💡 Quick Verdict
Chime is our #1 pick for beginners who want simple, fee-free banking. With no monthly fees, no minimum balance, early direct deposit, and automatic savings tools, it's perfect for first-time banking app users. The only downsides are limited cash deposit options and no joint accounts.
✅ Pros
- No monthly fees ever
- No minimum balance required
- Get paid up to 2 days early
- SpotMe overdraft up to $200
- Automatic round-up savings
- 60,000+ fee-free ATMs
- FDIC insured (via Bancorp Bank)
❌ Cons
- No physical branches
- Limited cash deposit options
- No joint accounts
- No interest on checking
- $2.50 fee for out-of-network ATMs
- Customer service wait times
What is Chime?
Chime is a financial technology company (fintech) that offers mobile-first banking services. Founded in 2013, Chime has grown to over 14 million account holders by focusing on one thing: making banking simpler and more affordable for everyday people.
Unlike traditional banks, Chime operates without physical branches, which allows them to eliminate many fees that banks typically charge. Your deposits are held at The Bancorp Bank or Stride Bank, both of which are FDIC-insured, meaning your money is protected up to $250,000. Learn more about this protection in our Safe Finance Guide.
Spending Account
Visa debit card with no fees
Savings Account
Automatic savings features
Early Direct Deposit
Get paid up to 2 days early
SpotMe
Fee-free overdraft protection
Chime Fees Breakdown
One of Chime's biggest selling points is its fee-free structure. Here's what you'll pay (or won't pay):
| Fee Type | Chime | Traditional Banks |
|---|---|---|
| Monthly maintenance fee | $0 | $5-15/month |
| Minimum balance fee | $0 | $25-35 if under minimum |
| Overdraft fee | $0 (SpotMe) | $30-35 per occurrence |
| In-network ATM | $0 (60,000+ ATMs) | $0-3 |
| Out-of-network ATM | $2.50 | $3-5 |
| Foreign transaction | $0 | 1-3% |
Compare these fees with other apps in our full comparison table.
Key Features Explained
Early Direct Deposit
Chime can deposit your paycheck up to 2 days before your scheduled payday. This happens automatically when your employer sends the direct deposit notification—Chime credits your account immediately rather than waiting for the official deposit date. This is one of the most popular features for people living paycheck to paycheck.
SpotMe Overdraft Protection
Once you receive $200+ in monthly direct deposits, you become eligible for SpotMe. This allows you to overdraw your account by up to $200 without any fees. The negative balance is automatically repaid from your next deposit. Unlike traditional overdraft "protection" that charges $30+ per incident, SpotMe is completely free.
Automatic Savings
Chime offers two automatic savings features:
- Round Ups: Every debit card purchase is rounded up to the nearest dollar, with the difference transferred to savings
- Save When I Get Paid: Automatically transfer a percentage of each paycheck to savings
Credit Builder Card
Chime offers a secured credit card that helps build credit history. You transfer money to a Credit Builder account, then spend up to that amount. Chime reports your on-time payments to all three credit bureaus. There's no credit check to apply and no interest charges.
Who Should Use Chime?
Chime is ideal for:
- First-time banking app users who want simplicity
- People tired of monthly fees and overdraft charges
- Those who want early access to their paycheck
- Anyone looking to build savings automatically
- People rebuilding credit with the Credit Builder card
Chime might NOT be for you if:
- You need to deposit cash frequently
- You want a joint account with a partner
- You prefer in-person banking services
- You need features like checks or wire transfers
Not sure if Chime is right for you? Take our quiz for a personalized recommendation.
Chime vs Competitors
How does Chime stack up against similar apps?
Chime vs Cash App
Cash App is better for peer-to-peer payments and buying Bitcoin, but Chime offers more robust banking features like SpotMe overdraft and automatic savings. If banking is your priority, go with Chime. If you send money to friends often, consider Cash App.
Chime vs SoFi
SoFi offers higher APY on savings (currently 4%+) and investing features, but has a steeper learning curve. Chime wins on simplicity; SoFi wins if you want an all-in-one financial platform.
Chime vs Varo
Varo is actually a real bank (not just partnered with one) and offers up to 5% APY on savings with qualifying activities. Chime is simpler to use; Varo rewards higher engagement.
❓ Frequently Asked Questions
Is Chime a real bank?
Chime is a financial technology company, not a bank. However, your money is held at FDIC-insured partner banks (The Bancorp Bank or Stride Bank), so deposits are protected up to $250,000.
How do I deposit cash to Chime?
You can deposit cash at 90,000+ retail locations (Walgreens, CVS, 7-Eleven, etc.) through the Green Dot network. There's a fee of up to $4.95 per deposit charged by the retailer.
Does Chime have a credit card?
Chime offers a Credit Builder secured credit card that helps build credit. It's not a traditional credit card—you spend money you've already transferred to the account, and Chime reports your payments to credit bureaus.
Can I get a loan from Chime?
Chime doesn't offer traditional loans, but SpotMe allows you to overdraw up to $200 fee-free, which functions similar to a small, short-term loan.
Is there a Chime customer service phone number?
Yes, you can reach Chime support at 1-844-244-6363. However, many users report faster responses through the in-app chat feature.
Ready to Try Chime?
Join 14+ million people banking with no monthly fees