Chime Spending account review
Get early direct deposits and free overdraft protection with this checking account that’s light on fees.
finder.com’s rating: 4.7 / 5.0
With Chime Spending, you won’t pay most of the pesky fees charged by big banks. Plus, you get access to early direct deposits and an optional savings account that earns 1% APY. But Chime doesn’t have the same 24/7 customer service found at other digital banks and you can’t open joint accounts.
$0 per month
Minimum deposit to open
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.
Chime is an online bank with a unique premise: Its business model doesn’t revolve around profiting off your mistakes. It offers many consumer-friendly features, and for many people, it’s a step up from big banks. Still, it’s not for everyone. You might want to sign up for Chime if you hate paying random fees from your bank accounts and want access to early direct deposits and a linked savings account.
However, you might want to keep looking if you intend to do most of your banking at branches.
How do I open a Chime Spending account account?
- Click Apply now.
- From the Chime’s website, click Get started.
- Create an account by filling in your first name, last name and email address, then choose a password. Click Next.
- Continue the application process by filling in information like your address and phone number. Click Next.
- Provide your date of birth and Social Security number, then click Next.
- Fill out your occupation, source of income and how you heard about Chime. Click Next.
- Confirm your information is correct. Check that you read and agree to the terms of Chime’s Electronic Communication Agreement and Deposit Account Agreement. Finally, click Submit Application.
In order to open this account, you’ll need to meet a few eligibility requirements:
- Valid Social Security number
- 18 years of age
- US citizen
- Valid US address
When you apply for this account, you’ll need to provide the following information:
- Date of birth
- Contact information (Address, phone number, email)
- Employment information
- Social Security number
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What are the benefits of Chime Spending account?
In many ways, Chime is an improvement on most banks. It eliminates many annoying fees found at other banks, such as minimum balance, overdraft, monthly maintenance and foreign transaction fees. Plus, it has a unique account system that helps you reach your financial goals:
- Overdraft protection with SpotMe. Overdraw on your account up to $100 and Chime will cover the difference for free and deduct it from your next deposit. But you must have at least $500 in monthly direct deposits to qualify.
- Instant notifications. You’ll get daily balance notifications and instant transaction alerts anytime you use your debit card.
- Transparency. Chime claims that it will never hide behind fine print or profit from members’ misfortune or mistakes, and its website displays a chart of all potential fees associated with the account.
- Optional savings account. Sign up for this checking account and get access to Chime Savings — a linked account that earns 1% APY.
- Get paid early. Send your payroll direct deposit to your Chime Spending account to get access to your money as soon as your employer deposits it. According to Chime, that’s usually two days earlier than other banks post your money.
ATM network and fees
Chime members have access to 38,000 fee-free ATMs nationwide and get cash back at over 30,000 participating locations like CVS, Walmart, Target, Whole Foods and more. You’ll pay no fees at Chime-partnered ATMs, but Chime does charge $2.50 in out-of-network fees on each transaction. The account also comes with a Visa debit card, allowing you to access your money almost anywhere.
What to watch out for
Chime takes an innovative approach to banking, giving it a leg up on some of the larger, more traditional banks, but it still has its drawbacks:
- You can’t visit a branch. With Chime, you must conduct all your banking digitally, and if you need to deposit cash into your bank account, you must visit a Chime partner location — and potentially pay fees to the third party.
- No 24/7 support. Unlike many banks, Chime’s customer service line isn’t available 24/7.
- Limited product selection. Chime only offers checking and savings accounts, so if you’re looking to do all your banking with one institution, you might want to look elsewhere.
- No joint accounts or secondary cards. If you’re looking to open a joint checking or savings account with Chime, you’re out of luck. This bank doesn’t allow joint accounts or allow customers to get a second card.
- Transaction limits. There is a limit of $5,000 per transaction and $10,000 per month when using Prime Checkbook.
If you want a traditional checking account and banking experience, you’ll want to keep looking. As always, compare your options when considering a checking account.
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How much do I need to open an account?
There is no minimum balance required to open this account, so you can get started even if you don’t have anything saved.
How do I deposit or withdraw money?
Although Chime operates entirely online, it offers a number of ways to access money:
- Direct deposit
- Cash at one of 60,000 retail locations with Green Dot
- Mobile check deposit
- Transfers from other bank accounts
- Mail a check
- At an ATM
- Transfer to another account
- Cash back at participating retailers
- Send a check to another account
How do I contact Chime customer service?
There are a few ways you can get in touch with Chime customer service:
Online: Through the support channel on the mobile app
Frequently asked questions
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