My Honest Review of the Chime® Checking Account: A Fee-Free Digital Account With Plenty of Perks

I vividly remember opening a checking account after getting my first real job. Because my salary was paltry, every penny was essential. However, after depositing my paychecks and paying for the basics, I found that my balance had eroded with deducted fees for not keeping a steep minimum daily balance! 

There weren’t many options to escape those costs then, but there are now. And the Chime® Checking Account is perhaps the best among them. 

In fact, Chime, a fintech company headquartered in my home city of San Francisco, not only rewards accountholders with fee-free checking, but it also comes with a Visa debit card and an excellent app. 

You can even get access to your paycheck two days early if you use direct deposit. That’s something I certainly would have appreciated when I was waiting for checks to clear when rent was due.

Are you ready to shift into the future with a sleek new checking account? Here’s everything you need to know about the Chime® Checking Account, as well as my honest opinion of its benefits and drawbacks. 

Chime is a blend of financial (fin) and technology (tech) — AKA, fintech. It has partnered with several banks to provide traditional services and to ensure that deposits are FDIC insured. 

It doesn’t have a physical presence for customers, though. Everything is done online, either via the website or the app. 

Chime®

Go to application »

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• Your Chime® Checking Account comes with a Visa® Debit Card, no monthly fees or minimum balance fees.
• Over 47,000 fee-free ATMs^¹ — more than the top 3 national banks combined!
• Get paid up to 2 days early with direct deposit, terms apply.^²
• Chime will spot you up to $200 on debit card purchases and cash withdrawals with no overdraft fees. Eligibility requirements and limits apply.^³
• 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. ^¹Out-of-network ATM withdrawal and over the counter advance fees may apply. ^²Early 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. ^³Chime SpotMe is an optional service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher 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 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. Although there are no overdraft fees, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
• See official site, terms, and details.

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Our Rating

★★★★★

4.8

Because there are no consumer-facing branches, Chime is able to keep expensive operating costs down. The savings are passed on to you, the accountholder. 

As its website states: “We want to profit with our members, not off of them.” That alone can make a digital-first banking model attractive, not only if you’re living paycheck-to-paycheck but if you’re like me and are loath to spend more than necessary. 

A Monthly Fee-Free Banking Experience

It’s pretty common for a traditional bank to charge $5 a month (and I’ve seen as high as $13) just to keep a checking account active. That can price many people out of opening an account at all.

Some banks will waive that fee, though, if you keep the balance above a certain amount. But that too can lead to plenty of anxiety if your balance dips below it.

The Chime® Checking Account doesn’t have any monthly fees or minimum balance requirements. That means people who are unbanked and underbanked don’t have to open an account that may start to drain their funds immediately.

Chime also doesn’t charge overdraft fees if you qualify for its SpotMe feature, which you can read more about in the next section.

Practically the only fees you may need to worry about are out-of-network ATM fees. But as I’ll cover later, Chime gives you access to more than 47,000 fee-free ATMs across the US.

So, before even getting into the other features and perks, Chime may come out ahead of a traditional bank account on its lack of monthly fees alone.

Account Funding and Early Paycheck Access

Like many people, you may count the hours until your next payday. If so, you’ll be grateful for Chime. 

After setting up direct deposit, you can access your money up to two days before it’s normally available. You’ll receive a push notification as well as an email to notify you that your cash is ready to use.

If you spend more than the amount you have in your checking account, some banks will impose an overdraft fee, which can be as much as $35. However, the Chime® Checking Account offers SpotMe, allowing for fee-free overdrafts of up to $200. 

If you try to spend more than that amount, the transaction will be declined. With SpotMe, Chime will cover the difference, and funds from your next deposit will go toward the balance. 

For example, if you spent $500 with your Chime Visa Debit Card but only had $400 in your account, the transaction would go through. Chime would spot you the missing $100 until your next deposit is in. 

You can even give or receive free SpotMe boosts. This feature lets eligible Chime® Checking Account members increase their overdraft limit by $5 per boost for the month. It can be a nice way to support each other without any cost to either of you. 

And then there’s MyPay, which is an advance of between $20 and $500 against your upcoming pay that is repaid automatically from your next direct deposit. There is no interest added and no credit check required.

If you can wait 24 hours for funding, the transfer is free. But if you need it immediately, Chime charges a small transfer fee.

