Business Insider's personal finance team compared Chime® to the best banks for overdraft protection might let you overdraw your account by a larger amount.
Chime Savings Account
The Chime Savings Account makes it easy to automatically save through two automatic savings options. First, it will round any debit card purchase up to the nearest dollar and put the spare change into your savings account. Second, you can set up a percentage of your paycheck to immediately go into your savings account.
You must have a Chime® Checking Account before opening a Chime Savings Account, because the two often work in tandem.
Chime Credit Builder Secured Visa Credit Card
The Chime Credit Builder Secured Visa® Credit Card helps you build credit without requiring a credit check to qualify. The Capital One 360 Bank Review
Chime Banking Fees and Charges
Chime's banking options are low on fees, making them a good choice if you don't want to worry about Personal Finance Insider bank account methodology. Each account receives a rating between one and five stars.
We look at ethics, security, miscellaneous features, customer service, and the mobile app when rating each bank account. Other factors considered depend on which type of account we're reviewing. For example, we evaluate interest rates for savings accounts and overdraft fees for checking accounts.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Chime Overall Rating
| Feature | Personal Finance Insider Rating (out of 5) |
| Checking | 4.5 |
| Savings | 4.25 |
| Credit Card | 3 |
| Trustworthiness | 3.5 |
| Total | 3.75 |
Chime FAQs
Is Chime legit?
Yes, Chime has legit checking and savings accounts. Its partner banks are Stride Bank, N.A. and The Bancorp Bank, which provide FDIC insurance on up to $250,000 in your Chime accounts.
What is the downside of Chime?
Some of Chime's main downsides are that it doesn't have joint accounts, and it pays a lower savings rate than many other online high-yield savings accounts.
Is it worth it to have Chime?
Chime may be worth it if you're looking for a strong checking account — the Chime® Checking Account doesn't charge monthly service, overdraft, or foreign transaction fees. It's also worth it if you have a poor credit or banking history. It doesn't check your credit score or banking history when you apply for an account, and it has several tools to help you boost your credit score.
What is the Chime SpotMe program?
Chime has a fee-free overdraft protection program called SpotMe®. This program allows you to overdraw by up to $20, and your limit may go up to $200, depending on your Chime account history. SpotMe® has its pros and cons. You don't have to link to a savings account for overdraft protection like you do with many banks. But you can only qualify for SpotMe® if you receive at least $200 in direct deposits per month.
Does Chime have daily withdrawal limits?
You may withdraw up to $500 per day from an ATM with Chime. You can also make a total of $2,500 in debit card purchases per day.
Is Chime a good bank?
Chime offers some good banking services, but Chime is not a bank. Chime is a financial technology company that offers banking services by partnering with Stride Bank and The Bancorp Bank.
Chime® Disclosures:
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Early Pay: 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.
The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Round Up: 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.
SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, 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.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Qualifying Direct Deposit: The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
Save When You Get Paid: Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
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.
Tax e-file services provided by April Tax Solutions Inc. ("april") or Column Tax, Inc. ("Column Tax"). These tax filing offers are not endorsed or offered by our partners, The Bancorp Bank, N.A. or Stride Bank, N.A.
Maximum refund guarantee is provided by april or Column Tax. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws. See here for details. If you use Column Tax's service, Column Tax will reimburse you for up to $250 if you are able to pay less federal or state income tax or receive a larger federal or state income tax return by using another tax return preparation provider. Eligibility requirements apply. See terms for details.
If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
There are no fees required to use this product. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing. Certain costs may be incurred if you decide to obtain other optional financial products offered in relation to your tax filing. The Internal Revenue Service (IRS) may impose penalties or other charges depending on your personal tax situation. If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
Chime does not guarantee timing of refund. Six day refund estimate is based on 2023 tax year filing data. Refund timing estimates are dependent upon timing of complete tax return submission and when the IRS submits your refund.
