traditional banks. There are also no monthly fees, no minimum balance requirements, and no transaction fees.
- Credit Builder: This account is designed to help customers build their credit history. It works by requiring customers to deposit a certain amount of money, which is then used to secure a credit builder loan. The loan is repaid over a set period of time, and as long as you make your payments on time, your credit score will improve.
Chime Bank offers a range of features that are designed to make banking easier and more convenient for its customers. Some of these features include:
- Mobile app: The Chime Bank app is available for both iOS and Android devices. It allows you to check your balance, view your transactions, transfer money, and even deposit checks using your smartphone camera.
- Direct deposit: Chime Bank allows you to set up direct deposit for your paycheck, tax refund, or other recurring payments. This means that your funds will be available in your account as soon as they are deposited.
- Automatic savings: You can set up automatic savings rules to help you save money without even thinking about it. For example, you can round up every purchase to the nearest dollar and save the difference.
- Fee-free overdraft: Chime Bank does not charge overdraft fees. Instead, it offers a “SpotMe” program that allows you to overdraft your account up to a certain limit without any fees. You will need to pay back the overdraft amount the next time you deposit money into your account.
- Security: Chime Bank uses industry-standard encryption and multi-factor authentication to protect your account information. It also offers instant transaction alerts so you can quickly detect any suspicious activity.
One of the biggest advantages of Chime Bank is that it has very few fees. Here are some of the fees that you can expect to encounter:
- ATM fees: Chime Bank does not charge ATM fees, but you may be charged a fee by the ATM operator.
- Foreign transaction fees: Chime Bank does not charge foreign transaction fees.
- Overdraft fees: Chime Bank does not charge overdraft fees, but you will need to pay back any overdraft amount the next time you deposit money into your account.
- Monthly fees: Chime Bank does not charge monthly fees.
- Transaction fees: Chime Bank does not charge transaction fees.
Is Chime a Good Bank?
- No monthly fees or minimum balance requirements
- High APY on savings account
- Mobile app makes banking easy and convenient
- Automatic savings rules help you save money effortlessly
- “SpotMe” program allows you to overdraft your account without fees
- No foreign transaction fees
- No physical branches, which may be a disadvantage for some customers
- Limited account types compared to traditional banks
- No 24/7 customer service
Overall, Chime Bank is a great option for anyone looking for a modern and user-friendly banking experience. Its online-only platform and mobile app make banking easy and convenient, and its fee-free structure is a major advantage compared to traditional banks. While it may not be the best fit for customers who prefer in-person banking services, Chime Bank‘s range of features and benefits make it a strong contender in the online banking space. If you’re looking for a simple and straightforward banking solution, Chime Bank may be just what you need.