Automatic Savings and Goal Management

Almost everybody says they want to set cash aside, but it can be hard to get started and be consistent. Chime makes it easy with two great tools. 

Auto-Save can help you save money in two easy ways. First, you may transfer a percentage of each paycheck directly into your Chime Savings Account. If your direct deposit is $1,500 and you want to save 10% of that, $150 will be deposited into your savings account. 

You can also save money whenever you make a purchase or pay a bill with your Chime Visa Debit Card. The “Save When You Spend” feature rounds up transactions to the nearest dollar and transfers that amount from your checking account to your savings account. 

And it can add up faster than you think. If you round up $.50 three times a day, that’s $45 a month. 

Once you’re set up for savings, you can create and track your financial goals. Just go to the Chime mobile app, tap the savings account, and set your goal. 

You can even name it, such as “car down payment” with a target amount, like $5,000. At that stage, you can deposit money manually or using the automatic savings system. 

The progress bar will show you how near you are to completing your goal.

The checking account is the foundation of Chime’s suite of products, including The secured Chime Visa® Credit Card. It also combines many helpful digital features and perks, so it can provide a well-rounded banking experience.

These include easy ways to send money, pay your bills, and even deal in cash when you need to. 

Pay Anyone

Pay Anyone is yet another included service that Chime provides to members. With it, you can send money instantly to anyone with a valid debit card, including non-members. 

To use, just go to the Chime app, select “pay,” enter the person’s name and contact details, and then add the amount you want to send. 

The money will come straight out of your Chime® Checking Account.

If the recipient is a Chime member, they’ll get the money instantly in their Chime® Checking Account, but non-members will be sent a link to claim the funds. 

Oh, and you can request money from other Chime members through the Pay Anyone feature, too

Chime Checkbook

Since fintech is all about being digital, you won’t be getting one of those old-fashioned checkbooks where you write out the checks by hand. Instead, the company offers an electronic version, called the Chime Checkbook. 

Through the Chime app or website, you can prompt the company to mail a paper check to anyone you want in the US. This way you won’t be out of luck if your landlord (or anyone else) doesn’t accept electronic or plastic payments. 

And unlike ordering checks from a bank, which can cost around $50 for a box, Chime won’t charge you for the service. 

There is no specific number of checks you can initiate, but your Chime® Checking Account must be open for at least 30 days, and you also need to have an activated Chime Visa Debit Card. 

ATM Network Accessibility and Cash Deposits

You won’t find an ATM marked “Chime” anywhere. However, because of its partnership with Visa, you have access to more than 47,000 in-network ATMs across the US, as well as at such major retailers as 7-Eleven, Speedway, Walgreens, and CVS. 

You can withdraw cash from these machines without any Chime-imposed fees, though individual ATM operators may still apply their own limits or surcharges.

To find an in-network ATM, just check the app. You’ll see a “Cash Map” to locate nearby options. 

If you need to make a cash deposit, you can do it without extra fees at Walgreens and Duane Reade.

You can also deposit cash at other participating retail locations, such as Walmart, 7-Eleven, and CVS, but fees may be applied. 

Chime allows cash deposits of up to $3,000 per day across no more than five transactions. The total monthly deposit cap is $10,000.

While these are Chime’s official caps, certain retailers may set their own deposit limits, so be sure to check the maximums before you head out with a pocket full of cash.

Consider the Chime® Checking Account as the engine that powers Chime’s secured credit card, called The secured Chime Visa® Credit Card. They go together because you can’t have the company’s credit product without the checking account. 

The secured Chime Visa® Credit Card is a unique type of secured credit card, since you’re not locking away a certain sum as a deposit. Instead, your credit limit varies with the amount of money you have in a dedicated savings account tied to your checking account. 

It works like this: when you open the checking account and enroll in The secured Chime Visa® Credit Card, Chime will create what’s called a Secured Deposit Account (SDA). The cash you put into your checking account automatically flows into the SDA. Whatever you have in the SDA is your credit limit at that time.  

For example, in July, you have $500 in your checking account, so that’s how much you can borrow with The secured Chime Visa® Credit Card that month. In August, your checking account balance is $1,200, so that’s your credit limit. Because it’s a Visa, you can use it anywhere Visa is accepted (which is practically everywhere). 

At the end of every billing cycle, the system will draw from your SDA to delete the balance in full with its Safer Credit Building feature. I absolutely love this, because you will always have on-time payments recorded with the credit bureaus, and you won’t carry any debt or pay interest. 

