Chime Bank Review
Chime is a financial technology company based in San Francisco that partners with The Bancorp Bank, N.A., and Stride Bank, N.A., to offer banking products. Both of the banks Chime partners with are FDIC members.
Chime is known for offering low-cost accounts that do not include overdraft fees or monthly maintenance fees. Chime currently provides two types of deposit accounts-checking and savings accounts. It does not offer money market or certificate of deposit (CD) accounts at this time.
Chime users can track account balances, daily transactions, and savings from anywhere with the Chime mobile app, and get daily balance notifications and instant transaction alerts any time for use of the included Chime Visa Debit Card.
Pros
- No monthly fees, no overdraft fees
- Free access to more than 60,000 ATMs nationwide
- Early access to direct deposits
- No foreign transaction fees
- Build credit with no credit check and no fees
Cons
- No branches for in-person service
- Mobile check deposit is only available if you’re signed up for direct deposit
- No joint accounts
- No interest on checking
- Cash deposit is offered only through third-party retailers and can cost a fee of up to $4.95
How It’s Compared
Chime vs. Ally
Ally Bank offers numerous banking products and services, including checking accounts, savings accounts, Money market accounts and certificates of deposit (CDs). Ally doesn’t offer credit cards, but you can apply for personal loans, auto loans and mortgage loans.
Chime vs. Varo
Varo offers a checking account, called the Varo Bank Account, and a Varo Savings Account. The accounts have no monthly or overdraft fees. You can manage your accounts online or through the Varo Bank mobile app.
The bank’s unique Varo Advance feature allows you to get up to a $100 advance against your paychecks. Varo Believe offers an opportunity to build credit with no security deposit, no fees and no interest.
Bottom Line
Chime is a top choice for customers who want simple banking options with few fees and an excellent mobile app for banking on the go. Although Chime has no physical locations, it does have a large fee-free ATM network that will meet most customers’ in-person needs.
You’ll want to look elsewhere if you want a full-service bank that offers other products, such as CDs and money market accounts or savings account offering a higher APY.
