Is Chime a Good Bank?

Chime® isn’t a bank — it’s a fintech company. Chime’s deposit accounts are federally insured through the FDIC, thanks to its two Member FDIC banking partners, The Bancorp Bank, N.A., and Stride Bank, N.A.

Is Chime legitimate?

Yes, Chime is legit. Chime isn’t inherently more trustworthy or better than any other fintech or bank, but it is widely popular and offers many of the same security measures, deposit coverage and customer safety features you’d expect from a reliable institution.

Chime has been in business for over 12 years. In July 2023, Chime was estimated to have over 38 million customers, more than Current, Dave, MoneyLion and SoFi® have combined, as reported by Cornerstone Advisors.

Is Chime itself FDIC insured?

No, Chime is not a bank and doesn’t hold its own FDIC insurance. While Chime isn’t a bank itself, your Chime accounts are still insured up to the typical amount of $250,000.

Chime’s deposit accounts are insured through Chime’s partner banks, The Bancorp Bank, N.A. and Stride Bank, N.A., up to $250,000. This means your Chime checking and savings accounts are protected under the same federal deposit insurance other banks have.

Chime’s security measures

The Chime Visa Debit Card is protected under Visa’s Zero Liability Policy, guaranteeing that customers won’t be held responsible for unauthorized charges or fraudulent purchases made with their card or account information.

Chime’s other security features and measures include:

• Security programs independently audited
• Uses industry-standard 128-bit Advanced Encryption Standard (AES) to encrypt your data
• Ability to disable card purchases or ATM withdrawals if suspected fraud
• Real-time account alerts and daily notifications
• Supports two-factor, Face ID and fingerprint authentication
• More than 4,200 customer service experts and 24/7 support

Chime’s bank accounts and products

Chime’s popularity and success can largely be attributed to its flagship product: the Chime Checking Account and its savings account.

Chime checking

The Chime Checking Account has no monthly fees, opening deposit requirements, overdraft fees or foreign transaction fees. It offers great perks, a peer-to-peer payment service called Pay Anyone, no ATM fees at over 40,000 Allpoint ATMs and the ability to deposit cash at more than 90,000 retail locations.

With direct deposit of at least $200 per month, you get Chime Plus perks like early paycheck arrival, a higher savings APY, the ability to turn on the free overdraft service SpotMe®, and possibly qualify for an advance through the MyPay® service.
Chime’s features have earned it a spot among the best checking accounts on the market, including our best free bank accounts list.

Chime savings

The Chime savings account, which is unlocked with the checking account, and earns a 1.00% APY automatically with no monthly fees or minimum balance requirements, or up to 3.00% APY with Chime Plus.

There’s also one more tier with Chime, called Chime Prime. It requires at least $3,000 in total qualifying direct deposits in the last 34 days. With Prime, you can earn up to 3.75% APY on savings.

Without meeting the Chime Plus or Chime Prime deposit requirements, your account stays at “Chime” status and earn up to 0.75% APY on savings.

Credit building card

Chime also offers the unique Chime Card, a credit-building secured card with no interest charges or annual fees. To qualify for the Chime Card, you must have a Chime Checking Account.

Chime tax filing

Chime offers tax return filing with no fees, for both state and federal. Chime says it accepts most situations and filings, such as employment and unemployment, gig workers, crypto sales and other typical situations. The process is reported to be very fast, with Chime saying its customers file their taxes seven times faster than average. Additionally, if you choose to have your refund directly deposited to your Chime account, you could receive it up to six days early.

However, like most tax software, if you have a complicated return or prefer in-person support Chime may not be the right fit. Chime’s tax filing is online only, and it states it accepts “most” tax situations, but that doesn’t mean all.

Chime in the news

In February and May 2024, the Consumer Financial Protection Bureau (CFPB) took action against Chime.

In February, the CFPB found that Chime had issues with slow responsiveness to complaints and made errors in handling them. Without admission or denial of any violations, Chime agreed to pay $2.5 million to the CFPB and ensure that customers have 24/7 access to customer support while committing to improving response times and complaint handling.

