reviews on chime

When you consider what Chime has to offer, this is a terrific offer for anyone in need of a fee-free debit card and a fee-free checking account. To anyone that. In this Chime review, we'll show you how Chime's checking and savings accounts work, and look at what sets them apart from the competition. Chime Savings Account Review · Your funds are FDIC insured up to $250,000 through The Bancorp Bank or Stride Bank, N.A., Members FDIC. · Available in all 50.

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What you MUST know about Chime Banking

Reviews on chime -

Chime Review

A lot of banks offer a full slate of account options, with various bells and whistles that can make it hard to determine the best fit for your needs. Instead of overloading you with options, Chime keeps it simple with one checking account, one savings account and one secured credit card, all tied up with an attractive mobile app.

This review provides an overview of Chime’s personal banking products. It’s important to note that Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

What we’re watching: As reported by ProPublica in July 2021, recently there have been numerous complaints from Chime consumers regarding sudden account closures. In more than 900 complaints filed with the CFPB since April 15, 2020, customers have reported being denied access to funds in Chime accounts. A Chime statement said that these issues were caused by Chime’s heightened anti-fraud efforts during the Covid-19 pandemic.

Here are the facts you should know about Chime and how its services compare to your other banking options. Account details and annual percentage yields (APYs) are accurate as of August 26, 2021.

Account Basics

Chime Spending Account

Chime’s checking account, known as a Spending Account, prides itself on its lack of fees. It charges no monthly account fees and doesn’t require a minimum balance.

Chime offers a program that accelerates your direct deposits, making them available up to two days early. Once you establish direct deposit into your Spending Account, you’re eligible and can choose to receive your payment up to two days early, as soon as your employer deposits it.

If you receive direct deposits of at least $200 each month, you can enroll in Chime’s SpotMe service. This optional service initially allows you to overdraw your account by up to $20 on debit card purchases without a fee. Chime can increase your SpotMe allowance to up to $200 or more at its discretion based on your account history, direct deposit amounts and frequency, spending activity and other factors. You can check your SpotMe limit in the mobile app. SpotMe does not cover non-debit card transactions.

Need to send a paper check? You can generate one from the Chime mobile app and Chime will send it in the mail for you.

Chime Savings Account

Chime’s high-yield Savings Account offers an 0.50% APY. It doesn’t charge monthly fees or require a minimum balance. There is no cap on the amount of interest you can earn and, as long as you have at least a penny in your account, you’ll earn interest. There is no minimum deposit to open an account, but you must have a Chime Spending Account in order to open a Chime Savings Account.

Chime has two optional programs to make saving money easier.

The Save When You Spend feature allows you to save small amounts when you make purchases. Whenever you use your Chime debit card, Chime rounds the transaction up to the nearest dollar and transfers the difference to your Savings Account. Spend $25.50 at the grocery store? You’ll pay the store for that amount from your debit card, and Chime will move 50 cents from your Spending Account to your Savings Account. It may not seem like much, but if you make a lot of debit purchases, you could see your savings accumulate.

Chime also offers a Save When You Get Paid feature that allows you to set up a recurring transfer of 10% of your direct deposit paycheck of $500 or more from your Spending Account to your Savings Account each time you get paid.

Other Accounts and Services

Chime offers the Chime Credit Builder Card* that’s available without a credit check. If you’re working to build your credit history, you can add money from your Chime Spending Account to your Credit Builder account to spend on your Chime Visa credit card. Chime reports your payments to all three major credit bureaus. The Credit Builder secured card is unusual in that it charges a 0% APR.

You can make free mobile payments to family and friends—whether they are Chime members or not—through Chime’s Pay Anyone peer-to-peer system. There’s a monthly limit of $2,000.

Access on the Go

Since Chime is designed to be used primarily through its mobile app, it offers plenty of features to make mobile banking convenient. Chime is known for its mobile app, which is rated 4.8 out of 5 stars at the App Store and 4.6 out of 5 at Google Play.

The Chime app sends daily account balance notifications and transaction alerts when you make a purchase. You can disable transactions from the Chime app, saving yourself a customer service call if you misplace your card. You can also choose to disable international transactions via the app.

Your Chime debit card works anywhere Visa is accepted, and you can add it to your Apple Pay or Google Pay mobile wallet. You also have access to more than 60,000 MoneyPass, Allpoint and Visa Plus Alliance ATMs. You can check the Chime app to help you avoid incurring out-of-network ATM fees.

If you want to deposit a check to your Chime Spending Account, you can do so via mobile deposit on the Chime app.

If you lose your Chime debit card, you can disable transactions from within the Chime app. Replacement debit cards are free and can be requested in the Chime app.

Pros

  • Simple lineup of free account options
  • Very competitive savings APY
  • Automated savings tools to help improve your habits
  • Early receipt of direct deposit payments

Cons

  • No branches for in-person service
  • Recent customer complaints regarding access to Chime accounts and funds

How Chime Stacks Up

If you’re looking for a full suite of banking services, Chime may not be the best fit for you. But if you’re just getting started on your financial journey and want a user-friendly set of financial tools, facilitated by a multipurpose app, Chime covers the basics well. Its automated savings tools are particularly attractive for customers who want to boost their emergency fund or save for another goal.

A Note on Chime Products

Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

Frequently Asked Questions (FAQs)

All Chime accounts are FDIC insured up to the standard maximum $250,000 per depositor, for each ownership category, in the event of a bank failure, through its partner banks, Stride Bank, N.A. (FDIC# 4091) or The Bancorp Bank (FDIC# 35444).

What happens if someone steals my Chime debit card or makes unauthorized purchases?

Chime debit cards are protected by Visa’s Zero Liability Policy, so you won’t be responsible for purchases made if your card information is stolen.

What is required to open a Chime account?

You need to provide your Social Security number, home address and be a U.S. citizen or resident. You must be at least 18 years old.

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Источник: https://www.forbes.com/advisor/banking/chime-review/
MoneyLion" width="800" height="450" src="https://www.youtube.com/embed/FoUg3JGA9PI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen>

  • Free online account
  • Early paycheck
  • Zero ATM fees at Allpoint
  • Price protection
  • Rewards on spending
  • $250 fee-free overdraft
  • $19.99 /mo Credit Builder Plus
  • $1,000 Credit Builder loan
  • ETFs investing

MoneyLion is a digital banking platform founded in 2013 that’s been offering financial subscriptions and memberships since 2018.

This Chime alternative offers banking, personal finance, and investment services for a monthly subscription fee, leading many to refer to it as the ‘Netflix of finance.’ It really is an all-in-one mobile banking. 

They have almost no fees, apart from the $1 monthly admin fee and a $2.50+ fee for out-of-network ATMs. The good news is, there are more than 55,000 free Allpoint ATMs that you can use. 

If you decide to make regular direct deposits, you can get paid early and get access to up to $1,000 0% APR cash advances every direct deposit period. 

MoneyLion will also be launching a flexible payment plan and crypto investing. For now, you can make use of their fully managed portfolios and auto investing, all with no management fees or minimums. 

They help you choose an investment strategy that suits your needs and supports your goals. The portfolio can be as aggressive or as conservative as you’d like. 

You can take even more control over your portfolio by adding thematic sets of ETFs aligned to specific topics like technology innovation and social responsibility. You can turn your weekly $20 investment into a $1,000 at the end of the year cycle. 

