Chime Bank Review 2019: Upsides (And Downsides)

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

If you’re ready for a better banking experience, keep reading this Chime bank review.

If you would like to set up a new checking account, you’re likely wondering where to start. Many banks promise to help you manage your finances, but not all of them live up to your expectations. You want a bank that keeps your needs in mind each step of the way.

In this Chime Bank review, we go over the benefits you get:

  • No hidden fees
  • Easy to use
  • Early paychecks
  • Instant notifications
  • Automatic savings
  • Convenient debit card
  • And much more

Although Chime Bank has many positives, it has a few downsides you should consider before moving forward. Most people, however, find that the benefits far outweigh the downsides. With your needs in mind, you won’t have trouble making the right choice.

chime bank account review

About Chime

Chime Bank was founded in 2013 by Chris Britt and Ryan King. Here’s a cool fact we found doing this Chime Bank review: their backend is run by Bancorp Bank. They provide the banking backend to Swift, Chime, Simple and other startup banks you may have heard of. Meanwhile, Chime maintains the brand and consumer-facing software side of things. As per their F.A.Q.,

Most bank accounts cost you money. We designed Chime differently, with a business model that doesn’t rely on fees to make a profit. Instead, Chime earns a small sum from Visa on Chime card transactions. So the more members spend, the more money we make. We share some of those earnings with our members so that the more you use your card, the more money you save. 

It’s a win-win dynamic, and it’s what makes new banks like Chime worth looking into. And when we looked into them as apart of this Chime Bank review, were were impressed. Here’s why..

No Hidden Fees

A lot of banks have a habit of hiding service charges, overdraft fees and other expenses in their fine print. Unless you read each document you sign from top to bottom, you have a decent chance of paying fees about which you don’t know. If you don’t want to worry about hidden fees, you will be glad you found this Chime Bank review.

No minimum balance fees. No overdraft fees. It’s totally free.

As Chime Bank has reported before, most banks charge hidden fees. Chime doesn’t though.

Chime Bank lets you set up your checking account for free. This bank never charges overdraft fees, and you don’t have to maintain a minimum balance. Chime Bank could be the perfect solution if you don’t want to leave your hard-earned money on the table.

Early Paychecks

If you ever find it hard to stretch your money until payday, you are not alone. Tons of people reading this Chime Bank review are in the same situation. Whether you face unexpected car repair fees or need to make emergency home repairs, you sometimes need money early. You can provide your employer with your Chime Bank routing and account number to receive direct deposits.

Take a picture of your check and it will deposit instantly.

If you are not sure if the company for which you work offers direct deposits, speak with a member of your human resources department. Most companies prefer using direct deposit because it saves them time, money and effort. Some companies send out direct deposits sooner than others. You can expect to get your money between one and two days early on average.

chime bank review

Automatic Savings

Plenty of people have trouble putting money in their savings account after each payday. While some of them set up a savings account but forget to make deposits, others don’t believe they have enough money left to save.

This Chime Bank review puts a smile on your face if you have ever encountered one of those problems. With the automatic savings feature, Chime Bank rounds up each purchase to the nearest dollar. For example, you go to the store and buy a product that costs $19.50.

One of our favorite features: you can save on auto-pilot with Chime.

Chime Bank will charge you $20 and put the extra 50 cents into your savings account. This feature might not seem like much because you only add a few cents at a time, but the savings add up faster than you would think.

You have probably worked with banks that made it hard to get money from your savings account when you need it. With Chime Bank, your money is always there when you have to use it (it’s like having the best robo advisor working for you).

And if you have a goal you’re planning for, we recommend you shuffle this savings into one of the best money market accounts. We dug deep for the downsides as apart of this Chime bank review, and we were pleasantly surprised at the small number.

Instant Notifications

No matter your wage, having a budget is vital to your financial stability. You want to know how much you spend on necessities and how much you spend on everything else. Even those who manage their money well can forget about old subscriptions or impulse purchases they made, but Chime Bank offers a solution. The mobile app sends you alerts each time you use your debit card.

Chime helps you stay on top of spending with their notifications.

In addition to helping you manage a budget, this feature also helps you detect fraud. If you see a transaction you did not authorize, you can contact Chime Bank right away. The peace of mind that comes with instant alerts is one of the top reasons people choose Chime Bank, and why we gave them such a high rating for this Chime Bank review.

Easy to Use

From working and keeping up with life’s little surprises to trying to make time for friends and family, most people are busy. Anything you can do to save time is a bonus. Chime Bank understands how busy people are and makes their banking process easy.

Chime offers a fast, easy and ultra-intuitive mobile app.

You only have to go online to open your account, and you do all your banking from a mobile app on your smartphone. When you get paid, you upload a picture of your check with your app. The system then adds the money to your account without delay. When you choose Chime Bank, you never have to drive to the bank or wait in long lines to manage your money. Another huge plus we found doing this Chime bank review.

Convenient Debit Card

If you have never used a bank that operates only online, you might wonder how you can use your money. Chime Bank makes it easier than ever to access the funds in your checking account. Once you fill out the application and open your account, Chime Bank sends you a debit card. You can then get money from ATMs across the nation or make purchases at any location that accepts Visa.

Possible Downsides

No Chime Bank review is complete without touching on the downsides you might encounter. The biggest complaint is that Chime Bank only pays a small interest rate on the money in your account. When you factor inflation, you won’t earn anything by collecting interest on your balance. The other downside is that depositing cash requires you to visit a Green Dot location. Many Green Dot locations charge a fee each time you deposit funds.

Chime Bank Review Wrap-Up

You now know everything you need to make the smart choice for your finances. Chime Bank is not for you if you are looking for a bank that pays decent interest rates on your balance. Chime Bank is the right choice, however, if you want a convenient bank that works to meet your needs in every possible way. The instant alerts and lack of hidden fees make it easy to track your spending, avoiding unpleasant surprises.

An easy-to-use platform and peace of mind are just two of the advantages you get with Chime Bank.

If you are ready to begin, the application takes less than two minutes.

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