Soon after, the CFPB found that Chime was failing to issue post-account-closure refunds to customers within the fintech’s own 14-day policy. Failing to provide refunds within the time frame violated the Consumer Financial Protection Act of 2010. These refund failures caused significant financial harm to impacted customers, as they couldn’t access their funds. As a result, the CFPB ordered Chime to provide at least $1.3 million in redress to affected customers and pay a $3.25 million penalty into the CFPB’s victims relief fund.

Chime customer feedback and reviews

Chime has a little over 7,000 customer complaints on its Better Business Bureau (BBB) profile, and Chime does its due diligence to respond and resolve issues. Most complaints involve issues with receiving refunds after account closures, slow deposit times, attempts to get refunds after fraudulent charges or customers’ accounts being hacked. While the volume of complaints is higher than we typically see, these types of complaints are fairly common with banks and fintechs.

Chime has a so-so rating with Trustpilot with over 12,000 reviews. The majority of customer reviews are positive. Happy customers report being with the fintech for “years” with little to no issues, praising the easy-to-use app, early paycheck arrival and overdraft service SpotMe. Many also highlight the 24-hour customer support.

On Reddit, most long-term customers say that Chime is great. They praise the fintech in many of the ways happy Trustpilot reviews do, saying they love the fee-free accounts, early paycheck arrival, seamless direct deposit and credit-building opportunities. Additionally, many Redditors point out that reviews for banks and fintechs are often skewed, as most people only leave reviews when something goes awry.

Chime fees

Chime doesn’t have a lot of fees, which is always nice.

Compare Chime with leading bank accounts

Earn up to 4.00% APY

Revolut

$100 Reward

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On Revolut's secure site. T&Cs apply

• $0/mo plan available
• Earn up to 4.00% APY on balances up to $10k, based on plan
• No minimum balance or deposit requirements
• No withdrawal limits

Important information

The Annual Percentage Yield (APY) is a variable rate and may change at any time. These APYs are accurate as of 9/1/2026 and apply only to plan users in good standing. Plan fees apply and cancellation fees may apply for Premium and Metal plans. Terms & Conditions apply. No min. balance to open; $0.01 min. to earn APY. 4.00% APY for Metal plan users, 3.75% APY for Premium plan users, and 3.50% APY for Standard plan users with balances held in a Max Rate Savings Account. For balances in other Savings Account, the rate is 3.10% APY Metal, 3.00% for Premium, and 2.90% for Standard. Only 1 Max Rate Savings Account is permitted and is limited to $10,000 USD in user-initiated deposits. The max combined balance of all Savings Account is $250,000 per user. Savings Account services provided by Cross River Bank, Member FDIC, insured up to $250,000.

Up to 3.30% APY

SoFi Checking and Savings

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On SoFi's secure site

• Earn $50 or $400 when you sign up and set up eligible direct deposit
• 0.50% APY on checking balance
• Up to 3.30% APY on savings
• $0 account or overdraft fees

Important information

Earn up to 4.00% on savings

Current

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View product disclosures

• No credit check required to apply
• No monthly fees or minimum deposit
• Build credit plus earn up to 4% bonus

Important information

Bottom line

Chime’s reputation isn’t squeaky clean, but its products are hard to beat. The checking account has no monthly maintenance fees, offers early payday, and by meeting direct deposit requirements, you can unlock credit-building opportunities, cash advances and a fee-free overdraft protection service.

However, Chime isn’t the only place with affordable banking products. See how Chime and its top competitors stack up against each other.

• SoFi vs. Chime
• Chime vs. Ally
• SoFi vs. Ally

Frequently asked questions

• What bank is Chime associated with?

  Chime's banking partners are The Bancorp Bank, N.A., and Stride Bank, N.A. Chime isn't owned by a bank, nor is it a bank itself. Chime Financial is a fintech company with banking partners that provide banking services and FDIC deposit insurance.

• Does Chime work with Zelle?