If you want to know exactly where your money is going, MoneyLion has built a so-called personal finance monitor. An easy way to track your financial picture and reduce your financial stress.

When you check your Financial Heartbeat that’s available in-app, you’ll see a heart that pulses and changes colors to reflect your progress. A real-time score from 1 to 10 will let you know what your financial health is like. This makes personal financial planning more accessible and attainable.

And lastly, you can also earn cashback rewards by spending money with your MoneyLion Mastercard. There is a twist, though. The cashback gets added to a fully managed investment account, where you can withdraw it or let it grow.

Check out our full MoneyLion review here. 

Current

  • Free online signup
  • 30-day trial
  • Fast Direct Deposit
  • Free overdraft $100
  • Points and cashback
  • Instant Current transfers
  • Cash deposits at 60,000 stores
  • Free ATM withdrawals
  • Gas hold refunds
  • Mobile check deposit
  • Teen Banking

This next digital bank on our list is a fine alternative to Chime as well. Founded in 2015, its black Visa debit card has been sweeping through social media in the hands of every influencer known to man. 

All kidding aside, Current offers a reliable checking account service designed to add speed and ease to the banking experience while also allowing customers to manage their money more closely. 

Current has a good few things working in its favor. They have a free account and a Premium account that has a monthly fee of $4.99. The Premium account will get you that recognizable black card and access to early direct deposits. You also get 3 savings pots instead of just one. 

Current Premium also allows you to overdraft up to $100 with no overdraft fees when you receive a qualifying direct deposit and enable Overdrive. The only caveat is that you need to receive paychecks via direct deposit of at least $500/m.

The most interesting feature that Current is offering is instant gas hold removal. I know that this authorization by gas stations can be annoying and can sometimes take up to 72 hours to be removed. But I didn’t think it’s so problematic that it would be a selling point for digital banks. 

Current’s Teen banking account costs $36 per year and gives parents complete control and visibility into their kids’ spending habits. It also gives teens financial freedom and teaches them responsibility. 

If you want to engage your teens into doing more chores at home, there’s the chores feature that allows you to set up a list of tasks for them to complete each week. You are in complete control of the payout that they get for successfully or unsuccessfully completing the chores.

Parents get instant notifications for all purchases and can set spending limits, block specific merchants, and pause or replace the card.

Apart from monthly account fees for Premium ($4.99/m) and Teen ($36/y) accounts, there are no notable fees to speak of. In-network ATM withdrawals are free; there are no bank transfer or Current to Current transfer fees, no overdraft fees, and no minimum balance fees.

Read our full Current review here. 

Cash App

cash app
  • No monthly fees
  • No transaction fees
  • No foreign exchange fees
  • Free debit card
  • Stock trading
  • Bitcoin trading

Cash app (before Square Cash) is an extremely popular peer-to-peer mobile payments service that is available in the US and the UK. It was launched in 2013 by Square Inc. and has an incredible 36+ million users, with 7 million owning their debit cards for payments as well.

It offers a relatively simple bank account with basically no fees and the ability to receive direct deposits such as paychecks, and even tax returns up to two days early.

One thing that Chime is missing and that Cash App has is a simple way to buy and sell Bitcoin. In three taps you can have this highly sought cryptocurrency in your account. The same is true for buying stocks. As you’re buying fractions of stocks, you don’t have to be rich to invest in them. In fact, you can invest as little as $1!

For people that love collecting and using coupons at checkouts, there’s good news! Cash App offers plenty of their so-called Cash Boosts. Discount codes that you can only use with your cash app card at supported restaurants, cafes, and shops. 

Boosts have minimum purchase amounts and maximum discount amounts. And you can only have one cash boost active at a time. But you can swap them easily at any time. 

Cash App is a good app for non-demanding users that want to send or receive money quickly. Its additional features like stock and Bitcoin trading only add more value for Cash App’s users.

The huge number of users that the app has accumulated has also attracted plenty of scammers, so you must be vigilant when using it. If you want to read more about common Cash App scams, read our article. 

The Cash App is a great tool to transfer or receive money, without fees, from people you know, first of all. It should not be viewed as a bank account, and you shouldn’t let your money, or at least, a great deal of money, sit on it. 

We like that you can invest in stocks and Bitcoin with little or no fees and that you can spend Bitcoin online or in-store with your free Cash App card.

Make sure to check out our full Cash App review here. 

OnJuno

  • APY of 1.20%
  • 5% cashback on up to $3,000 a year
  • 85,000 free ATM’s across the nation
  • Instant virtual or black metal card
  • Up to 3 free withdrawals per month on out of network ATMs
  • FDIC insured for up to $250,000 through Evolve Bank & Trust
  • Interest compounded monthly and paid monthly

OnJuno is a digital banking platform that is FDIC-backed and offers an annual percentage yield of 1.20% on balances of up to $50,000 on their Metal account and 5% cash back on up to $3,000 a year.

It has two different checking accounts. One is called Basic and is free, and the other one is called Metal because you get a sleek black metal Mastercard if you set up a $500/m direct debit. 

The Basic OnJuno account already looks interesting, but the Metal account has even better perks, including a cool-looking black metal Mastercard branded debit card. Which, of course, comes with Mastercard’s Zero Liability policy that will protect you if someone makes unauthorized transactions.

The main difference between these two digital banking accounts though is the fact that APY stays at the 1.20 percent mark up to $5k and $50k, respectively. That is an outstanding percentage for these kinds of accounts. 

Nevertheless, even when APY falls to only 0.25%, that’s still much much better than the national APY interest rate on savings accounts of meager 0.04%, according to the Federal Deposit Insurance Corporation.

OnJuno is specially marketed towards immigrants and international professionals. Opening an OnJuno account doesn’t affect your credit score, it can be done fast with only your SSN and passport without visiting a branch, and you can deposit your first paycheck remotely from your phone.

Another great feature are cheap money transfers abroad without hidden fees. Something expats will appreciate very much. And, you can earn cashback on top brands when you make these low-cost international transfers. 

From our experience with OnJuno, people that are looking for a high-interest checking account that offers great incentives in terms of cashback and a free black metal card should benefit from opening an OnJuno digital banking account.

Read more about OnJuno in our full review here. 

Essential features a good digital bank has to have 

There are a few things or features that a digital bank should, in our opinion, offer its users.

Digital or challenger banks are disrupting the banking market by offering accounts with little to no fees for ATM withdrawals, money transfers, foreign exchange, and on top of that, no minimum balance requirements. 

No overdraft fees

As we already mentioned earlier in this post, Americans are paying an extreme amount in overdraft fees each year. Big banks rely on them to make money for their shareholders. It’s a corrupt system that needs to be changed, and some digital banks are at the forefront of this important issue. 

It really is immoral to charge a $15 fee simply for going into overdraft one time. These fees also add up quickly, and it is a vicious circle. Luckily a good digital bank will offer no overdraft fees to their customers.

Cheap or free transfers 

Most big banks offer free transfers inside the bank, and some of them charge for transfers to other banks. A good bank won’t charge you for any of these transfers. It will also charge you a reasonable foreign exchange rate without huge markups. 

Sending money abroad also shouldn’t cost an arm and a leg. Luckily, there are digital bank accounts such as Wise that can hold multiple different currencies and will not charge you much for international transfers. 