Payment history and credit utilization are the two most important credit scoring factors, so it can really help build your credit with very little effort from you. 

Chime offers a variety of ways to earn rewards and has different levels you can achieve to boost your cash back rates and even your savings.

You can earn these rewards and perks in two primary ways. One is when you swipe or tap your Chime Visa® Debit Card or The secured Chime Visa® Credit Card at certain retailers (you can earn cash back this way).

The other is through qualifying direct deposits that vault you into Chime Plus or Chime Prime status. Reach either tier and the benefits keep coming, even including increases in your savings interest rate.

Cash Back and Chime Deals

Who doesn’t want to make money as they’re spending? I certainly do. It makes the entire financial experience more exciting. 

With Chime’s rewards program, you can earn cash back with Chime Deals on such purchases as gas, groceries, and dining from the in-app offers. 

But earning can be pretty lucrative if you follow the simple steps. First, you need to activate the deals in the app before shopping. Then, you need to pay with your Chime Visa® Debit Card or The secured Chime Visa® Credit Card at the retailer. 

Your earned cash back will automatically be sent to your Chime® Checking Account. It typically hits your account within 10 business days, and you will get a notification in the app when it does. At that point, it’s yours to spend, save, or send.

For example, maybe you found a deal for 5% cash back at a specific supermarket. To activate that deal, tap on the button before shopping and then buy what you need. A $200 spend will result in $10 in cash back rewards. 

Chime Plus and Chime Prime

You can also unlock Chime® Checking Account extras when you achieve Chime Plus status. To reach this level, you’ll just need to have received a $200 (or more) qualifying direct deposit or at least $400 in total deposits within 34 days. 

Once you have Chime Plus status, you will get 2% cash back on a category of your choice when you use The secured Chime Visa® Credit Card on up to $1,500 in eligible purchases per month. 

The spending categories are grocery stores, gas, household bills (such as utilities, cable, streaming services, and cellphone), restaurants, rideshare and taxis, and travel expenses. Cash back maxes out at $30 a month. 

Other perks of being a Chime Plus member are that you’ll get a higher interest rate on your Chime Savings Account, priority customer service support, and have access to exclusive personalized deals at no extra cost to you.

If you’re bringing in a higher income or making Chime your primary bank, you can unlock an even more exclusive level called Chime Prime. This membership tier is automatically reached when you receive $3,000 or more in qualifying direct deposits within a 34-day window.

Stepping up to Chime Prime supercharges your rewards, too. Your cash back jumps from 2% to a massive 5% on the monthly spending categories you pick (again up to $1,500 in eligible purchases). That raises your potential monthly earnings to $75.

Your savings interest rate also gets a boost, and you’ll unlock some premium perks, including some normally reserved for luxury credit cardholders.

With no branch to enter to speak with an employee face-to-face, the digital version better be good. And it is. 

With the Chime app, you will get an intuitive mobile banking experience that should cover all of your questions and needs. 

You can manage your account in the app, including making direct deposits to transferring funds, paying bills, managing savings, and sending and receiving money. 

It’s extremely important to stay on top of your balances, and Chime makes it simple. You will receive real-time alerts via push notification for every transaction. Want daily balance updates? You can enable that function, too. 

Another thing Chime excels at is security. With the app, you can instantly freeze and unfreeze your card, blocking new purchases and withdrawals. Chime also uses two-factor authentication, fingerprint or Face ID, login, encryption, and passkeys to thwart identity theft. 

And if someone does use your card without your permission? Visa Zero Liability kicks in, so you won’t be responsible for a fraudster’s transactions.  

Additionally, the funds you keep in your Chime® Checking Account are FDIC-insured up to $250,000.

As long as you are 18 years or older and are a US citizen or legal resident, you can open a Chime® Checking Account. You can apply on Chime’s website or in the app, and the process should take less than 10 minutes.

To qualify, you’ll need a valid Social Security number. Chime doesn’t accept Individual Taxpayer Identification Numbers, Employer Identification Numbers, or any other foreign identification numbers. You’ll also need a mobile phone number and a residential mailing address (P.O. boxes are not accepted). 

Here’s a handy list of what you need to qualify for a Chime® Checking Account:

• A valid Social Security number
• A US residential mailing address (P.O. Boxes not accepted)
• A US mobile phone number
• You must be 18 years or older

You will list your identification details, including your name, birthdate, and email address. 

