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Chime Overall Rating
| Feature | Insider Rating (out of 5) |
| Checking | 4 |
| Savings | 4.25 |
| Trustworthiness | 2 |
| Total | 3.5 |
Chime Pros and Cons
| Pros | Cons |
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Chime Checking Account Review
The
Early direct deposit allows you to receive your paycheck up to two days early. This helps you both access your money sooner, and transfer money into your savings account to start earning interest sooner.
Chime Savings Account Review
The
You must have a
About Chime
Chime is a banking platform, not a bank. However, your accounts are FDIC-insured through Chime's partner banks, Stride Bank, N.A. and The Bancorp Bank, for up to $250,000.
Chime has a checking and high-yield savings account. You must open a checking account to qualify for the savings account.
Chime checking and savings accounts do not require a credit check, and the platform doesn't look into your banking history through ChexSystems like most banks do. This means Chime has two of the best second chance bank accounts out there. Second chance accounts are for people who wouldn't normally qualify to open a bank account at another institution.
The company also offers the
Chime has partnered with Experian to provide in-app integration of Experian Boost. Experian Boost is a service that lets you use on-time bill payments to build credit. Chime members will be able to connect Experian Boost to their Chime app and raise your FICO score over time.
The Chime mobile app has 4.8 out of 5 stars in the Apple store and 4.5 out of 5 stars in the Google Play store. You can email, call, or talk via live chat with Chime representatives 24/7.
Is Chime Trustworthy?
Chime has an F rating from the Better Business Bureau. The BBB grades a company based on its honesty in its advertising, transparency about business operations, and responsiveness to customer complaints. The BBB states that Chime has a poor grade because it has a high volume of customer complaints, has not responded to some of these complaints, and takes a long time to respond to some complaints.
There has also been government action against Chime. Chime used the URL "Chimebank.com" as well as using the words "bank" and "banking," even though the company is not licensed to operate as a bank in any jurisdiction. In a 2021 settlement with The Commissioner of Financial Protection and Innovation, Chime agreed to make it clear in future advertising that it is not a bank.
Many users have filed complaints with the Consumer Financial Protection Bureau, saying that Chime has unexpectedly closed their accounts and sometimes kept them from accessing their money.
Chime FAQs
What is the downside of Chime?
Some of Chime's main downsides are that it doesn't have joint accounts, and it pays a lower savings rate than many other online high-yield savings accounts.
Is it worth it to have Chime?
Chime may be worth it if you're looking for a strong checking account — the
What is the Chime SpotMe program?
Chime has a free overdraft protection program called SpotMe. This program allows you to overdraw by up to $20, and your limit may go up to $200 depending on your Chime account history. SpotMe has its pros and cons. On the plus side, it's free, and you don't have to link to a savings account for overdraft protection like you do with many banks. But you can only qualify for SpotMe if you receive at least $200 in direct deposits per month.
Does Chime have daily withdrawal limits?
You may withdraw up to $500 per day from an ATM with Chime. You can also make a total of $2,500 in debit card purchases per day.
Methodology: How We Reviewed Chime
To review Chime, we used the Personal Finance Insider bank account methodology. Each account receives a rating between 0 and 5.
We look at ethics, customer service, and the mobile app when rating each bank account. Other factors considered depend on which type of account we're reviewing. For example, we evaluate interest rates for savings accounts and overdraft fees for checking accounts.
How Chime Compares
Chime vs. Ally
Chime and Ally both have free checking and savings accounts, but Ally currently pays a significantly higher savings rate. Ally also offers CDs and a money market account, and you can open joint accounts.
Chime might be a good choice if you'd like to deposit cash easily into your checking account, because you can visit a Walgreens location and deposit cash. Ally doesn't offer a way to deposit cash.
Chime is also the better option if you have a poor credit or banking history, because it will accept your application and help you increase your credit score.
Read Insider's comparison of Chime vs. Ally>>
Chime vs. Varo
Chime and Varo have similar structures: Each offers a checking and savings account that pays an above-average interest rate, and both require you to open a checking account to qualify for the savings account.
They also both offer credit-builder credit cards, and they don't do hard credit pulls or look at ChexSystems when you apply for accounts. Basically, they're both good options if you're working to build your credit or don't qualify for accounts at other banks.
Varo does have a couple of advantages over Chime, though. First, you can earn up to 6% cash back at certain retailers with either your Varo debit or credit card. Second, you have the potential to earn a higher rate with Varo. You'll earn
Read Insider's comparison of Chime vs. Varo>>