Cashback 

More and more challenger banks are introducing cashback rewards as a way to lure in customers. It’s a win-win situation for both banks and customers. You spend more with your card but also get something back. 

Free ATM withdrawals

It’s a must to have a vast network of ATMs that offer free withdrawals. And it’s always nice to see when a bank will reimburse you for out-of-network ATM usage.

Security 

Controlling your debit or credit card from the app is incredibly useful in case you lost it or someone stole it. Things like locking your card and instant notifications are a must and can reduce the damage of losing a card.  

The bottom line

As you can see, there are many online digital banks similar to Chime, and all of them are a great alternative for people who don’t want to use Chime anymore or at all. Most of them tick off all the boxes that an excellent digital bank has to offer. 

Of course, you should do your due diligence and read our full reviews to find out all the ins and outs and see which bank is a good fit for you. 

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Adrian Volenik( Chief Editor )

Adrian Volenik is a fintech enthusiast who loves testing and reviewing digital banking apps and financial products in general. How many digital banking accounts can one man have? Not enough, if you ask Adrian. As his wallet will soon explode if he doesn’t cut back on the number of cards.

Источник: https://topmobilebanks.com/blog/online-banks-like-chime/

iPhone Screenshots

Description

Chime is the banking app that has your back. Keep your money safe with security features, overdraft up to $200 fee-free*, and get paid up to 2 days early with direct deposit^, with no hidden fees‡.

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC

TRUSTED BY MILLIONS
Stay in control of your money with two-factor authentication, TouchID, or FaceID. Enable instant transaction alerts and daily balance updates, and block your card in a single tap.

OVERDRAFT UP TO $200*
We get it– when your balance is running low, the last thing you need is a $32 overdraft fee. Eligible members on Chime can overdraft up to $200* on debit card purchases with no fees.

SAY GOODBYE TO HIDDEN FEES‡
Your account shouldn’t cost you money. Chime has no monthly maintenance fees, minimum balance fees, or foreign transaction fees. Plus, access 60k+ fee-free ATMs at locations like Walgreens, 7-Eleven, CVS, and more.

GET PAID UP TO 2 DAYS EARLY
Get your paycheck up to two days early^ with direct deposit, earlier than you would with some traditional banks.

MEET CREDIT BUILDER, A NEW WAY TO BUILD CREDIT
Whether it’s for gas or groceries, use Credit Builder¹ to help increase your credit score by an average of 30 points² with regular on-time payments.

No interest, no annual fees, no credit check to apply.

REACH YOUR MONEY GOALS
Save money without even thinking about it. Automatic Savings features help you save money any time you spend or get paid.

PAY FRIENDS WITH NO TRANSFER FEES
Send money to friends, family, or roommates as fast as a text – with no transfer fees.

–––––

Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. Debit card and Credit card may be used everywhere Visa credit cards are accepted.

*Chime SpotMe is an optional, no fee service that requires $500 in qualifying direct deposits to the Chime Spending Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases 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. SpotMe won't cover non-debit card purchases, including ATM withdrawals, ACH transfers, Pay Friends transfers, or Chime Checkbook transactions.See terms and conditions.

‡Out-of-network ATM withdrawal fees apply except at Moneypass ATMs in a 7-Eleven location or any Allpoint or Visa Plus Alliance ATM. ATM withdrawals will be fee-free at all Moneypass ATMs until at least August 7, 2021. Other fees such as third-party and cash deposit fees may apply.

^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.

¹To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Spending Account within 365 days of your Credit Builder application. See chime.com/applycb for detail on qualifying direct deposit.

²Based on a representative study conducted by TransUnion®, members who started using Chime Credit Builder in September 2019 observed a median credit score (VantageScore 3.0) increase of 30 points by January 2020. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

Version 5.103.0

Life is all about the right opportunities—you just have to know how to spot them. For example: if you’re here weekly, you know each update is another opportunity to keep the app running better than a Black Friday shopper at a pile of flatscreens. Like this week’s version, packed with performance and visual upgrades. You know who couldn’t see opportunities? Whoever invented the oven mitt and didn’t call it a Gloven. People would have a Gloven on their Black Friday shopping lists for sure.

Ratings and Reviews

4.8 out of 5

339.6K Ratings

I LOVE this Bank!!

I have been with Chime for quite some time now and let me tell ya, when I say they are amazing... THEY ARE AMAZING!! I was with a Credit Union for a little while and they told me I was set up with an account that I couldn’t over draft in... yet every payday I was magically some odd amount in the negative. It NEVER failed! Then, I decided to give Chime a chance and see what happened. NOT ONLY do they not charge fees but they have this really cool setting that makes it SUPER easy to
save called “Round Up” and basically what that does is every time you add money to your account it saves a percentage of that amount. Which is BEYOND helpful. It does the same when you spend money as well, except, it rounds up to the next dollar amount I believe. Their customer support via Phone/Email is FANTASTIC! The workers are so sweet and helpful and anytime I’ve had to call they fixed what ever I needed! I’ve only had to call them twice and neither were to complain but to figure out something or get an answer to a question I didn’t know.

I’m not gonna lie, at first I thought it was a scam, or just another ad on FB... but I am honestly SO happy that I switched. If it wasn’t for them my taxes would’ve already been fully spent and most of it in fees 😂 I HIGHLY recommend dumping your physical bank and joining Chime. It’s worth it... I PROMISE!!

What’s the catch?

There isn’t one. When I first heard of chime I thought it was too good to be true, no overdraft fees, building your credit without having to remember there’s a bill at the end of the month (you have to turn safe credit building on). I’ve lived on my own since I was 16 and when I tried renting apartments at 18, I discovered my lack of credit history was a big issue. Within a few months I got my first credit score, the card they issue essentially works like a debit card. It’s a credit builder card therefore, I have a perfect payment history, a score of first 678, then 680, and 704 as of right now. They also have other resources for a select few insurance companies, investment apps, cash back savings apps etc. There is no overdraft fee, though it is possible to overdraft but not over the spot me limit you’re allowed. If you’re not one that likes over drafting anyway, I’d turn “spot me” off. That way whatever purchase that’s over your available spending balance will be declined. And the best part about online banking is that you can disable your cards anytime you want to avoid unauthorized transactions. Also there is a $100 bonus for you and each person you refer that signs up and gets $200+ direct deposited within the first 45 days of creating the account I believe.

amazing if you live paycheck to paycheck

i switched to chime because simple bank became bbva. getting my paycheck a couple days early and not being able to overdraft were what drew me. the credit builder account was a surprise to me and i love it. i have poor credit and this is such an easy way to build credit.

the BEST part of the app for me though is that when i get paid it direct deposits to my credit builder account and i have all my bills taken out of that. so when i get paid i look at what will need to be paid that paycheck and i put fun money in my spending account. it’s a lifesaver if you’re prone to dip into bill money. if you overdraft on your spending account, spot me will cover it up to $20 off the bat (tried and true, my friends), and it WILL NOT pull from credit builder or savings. because i live paycheck to paycheck i don’t really have a savings account, but i do use their round-up feature. you’ll be surprised how quickly you save with it. it’s really helping me get my financial situation together.

it can be really hard to find a bank or budgeting app that works well for people who live paycheck to paycheck (makes me feel so dumb that i can’t budget for a whole month), but CHIME IS IT FOR ME. Seriously, give them a chance. Customer service is great, too.