Chime will not check your credit or require a minimum opening deposit. That makes the Chime® Checking Account widely accessible, including to those who have had past banking troubles. 

When your information is verified and you’re approved, you can have immediate access to a virtual card. To fund your Chime® Checking Account, set up direct deposit, make a cash deposit, or initiate a transfer from a different bank. 

Or, if you have a paper check, you can take a photo of it and upload it via the app. 

To know how long it would take and what, exactly, is necessary to open a Chime® Checking Account, I went through all of the application steps. 

This is what I found at each stage of the account application process.

Editor’s Note: No application was submitted during this research. This walkthrough is for informational purposes only. 

Step 1: Name and Email Address

I immediately see a screen that says, “Let’s get started.” Here I am to type in my first name, last name, and email address. 

I do, then click the green “Next” button at the bottom. 

Step 2: Date of Birth

Now I’m to a screen instructing me to type in my date of birth. I also see a statement that I must be at least 18 years old to join Chime. 

I type that information in and click “Next”. 

Step 3: Phone Number

Here I see a message about my mobile phone number. The information on this page assures me that my phone number is used to protect my account, and so Chime can keep in touch with me by text message. 

I also read that by clicking the button below, I am agreeing to the Telephone Use Agreement and Privacy Notice. That means I consent to receive informational texts about my account, including authentication and security alerts, to the number I provided. 

I type in my mobile phone number, and then click the “Next” button. 

Step 4: Phone Number Verification

I am now taken to a screen telling me to verify my number. I see that a security code was sent to me via text, and I enter it quickly. 

Once I do, I click the “next” button. 

Step 5: Option To Add The secured Chime Visa® Credit Card 

Now I see that I am being invited to get The secured Chime Visa® Credit Card, which is a secured credit card linked to my Chime® Checking Account. I read that there are no monthly minimum fees or minimums. 

I can build credit safely and earn cash back, and the company will not check my credit, and the card doesn’t charge interest.

If I click the “See disclosures” link, I can read all about the terms and conditions of the credit card.

There are two options from this point. I can continue with or without The secured Chime Visa® Credit Card. No matter which choice I select, the next steps will be the same.

Step 6: Residential Address

I am taken to a screen that asks me to enter my home address. I fill in the form, and it also mentions that this is where my new card will be sent.

This could be my debit card, secured credit card, or both.

Step 7: Income and Employment

After that, a screen appears with fields asking for details about my income, what I do for work, how I get paid, and how I heard about the company.

For each question, there is a drop-down menu with options I need to select.

When I finish, another button pops up, asking if I have a promo code. I don’t, so I click “Next”.

Step 8: Create a Password

Here I see that I’m to create a password for my account. I chose a strong password generated by my browser.

Once I do, I click the “Next” button.

Step 9: Verify Identity and Apply 

I’ve come to the last step, and now Chime wants to confirm my identity using the last four digits of my Social Security number. 

If I type it in and hit agree, I will find out if I qualify for the Chime® Checking Account. 

If you prefer to handle all your financial business online or through an app, the Chime® Checking Account should appeal to you. Not everyone wants to go into a branch or jump on the phone for their banking needs. 

But there are other compelling reasons to consider this type of account. The first is that you want to build or rebuild your credit. That’s possible if you also decide to use The secured Chime Visa® Credit Card, which you can get without a credit check. 

All you need to do is maintain a positive balance in your Chime® Checking Account and use The secured Chime Visa® Credit Card for purchases. Since the bill will be repaid in full with the funds from your checking account, you’ll build your credit history. This system also encourages good savings and money management habits. 

If you only want the Chime® Checking Account, you can absolutely stick to the Chime Visa® Debit Card. However, keep in mind that Chime’s highest-tier cash back rewards (the 2% and 5% rates) are exclusive to transactions made with The secured Chime Visa® Credit Card.

If you use only the standard debit card, your rewards will be limited to rotating Chime Deals that you manually activate in the app.

This checking account is also excellent for people who want to avoid unnecessary costs. There are no monthly maintenance fees or overdraft fees (with SpotMe protection up to $200 for eligible users), and you don’t have to maintain a minimum balance. 

Not everyone has had a positive history with using bank accounts, either. If you’re among the many Americans who have overdrawn your account or had other problems, this account may offer you a fresh start. 