  Unfortunately, no. You can't use Zelle with Chime. Since Chime is not a bank, it isn't compatible with Zelle, which only offers its services to financial institutions. Learn more about Zelle here

• Where can I load my Chime card?

  You can load your Chime card at over 90,000 retail locations, including Walmart, Speedway, CVS, Family Dollar, Rite Aid, Walgreens and many more. To load your Chime card for free, cash deposits at Walgreens don't cost anything. Other retailers may charge third-party cash deposit fees.

  To load cash onto your Chime card, open the Chime app and tap Move Money, then Deposit Cash and have the cashier scan the barcode on your phone's screen. The cashier will deposit the cash into your Chime checking account after you swipe your card.

• Chime terms and conditions

  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.
  Once the retailer accepts your cash, the funds will be transferred to your Chime account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
  You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.
  Optional services and products may have fees or charges, such as outbound instant transfers, out-of-network transactions, and credit products. Learn more here.
  Chime Savings Account: Chime Checking Account is required to be eligible for a Savings Account.
  APY: The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of date of publication. No minimum balance required. Must have $0.01 in savings to earn interest.
  Chime Plus: The 4.00% Annual Percentage Yield (APY) is only available to members with Chime Prime status, otherwise, either the 3.00% APY for members with Chime Plus status or the standard rate of 1.00% APY will apply. The APYs are effective as of 10/06/2026, are variable and may change at any time. No minimum balance required. Must have $0.01 in savings to earn interest. See Chime Membership Tiers Terms and Conditions for more details.
  Chime Plus membership eligibility: To be eligible for Chime Plus status, receive either 1) a single $200+ qualifying direct deposit; or 2) $400+ in cumulative qualifying direct deposits to your Chime Checking Account in the preceding 34 days. Certain products marketed as perks have additional eligibility requirements. While some perks may have associated fees, none of these fees are mandatory to access the perks or to maintain the applicable status. See the Chime Membership Tiers Terms and Conditions for details on all listed Prime and Plus perks.
  Chime Prime: To be eligible for Chime Prime status, receive $3,000+ in qualifying direct deposits to your Chime Checking Account in the past 34 days. To be eligible for Chime Plus status, receive either 1) a single $200+ qualifying direct deposit; or 2) $400+ in cumulative qualifying direct deposits to your Chime Checking Account in the preceding 34 days. Certain products marketed as perks have additional eligibility requirements. While some perks may have associated fees, none of these fees are mandatory to access the perks or to maintain the applicable status. See the Chime Membership Tiers Terms and Conditions for details on all listed Prime and Plus perks.
  Get Paid Early: 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.
  Chime Card: To apply for a Chime Card, Chime® Checking Account is required to apply.
  SpotMe: SpotMe® on Credit is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime® Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card.
  
  Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, 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 Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won’t cover non-card transactions. SpotMe on Chime Card Terms and Conditions.
  Federal Tax Return Direct Deposit: Chime members may choose to direct deposit their state and/or federal tax refunds with Chime. They may choose to direct deposit no matter what tax preparer they choose. They do not need to file through Chime in order to direct deposit their refund. If a member does direct deposit their federal refund they may receive the refund up to 6 days early. This only applies to federal refunds, not state. When marketing the speed of the tax refund it must always include the following elements: federal tax refund, up to 6 days early, with direct deposit.
  MyPay®: MyPay® is only offered in select states. To be eligible for MyPay, you must receive Qualifying MyPay Direct Deposits to your Chime Checking Account as set forth in the MyPay Agreement. A Qualifying MyPay Direct Deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Available Advance Amount may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details. To be eligible for MyPay, you must receive Qualifying MyPay Direct Deposits to your Chime Checking Account as set forth in the MyPay Agreement. A Qualifying MyPay Direct Deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Available Advance Amount may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or https://www.chime.com/policies/stride/mypay/ for details.
  Option to get funds instantly for a fee of 3% of the advance amount ($2 minimum, $5 maximum) per advance, or get funds for free within 24 hours. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.

Written by

Bethany Hickey

Banking editor

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Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

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