The developer, Chime Financial, Inc., indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy.

Data Linked to You

The following data may be collected and linked to your identity:

  • Purchases
  • Financial Info
  • Location
  • Contact Info
  • Contacts
  • User Content
  • Identifiers
  • Usage Data
  • Sensitive Info
  • Diagnostics
  • Other Data

Privacy practices may vary, for example, based on the features you use or your age. Learn More

Information

Seller
Chime Financial, Inc.

Size
130.8 MB

Category
Finance

Compatibility
iPhone
Requires iOS 12.0 or later.
iPod touch
Requires iOS 12.0 or later.
Mac
Requires macOS 11.0 or later and a Mac with Apple M1 chip.

Age Rating
4+

Location
This app may use your location even when it isn’t open, which can decrease battery life.

Copyright
© 2021 Chime

Price
Free

Supports

  • Family Sharing

    With Family Sharing set up, up to six family members can use this app.

You Might Also Like

Источник: https://apps.apple.com/us/app/chime-mobile-banking/id836215269

Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

1 Out-of-network ATM withdrawal fees apply except at MoneyPass ATMs in a 7-Eleven location or any Allpoint or Visa Plus Alliance ATM. Other fees such as third-party and cash deposit fees may apply.

2 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.

** You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.

© 2013-2021 Chime. All Rights Reserved.

Источник: https://www.chime.com/online-banking/

Chime Review: Checking and Savings

Chime Banking is a new kid on the block. But is it any good? Overall, we think it is. But read our review to find out if it's best for you.

Our articles, research studies, tools, and reviews maintain strict editorial integrity; however, we may be compensated when you click on or are approved for offers from our partners.

Chime

Chime bank opened for business in 2014. But, with more than 5 million accounts opened, it’s already breaking records as a result of its innovative and customer-friendly approach to banking.

By October 2020, it was more valuable than famous companies such as United Airlines, Tiffany or Whirlpool, according to CNN Business.

What Is Chime, and What Bank Does Chime Use?

Although it’s often called a “neobank” or a “challenger bank,” Chime is more a technology company than a financial institution. Indeed, CNN Business calls it “a consumer fintech [financial technology] company.”

How does Chime work?

So it partners with established, mainstream banks to deliver many of the banking aspects of its offerings.

Its two partners are The Bancorp Bank and Stride Bank, N.A. For example, your Chime debit card will be issued by Bankcorp Bank, while the Chime Visa® Credit Builder Card is issued by Stride Bank.

Chime Online Banking: Essentials for Checking Accounts

Here are headline features for its checking accounts (“Chime spending accounts,” in this bank’s parlance):

  • Get Paid Early – Opt to have your salary deposited directly into your account and access your money up to two days early compared with most other banks
  • Overdraft protection – There are no overdraft fees up to $100. Use your debit card to get up to $99.99 overdrawn and you won’t be charged, providing you make at least $500 in monthly direct deposits
  • No hidden fees – No minimum deposit fees and no monthly fees
  • Use more than 38,000+ fee-free MoneyPass® and Visa® Plus Alliance ATMs with no fees. (Charges still apply for out-of-network ATMs)
  • State-of-the-art app for mobile banking – Does pretty much everything, including directing you to your nearest fee-free ATM
  • Visa® debit card – Make a debit card purchase everywhere Visa is accepted. That’s almost everywhere
  • Chime Second Chance Banking – Open an account with no credit checks, including no ChexSystems
  • Credit Builder Card – A “secured” credit card, meaning you can only spend what you deposit. But Chime will report activity to the three big credit bureaus, allowing you to build your score
  • Automatic savings option – Round up each of your purchases to the nearest dollar and have the extra automatically credited to your optional savings account (or credit a set sum to your savings account each payday)

Fees and services on Chime accounts sound great. But what’s not so good?

Chime spending account downsides

Just what are the downsides? Well, for one, it’s online only and has zero branches. That may be an issue if you value a face-to-face banking relationship.

That lack of branches can also make depositing cash more difficult. You have to go to a Green Dot location to do so. Yes, there are thousands of those across the country, including branches of 7-Eleven, CVS, Kmart, Safeway, Walgreens, Walmart and others. But note that some locations may charge a modest fee for a cash deposit transaction.

Finally, be aware that Chime – in common with other online banks – doesn’t offer as comprehensive a range of banking services as some of its traditional bank competitors. So don’t expect checkbooks, credit cards (except the Credit Builder secured one), auto loans, mortgages and so on.

Chime Online Banking: Essentials for Savings Accounts

Here’s what’s good about a Chime savings account:

  1. Annual percentage yield (APY) well above the average national savings account rate of 0.05%, according to the Federal Deposit Insurance Corporation (FDIC). So Chime’s APY can be as much as 20 times higher than that
  2. No fees on Chime savings accounts – at all
  3. No minimum balance requirement and no ceiling on interest earned
  4. FDIC-insured – Your money is safe up to the deposit insurance limit of $250,000 “per depositor, per insured bank, per ownership category”
  5. Automatic savings service – If you so choose, you can painlessly top up your savings account by setting up automatic transfers from your Chime spending account. Automatically round up your debit card purchases to the nearest dollar or transfer funds when your salary arrives (or both)

Again, that sounds great. But…

Chime savings account downsides

You must have a Chime “spending” (checking) bank account in order to open one of its savings accounts. There doesn’t seem to be any rules about how much you use either account, so this may not be a big burden.

You may be able to hunt down a better APY than Chime’s. There aren’t many higher yields and it is often roughly 20 times the national average. Still, we managed to find one on the day this was written.

But that higher rate applied only to savings balances up to $10,000. As always, it’s worth doing some desk research to find the account or accounts that suit you best.

Compare Chime to Other Online Banks

While Chime offers the same banking products as other banks, business is conducted entirely online. While some people find this convenient, others may not be comfortable with this arrangement. But how does Chime stack up against other banks?

BMO Harris

Like Chime, BMO Harris offers a variety of banking products geared to many different audiences, but it also offers over 500 brick-and-mortar branches over several states. While Chime does not offer dedicated branch banking locations, customers can do their banking electronically or visit any Green Dot location for some in-person transactions.

Synchrony

Synchrony Bank offers online banking including checking and savings. Chime doesn’t have any banking branches, but Synchrony does have one located in New Jersey. While Chime offers a robust banking app that really takes digital banking to the next level for some, Synchrony Bank’s app isn’t quite as robust. For people who don’t rely heavily on apps, this isn’t a big deal.

MoneyRates makes it incredibly simple to compare several banks at once.

How Is Chime’s Customer Service?

Chime has an A+ rating with the Better Business Bureau, which is a great start. But not all its customers are fans when it comes to the BBB’s reviews section.

Of course, Chime gets plenty of negative reviews on a number of online customer forums. But that should surprise precisely nobody because every bank with millions of customers is bound to mess up sometimes. And they all receive large numbers of online complaints from disgruntled former and current account holders.

With that in mind, Chime doesn’t do at all badly. For example, on Trustpilot on the day this was written, 80% of reviewers ranked it “excellent” and another 10% said it was “great.”