In the end, the Chime® Checking Account can be a terrific alternative to traditional banking accounts. It is a wonderful option if you’re a young adult just starting out, are tired of expensive banking fees, want a combined checking and credit card package, or just enjoy extras such as getting paid a few days early and having access to small loans with no interest added. 

There are several advantages that the Chime® Checking Account offers to those seeking an affordable, easy-to-use checking account. But you could also find some drawbacks, depending on your situation.

So, be sure to weigh the pros and cons before submitting an application.

If you’re ready for an alternative to conventional banking, the Chime Checking Account may be a good fit. It’s easy to open, cost-effective, and comes with a bunch of extras. 

The Chime Checking Account isn’t the only digital-only checking account on the market. Here are a couple of alternatives that you may consider. 

GO2bank™

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• Overdraft protection up to $300 with opt-in and eligible direct deposit*
• No monthly fees with eligible direct deposit, otherwise $5 per month
• Earn up to 7% cash back when you buy eGift Cards in the app
• Get your pay up to 2 days early – Get your government benefits up to 4 days early.*
• High-yield savings account, 4.50% APY paid quarterly on savings up to $5,000.*
• *Terms and conditions apply. GO2bank™ cards are issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association. Overdraft fees may apply. Click Apply Now to learn more.
• See official site, terms, and details.

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Our Rating

GO2bank™

4.7/5.0

About this rating

BadCredit.org’s bank account ratings are based on our experts’ evaluation of fees, deposit requirements, and account features. We also consider accessibility, customer service, and account flexibility. Our ratings are unbiased and regularly updated.

Ashley Fricker Senior Editor

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★★★★★

4.7

Monthly Fee	Minimum Deposit	Minimum Balance	Reputation Score
$0 or $5	$20	$0	8.0/10

The GO2bank Account and the Chime Checking Account are both excellent banking choices if you want to skip monthly maintenance fees and minimum balance rules.

The biggest difference is how they handle low balances. By default, GO2bank will decline your purchases if you exceed your balance. You may opt in to its overdraft protection, but that is only available by setting up direct deposit. GO2bank also has a built-in high-yield savings account that can help you grow your balance.

But Chime is still a better choice if you want a hands-off experience, easily winning out for its automatic savings tools like spare-change round-ups. Both accounts offer early paydays and a massive fee-free ATM network, so your decision really comes down to whether you want to actively manage GO2bank’s specialized perks or stick with Chime’s simpler, more forgiving approach.

SoFi Online Checking Account

The SoFi Online Checking Account and the Chime Checking Account are both all-in-one digital options that don’t have monthly maintenance fees or require minimum balances.

The real divide here is whether you want to grow the money you have or build up a financial safety net. The SoFi account is a powerhouse for growing your balance, pairing checking and savings together with a great interest rate, high account insurance limits, and 24/7 customer support.

But if you are managing a tighter budget, Chime is likely the better fit. Chime’s overdraft protection is way more generous and gives you a bigger cushion. Plus, SoFi doesn’t have a credit-building option like The secured Chime Visa® Credit Card, so you won’t be able to use the account to boost your credit score.

If you’re in the market for a new checking account and are comfortable conducting your banking business entirely online, I certainly recommend the Chime Checking Account. 

Knowing that your hard-earned money won’t be at risk from unnecessary fees should be comforting. You won’t be in the position I was in when I reviewed my balance, only to find the figure lower than anticipated. And paying for services like checks and overdraft will be a thing of the past. 

But Chime offers far more than a fee-free checking account. It’s an all-in-one financial ecosystem that also includes The secured Chime Visa® Credit Card. Although it’s technically a secured credit card, you’re not tying up funds in a security deposit because the credit line is linked to your checking account balance. 

If you’re in the market for a new checking account and are comfortable conducting your banking business entirely online, I certainly recommend the Chime Checking Account. 

There’s no credit check to get The secured Chime Visa® Credit Card, and the company reports your activity with the card to the credit bureaus. Your on-time payments, with no revolving debt, will put you on the right path to creditworthiness, with virtually no effort on your part. 

Putting cash away for the future is another part of sound financial management, and Chime makes it both simple and profitable. You can choose to save when you get paid and by rounding up your transactions.

With so many complementary financial features, the Chime Checking Account is absolutely worth your consideration.