Formal complaints

If you want to gauge how bad a financial institution is, you can check the complaints database of federal regulator at the Consumer Financial Protection Bureau (CFPB). And, when we checked, there were only 223 complaints over the previous three years.

For a company with more than 5 million customers, that’s quite an achievement. However, you have to bear in mind Chime’s rate of growth. Three years ago, it would have had many fewer customers.

The Great Outage at Chime

One area of vulnerability for all banks – but especially tech-heavy ones – is outages. Some part of an IT infrastructure, perhaps critical servers or the network, crashes and the whole service goes offline.

That’s happened to Chime at least once, in October 2019, and resulted in some negative publicity. “Fortune” magazine ran the headline in December that year, “What Went Wrong at Chime? How Rapid Growth Became Its Own Challenge At One ‘Challenger’ Bank.”

What had gone wrong was a complete outage that left customers unable to make purchases, withdraw cash or use their Chime banking apps. At least one review on Trustpilot implies there has been another, more recent incident. But we’re unable to verify that.

Of course, pretty much all banks have occasional outages. And we have no reason to think Chime is worse than others. But customers who rely on branchless banks may feel more isolated when they happen.

Is Chime Legit?

We can see zero reason to question Chime’s legitimacy or bona fides. And there are many grounds for believing it’s a sound and good company, including its:

  1. A+ BBB rating
  2. Partnership with established banks
  3. Small number of CFPB complaints
  4. Lack of lending products – It’s unaffected by rising bankruptcies and increasing financial distress within the population
  5. Five-million-strong customer base – With new customers signing up at a rate of hundreds of thousands a month, according to the company

Why would anyone question its credentials?

What We Think About Chime

So what have we concluded? Well, the more we’ve uncovered about Chime, the more we’ve grown to like it.

Yes, your grandparents would have laughed at the idea that a 1% return was descriptive of “high yield savings accounts.” But in the 2020s, it really is.

And they’d love Chime fees, which are as rare as old gas-guzzling Hummers at a green convention. Too many other banks seem to nickel-and-dime customers – at least, those who are other than wealthy.

Better yet, that feels part of something bigger: a real desire to have its customers’ backs. Giving them access to their paychecks before most other banks, spotting them for small overdrafts and providing painless ways for them to save more all seem like things designed to benefit ordinary people.

Of course, Chime is an enterprise. And, no doubt, it offers those features because its marketing people know they’ll appeal to many consumers. But what’s wrong with that?

About Author

Peter Andrew

Источник: https://www.moneyrates.com/reviews/chime-checking-savings-review.htm

Chime Review for 2021

Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers.

Chime is a mobile-first online bank that offers checking and savings accounts that are easy to manage on-the-go through a brilliant mobile app.

Chime offers a fee-free checking account with a really neat SpotMe feature that can prevent you from incurring overdraft fees.

Additionally, Chime’s online savings account offers innovative ways to help you automatically save money. Keep reading to learn more.

Chime Bank Overview

chime bank reviewFounded in 2013, Chime is an online-only, mobile-focused financial technology company, and a relative newcomer to the world of online banking.

The company’s motto is to not charge its customers unnecessary fees. Instead, Chime wants its customers to get ahead.

Since Chime is online-only, the company doesn’t have any brick-and-mortar locations that you can pop into. Instead, all of Chime’s services are offered through their award-winning mobile app.

In fact, the Chime Mobile app is ranked #10 in the App Store and has a 4.7 star (out of 5) rating on Google Play. Not too shabby!

What Services Does Chime offer?

Chime offers a checking account, branded as the Chime Spending account and a savings account:

Chime Spending Account

chime savings accountChime offers a fee-free online checking account, which is known as a Chime Spending Account.

Account-holders can process most transactions right through the mobile app. Some of the Chime Spending Account’s main features include:

  • Pay Friends: This is a free way to instantly transfer funds to friends (similar to Quick Pay with Zelle).
  • Mobile Check Deposit: This allows account holders to quickly deposit checks using their smartphones.
  • Chime’s Visa Debit Card: Enables you to make traditional debit card purchases wherever Visa is accepted. Customers can also withdraw funds from Chime’s network of over 38,000 ATMs throughout the U.S.
  • Get Paid Early: This is one of the coolest features that Chime offers. Account-holders that link direct deposits with their Chime Spending Account are eligible to receive those funds up to two days earlier than they would with a traditional bank account. This is because Chime processes your employer’s deposit much quicker than traditional banks.
  • SpotMe: This is a fee-free overdraft service for eligible Chime account holders. Here’s how it works: If you overdraft your account by $50, for example, Chime will “spot” you that $50. Then, the next time you receive a direct deposit, Chime will automatically deduct $50 to pay itself back. There are no fees for SpotMe. However, after Chime has recouped its funds, account holders are given the option to “leave a tip” (similar to an Uber or Lyft ride). Who doesn’t want to give their bank a tip?! To qualify for SpotMe, customers must have at least $500 in monthly direct deposits.

SEE ALSO:Best Free Online Checking Accounts

Chime Savings Account

With Chime’s Savings Account, you can “watch your savings grow automatically,” the company says. Here’s how:

  • Built-in Automatic Savings. This feature routes a percentage of your direct deposits directly into your savings account each pay period. For example, if you’d like to save 10% of your paycheck, you can do so without having to manually transfer funds.
  • Save When You Spend. When you enable this feature, Chime will automatically round up your spending transactions to the nearest dollar and then automatically deposit those funds into your savings account. For example, if your cup of dark roast costs $2.54, Chime will add $0.46 to your savings account. It’s an easy way to start stockpiling proverbial pocket change.

Pros & Cons of Chime

Pros

  • Competitive Interest Rate: Chime’s High Yield Savings interest rate is 10x the national average at 0.50% APY. (Learn more about high-yield savings accounts).
  • No Fees: By far, Chime’s no-fee philosophy is the bank’s main benefit. Thanks to features such as no overdraft fees (for eligible account holders), no monthly maintenance fees, no minimum balance fees, and no foreign transaction fees, Chime customers can be assured that they are not going to waste money on unnecessary bank fees.
  • Cool and Unique Features: Chime has some of the most innovative online banking features on the market. SpotMe, Get Paid Early, Built in Automatic Savings, and Save When You Spend all seem to be designed with the tech-savvy millennial in mind.
  • Mobile-Friendly: Chime’s award-winning mobile app makes managing your account online super easy. I also really like Chime’s instant transaction alerts and the fact that you can disable your debit card right from the app.
  • Second Chance Banking: If you’ve made some financial mistakes and have a less than ideal credit score, you can probably still open an account with Chime. This is because Chime does not use traditional credit reporting agencies to determine your creditworthiness.

Cons

  • No Physical Locations: While you may not need to visit a physical bank most of the time, you’ll simply never have that option with Chime. So if you want paper checks or want to deposit cash, you’ll have to find another option.
  • Tricky Cash Deposits: Cash deposits have to be made at a Green Dot location. As a result, you might have to pay a fee.
  • Limited Services: Chime does not offer many of the services that bigger banks offer. With that in mind, if you want credit cards, a mortgage loan, investment products, or car loans, you’ll have to get those from another bank.

FAQs

What Bank is Chime Through?

Chime Banking services are backed by Bancorp Services and Stride Bank, N.A.

As an account holder, you’ll probably never have to interact with either of those financial institutions.

Is Chime a Prepaid Bank?

No. Chime is not a prepaid bank. Chime offers online checking and savings accounts like other standard banks.

The main difference is that Chime’s services are online-only. What’s more, Chime positions itself as the ideal alternative to prepaid cards.

Do You Really Get Paid Early with Chime?

chime mobile appYes! This is one of the coolest features that Chime offers.

The Get Paid Early feature allows account-holders that link direct deposits with their Chime Spending Account to be eligible to receive those funds up to two days earlier than they would with a traditional bank account.

This is because Chime processes your employer’s deposit much quicker than traditional banks.

Can You Overdraft with Chime?

Yes. You can overdraft with Chime—just like you could with any other bank.

However, a major benefit of Chime is that in the event you do draw more funds than you have in your account, you may not have to pay a fee thanks to the SpotMe feature.

To clarify, it is still not recommended to overdraft your account. If you’re having issues in this department, check out my post 101 Ways to Save Money.

Is Chime legitimate?

Yes. Chime is a legitimate FDIC-insured online bank, which means that deposits of up to $250,000 are guaranteed by the government.

What’s more, Chime takes account security very seriously.

Chime accounts feature 128-bit AES encryption and you can instantly block your debit card in the app. That way, if you lose your card, you get the peace of mind that comes with knowing no unscrupulous actors can charge anything to it.

Further, you can enable instant transaction alerts that notify you every time your debit card is used.
is chime bank legit

So, is Chime Right for You?

Chime has some pretty cool features that no other institutions offer. If you absolutely hate bank fees and you don’t need the services of a traditional brick-and-mortar bank, Chime might just be the perfect fit for you.

Also, if you’re in a situation where you are trying to rebuild your credit or if you have been turned down by other banks, I would definitely consider chiming in, so to speak. Chime might be a great way to get your financial health back on track.

Choosing which bank to trust with your money is a major decision. With so many options, it can be a tricky one, too. I hope that this post has answered all of the questions you might have about Chime. Good luck and happy banking!

Additional Disclosures: Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Источник: https://millennialmoney.com/chime-bank-review/

: Reviews on chime

Ironton municipal court
BEST CASH APP CARD DESIGN
I WANT TO PAY MY METRO PHONE BILL ONLINE

Reviews on chime -

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  • Free online account
  • Early paycheck
  • Zero ATM fees at Allpoint
  • Price protection
  • Rewards on spending
  • $250 fee-free overdraft
  • $19.99 /mo Credit Builder Plus
  • $1,000 Credit Builder loan
  • ETFs investing

MoneyLion is a digital banking platform founded in 2013 that’s been offering financial subscriptions and memberships since 2018.

This Chime alternative offers banking, personal finance, and investment services for a monthly subscription fee, leading many to refer to it as the ‘Netflix of finance.’ It really is an all-in-one mobile banking. 

They have almost no fees, apart from the $1 monthly admin fee and a $2.50+ fee for out-of-network ATMs. The good news is, there are more than 55,000 free Allpoint ATMs that you can use. 

If you decide to make regular direct deposits, you can get paid early and get access to up to $1,000 0% APR cash advances every direct deposit period. 

MoneyLion will also be launching a flexible payment plan and crypto investing. For now, you can make use of their fully managed portfolios and auto investing, all with no management fees or minimums. 

They help you choose an investment strategy that suits your needs and supports your goals. The portfolio can be as aggressive or as conservative as you’d like. 

You can take even more control over your portfolio by adding thematic sets of ETFs aligned to specific topics like technology innovation and social responsibility. You can turn your weekly $20 investment into a $1,000 at the end of the year cycle. 

If you want to know exactly where your money is going, MoneyLion has built a so-called personal finance monitor. An easy way to track your financial picture and reduce your financial stress.

When you check your Financial Heartbeat that’s available in-app, you’ll see a heart that pulses and changes colors to reflect your progress. A real-time score from 1 to 10 will let you know what your financial health is like. This makes personal financial planning more accessible and attainable.

And lastly, you can also earn cashback rewards by spending money with your MoneyLion Mastercard. There is a twist, though. The cashback gets added to a fully managed investment account, where you can withdraw it or let it grow.

Check out our full MoneyLion review here. 

Current

  • Free online signup
  • 30-day trial
  • Fast Direct Deposit
  • Free overdraft $100
  • Points and cashback
  • Instant Current transfers
  • Cash deposits at 60,000 stores
  • Free ATM withdrawals
  • Gas hold refunds
  • Mobile check deposit
  • Teen Banking

This next digital bank on our list is a fine alternative to Chime as well. Founded in 2015, its black Visa debit card has been sweeping through social media in the hands of every influencer known to man. 

All kidding aside, Current offers a reliable checking account service designed to add speed and ease to the banking experience while also allowing customers to manage their money more closely. 

Current has a good few things working in its favor. They have a free account and a Premium account that has a monthly fee of $4.99. The Premium account will get you that recognizable black card and access to early direct deposits. You also get 3 savings pots instead of just one. 

Current Premium also allows you to overdraft up to $100 with no overdraft fees when you receive a qualifying direct deposit and enable Overdrive. The only caveat is that you need to receive paychecks via direct deposit of at least $500/m.

The most interesting feature that Current is offering is instant gas hold removal. I know that this authorization by gas stations can be annoying and can sometimes take up to 72 hours to be removed. But I didn’t think it’s so problematic that it would be a selling point for digital banks. 

Current’s Teen banking account costs $36 per year and gives parents complete control and visibility into their kids’ spending habits. It also gives teens financial freedom and teaches them responsibility. 

If you want to engage your teens into doing more chores at home, there’s the chores feature that allows you to set up a list of tasks for them to complete each week. You are in complete control of the payout that they get for successfully or unsuccessfully completing the chores.

Parents get instant notifications for all purchases and can set spending limits, block specific merchants, and pause or replace the card.

Apart from monthly account fees for Premium ($4.99/m) and Teen ($36/y) accounts, there are no notable fees to speak of. In-network ATM withdrawals are free; there are no bank transfer or Current to Current transfer fees, no overdraft fees, and no minimum balance fees.

Read our full Current review here. 

Cash App

cash app
  • No monthly fees
  • No transaction fees
  • No foreign exchange fees
  • Free debit card
  • Stock trading
  • Bitcoin trading

Cash app (before Square Cash) is an extremely popular peer-to-peer mobile payments service that is available in the US and the UK. It was launched in 2013 by Square Inc. and has an incredible 36+ million users, with 7 million owning their debit cards for payments as well.

It offers a relatively simple bank account with basically no fees and the ability to receive direct deposits such as paychecks, and even tax returns up to two days early.

One thing that Chime is missing and that Cash App has is a simple way to buy and sell Bitcoin. In three taps you can have this highly sought cryptocurrency in your account. The same is true for buying stocks. As you’re buying fractions of stocks, you don’t have to be rich to invest in them. In fact, you can invest as little as $1!

For people that love collecting and using coupons at checkouts, there’s good news! Cash App offers plenty of their so-called Cash Boosts. Discount codes that you can only use with your cash app card at supported restaurants, cafes, and shops. 

Boosts have minimum purchase amounts and maximum discount amounts. And you can only have one cash boost active at a time. But you can swap them easily at any time. 

Cash App is a good app for non-demanding users that want to send or receive money quickly. Its additional features like stock and Bitcoin trading only add more value for Cash App’s users.

The huge number of users that the app has accumulated has also attracted plenty of scammers, so you must be vigilant when using it. If you want to read more about common Cash App scams, read our article. 

The Cash App is a great tool to transfer or receive money, without fees, from people you know, first of all. It should not be viewed as a bank account, and you shouldn’t let your money, or at least, a great deal of money, sit on it. 

We like that you can invest in stocks and Bitcoin with little or no fees and that you can spend Bitcoin online or in-store with your free Cash App card.

Make sure to check out our full Cash App review here. 

OnJuno

  • APY of 1.20%
  • 5% cashback on up to $3,000 a year
  • 85,000 free ATM’s across the nation
  • Instant virtual or black metal card
  • Up to 3 free withdrawals per month on out of network ATMs
  • FDIC insured for up to $250,000 through Evolve Bank & Trust
  • Interest compounded monthly and paid monthly

OnJuno is a digital banking platform that is FDIC-backed and offers an annual percentage yield of 1.20% on balances of up to $50,000 on their Metal account and 5% cash back on up to $3,000 a year.

It has two different checking accounts. One is called Basic and is free, and the other one is called Metal because you get a sleek black metal Mastercard if you set up a $500/m direct debit. 

The Basic OnJuno account already looks interesting, but the Metal account has even better perks, including a cool-looking black metal Mastercard branded debit card. Which, of course, comes with Mastercard’s Zero Liability policy that will protect you if someone makes unauthorized transactions.

The main difference between these two digital banking accounts though is the fact that APY stays at the 1.20 percent mark up to $5k and $50k, respectively. That is an outstanding percentage for these kinds of accounts. 

Nevertheless, even when APY falls to only 0.25%, that’s still much much better than the national APY interest rate on savings accounts of meager 0.04%, according to the Federal Deposit Insurance Corporation.

OnJuno is specially marketed towards immigrants and international professionals. Opening an OnJuno account doesn’t affect your credit score, it can be done fast with only your SSN and passport without visiting a branch, and you can deposit your first paycheck remotely from your phone.

Another great feature are cheap money transfers abroad without hidden fees. Something expats will appreciate very much. And, you can earn cashback on top brands when you make these low-cost international transfers. 

From our experience with OnJuno, people that are looking for a high-interest checking account that offers great incentives in terms of cashback and a free black metal card should benefit from opening an OnJuno digital banking account.

Read more about OnJuno in our full review here. 

Essential features a good digital bank has to have 

There are a few things or features that a digital bank should, in our opinion, offer its users.

Digital or challenger banks are disrupting the banking market by offering accounts with little to no fees for ATM withdrawals, money transfers, foreign exchange, and on top of that, no minimum balance requirements. 

No overdraft fees

As we already mentioned earlier in this post, Americans are paying an extreme amount in overdraft fees each year. Big banks rely on them to make money for their shareholders. It’s a corrupt system that needs to be changed, and some digital banks are at the forefront of this important issue. 

It really is immoral to charge a $15 fee simply for going into overdraft one time. These fees also add up quickly, and it is a vicious circle. Luckily a good digital bank will offer no overdraft fees to their customers.

Cheap or free transfers 

Most big banks offer free transfers inside the bank, and some of them charge for transfers to other banks. A good bank won’t charge you for any of these transfers. It will also charge you a reasonable foreign exchange rate without huge markups. 

Sending money abroad also shouldn’t cost an arm and a leg. Luckily, there are digital bank accounts such as Wise that can hold multiple different currencies and will not charge you much for international transfers. 

Cashback 

More and more challenger banks are introducing cashback rewards as a way to lure in customers. It’s a win-win situation for both banks and customers. You spend more with your card but also get something back. 

Free ATM withdrawals

It’s a must to have a vast network of ATMs that offer free withdrawals. And it’s always nice to see when a bank will reimburse you for out-of-network ATM usage.

Security 

Controlling your debit or credit card from the app is incredibly useful in case you lost it or someone stole it. Things like locking your card and instant notifications are a must and can reduce the damage of losing a card.  

The bottom line

As you can see, there are many online digital banks similar to Chime, and all of them are a great alternative for people who don’t want to use Chime anymore or at all. Most of them tick off all the boxes that an excellent digital bank has to offer. 

Of course, you should do your due diligence and read our full reviews to find out all the ins and outs and see which bank is a good fit for you. 

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Adrian Volenik( Chief Editor )

Adrian Volenik is a fintech enthusiast who loves testing and reviewing digital banking apps and financial products in general. How many digital banking accounts can one man have? Not enough, if you ask Adrian. As his wallet will soon explode if he doesn’t cut back on the number of cards.

Источник: https://topmobilebanks.com/blog/online-banks-like-chime/
Chime Bank Logo

What if I told you there was a bank that combined the features of a high yield online savings account with the automatic savings of a micro-savings app?

That’s Chime. If you were building a bank from the ground up, these are the features people care about.

Chime is a financial technology company. Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

Who is Chime?

Before we get ahead of ourselves, let’s get the basics out of the way first.

Chime white-labels the bank services of The Bancorp Bank, the same company that runs the banking services for a litany of private label banks. The Bancorp Bank is FDIC #35444 and has been actively insured by the FDIC since July 2000.

By “white-label” what I mean is that all the legal aspects of running a bank are handled by Bancorp Bank (NASDAQ: TBBK), Chime layers their services, their cashback, their apps, etc. on top of what Bancorp Bank offers. While it uses the banking services of The Bancorp Bank, Chime builds its features and perks on top of the engine they provide.

The Bancorp Bank powers 100+ private-label non-bank partners and processes $232 billion annually. They’re a publicly-traded company and you’ve probably never heard of them because they run behind the scenes of other banks. They’ve been around since 1999, are FDIC insured, but have zero branches. They’re entirely private label.

Learn more about Chime

What does Chime offer?

Chime offers a savings and checking account (checking is called a Spending Account) as well as a Chime Visa Debit Card. There are no monthly minimum balance requirements, no monthly fees, no overdraft fees (fee-free overdraft up to $100), as well as a fee-free ATM network that includes over 24,000 locations (they use the MoneyPass ATM network).

When they first launched, the Savings Account didn’t offer much in terms of interest but that changed. As of march 2021, the annual percentage yield on the Chime Savings Account is 0.50% APY.

One other nice feature – instant processing of your payday check. Some banks hold it a couple of days, for “processing,” but Chime processes it immediately when you set up a direct deposit and can even get it to you 2 days early.

If you activate Automatic Savings, they round up every debit card transaction and transfer that money from your Spending Account into your Savings Account. You can also have it automatically transfer 10% of every paycheck into your Savings Account.

The only missing ingredient, which they plan to introduce, is photo check deposit via their app. You have to deposit it via a third-party app. All other banking features you’d expect are in there (including bill pay electronically as well as the mailing of a check).

Pros and Cons

They used to offer $5 to open an account but no more, it’s not as nice of an incentive anyway compared to the hundreds of dollars some banks will give you. Getting your paycheck two days early and no fee overdrafts up to $100 are good perks.

The only big disadvantage I see is that the Savings Account doesn’t offer much interest, which is far below other online savings accounts. It’s nice that you get automatic savings but this low-interest rate can be a deal-breaker for some. Check deposit via a third-party app is also not ideal but hardly a deal-breaker.

They also don’t offer some familiar deposit products like Certificates of Deposit or loan products like a mortgage or car loans. No biggie though.

They use the MoneyPass ATM network and their 24,000 ATMs… but go outside of it and you will be charged $2.50 per transaction.

Who is Chime for?

It’s hard to overlook the low-interest rate but if you want a simple, straight-forward bank with automatic savings, no fees, and a debit card – Chime does this.

They get good marks on their app and their user experience, the only thing dragging down their rating is the interest rate. To be fair though, the difference between 1% and 0% is minor. I’d prefer 1% but you get a few perks in return.

Considering they don’t charge you anything else, they’re an attractive option if you like automatic savings but don’t want to pay $5/mo to the likes of Digit (depending on how much you save, you could be surrendering that in interest).

Learn more about Chime

Recent Changes as of November 2019

As I mentioned in the yellow box above, Chime recently took away the rewards on their debit card and the $5 sign up bonus. The bonus was never a big influence on whether or not the account made sense but losing rewards was a big blow. We originally had Chime scored at an 85, it wasn’t a 90 because the interest rate was so practically non-existent.

Without their cash back debit card, I’m not really sure where Chime fits in the marketplace. You’re getting a savings account with roundups on debit transactions to help you save? Your paycheck two days earlier? I’m not really sure where the value is. That’s why the score was lowered to 75.

Chime Alternatives

Once you take away the rewards, Chime becomes an online checking account that deposits your paycheck two days earlier than a traditional bank.

If I needed to pick a primary bank, I’d rather open an account at Ally Bank, get 0.50% APY on my savings account, and just get my paycheck as normal. Ally Bank has no minimums, no maintenance fees, and has an app that lets you do everything you need (like deposit checks through the mobile app).

If you really want a microsavings app, you could give Acorns a try. They play more on the investing side and they have fees, but they’re worth a look.

Learn more about Chime

Chime Bank

Chime Bank

Strengths

  • Automatic rounded up savings transfers
  • No fees
  • Fee-free overdraft up to $100
  • No minimum balance
  • 24,000 fee-free ATMs

Weaknesses

  • Very low interest rate on savings account
  • 3rd party app for check deposits
Источник: https://wallethacks.com/chime-bank-review/

The 7 Online Banks Like Chime (Chime Bank Alternatives)

There’s a huge variety of digital challenger banks in America right now. Some might even say that it’s the golden age of mobile-only banking. And, although Chime is one of the most popular ones out there, many people are looking for a Chime alternative. Therefore, we’re going to explore the best online banks similar to Chime.

We found the best digital banks like Chime that offer great features, almost no fees, and have solid customer support. 

One

  • No monthly fees
  • High APY
  • Early payday
  • No ATM fees
  • No minimum deposit
  • Savings pockets
  • Credit line

One is a very young fintech company that was founded in 2019 by Bill Harris and Brian Hamilton, who serves as the CEO. 

One has a checking and savings account that has no monthly fees or minimum balance required. It can earn you 1% APY up to $5,000 and 3% APY on up to 10% of your direct deposit. 

Although some of this may sound confusing, One Finance is really all about simplicity. The One Card is a debit and credit card in one with built-in overdraft protection. And unlike Chime, One’s credit builder program has no fees, no interest, and no paycheck direct deposit required to join. 

Its other features include free ACH bank transfers, Pockets for stashing away money, and access to 55,000 fee-free Allpoint ATMs.

Overdraft protection is a significant revenue generator for other banks. In fact, this income source is built into their business model. Americans paid a whopping $34 billion in overdraft fees in 2017.

One, on the other hand, offers an optional Credit Line that’s a built-in safety net for your finances. This optional feature is designed to help you access extra money if you need it without being penalized.

The most significant distinction between a traditional Overdraft Protection Program and One’s award-winning Credit Line is that you aren’t hit with multiple per-transaction fees. In fact, you aren’t hit with any overdraft fees.

One keeps customers’ deposits in Coastal Community Bank, an FDIC deposit insurance scheme member. That means that your money is protected up to $250,000.

Read our full One Finance review here. 

Ally Bank

  • Online signup
  • Checking and Savings accounts
  • Stocks & ETFs investing
  • Mortgage
  • Vehicle financing
  • Personal loans

Ally offers much more features than Chime does. Not only can you open a checking and a savings account, but you can also take out a mortgage for a home or a car, a personal loan, or invest in stocks, ETFs, bonds, options, mutual funds, etc.

As you can see, Ally is closer to your typical bank than a digital one. Nevertheless, it’s more flexible and more straightforward at its core than brick-and-mortar banks.

Their Online Savings Account has no monthly maintenance fees or minimum balance requirements, and the interest rate is compounded daily, which is a plus.  

The Interest Checking Account gives you a 0,10% APY for balances under $15k and a 0.25% APY over $15k minimum daily balances. 

You have several options to add funds to Ally’s account. You can transfer money from one of your bank accounts, transfer money from another Ally account, send a mail cheque or wire transfer to their postal address, or set up a direct deposit with your employer.

It seems like One isn’t the only digital bank that moved away from charging overdraft fees. Some other banks have started to notice what detrimental effect overdraft fees have on their customers. 

Ally has decided to eliminate overdraft fees entirely. They started off by reimbursing them in early 2020 as a way to help during the pandemic. And now, they are removed completely. 

Their customer service team is available 24/7, which is rare with digital-banking companies. A plus is also the ability to use any Allpoint ATM in the US for free, and you even get reimbursed up to $10 per statement cycle for fees charged at other ATMs nationwide.

Read our full Ally review here or read our Chime vs Ally comparison here.  

Varo Bank

  • First USA Digital Full Bank
  • Partner offers
  • Early direct deposit
  • Overdraft protection
  • No monthly fees
  • Checking account
  • Debit card
  • Savings account
  • Early Direct Deposit
  • $100 Instant Cash
  • Free ATM Withdrawals

2020 was an exciting year for Varo as Varo Money was the first challenger bank in the US to be granted a national bank charter making it a fully-fledged bank. And now, instead of Varo Money, they’re called Varo Bank.

Varo offers its customers a bank account with no monthly fees and no ATM or overdraft fees, placing every customer on an even playing field with access to all of their services and features.

Apart from a current account, they also offer a savings account with an APY up to 3%, an advance up to $100, and a credit building program. So, very similar to Chime. 

Unlike some traditional banks, there is no minimum balance required for a Varo Savings Account. You need just $0.01 to start earning interest with your online savings account.

All money in your Varo Bank account (checking and savings) is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. The FDIC insures both the deposits you make within your high-yield savings account and any interest you earn.

You can deposit cash at 90k+ Green Dots or transfer money from your other bank accounts. With the open banking feature, you can control all the other financial accounts that you connect to the Varo app.

The Varo app is well-designed and understandable, making each feature easy to access and include in your day-to-day personal banking. On top of the financial elements such as transfers and transactions, Varo also offers various innovative budgeting tools to help customers stay in control of their finances.

Read our full Varo Bank review here or read our Chime vs Varo comparison here. 

MoneyLion