Out-of-network ATM fees: Chime charges customers $2.50 every time they use an ATM outside of the MoneyPass® and Allpoint networks. But you can get around these limits by initiating the transfer from your other bank account rather than through Chime. Transfer limits: When initiating a transfer from another bank to Chime through your online Chime account, you are restricted to $200 per day and $1,000 per month. No foreign transaction fees: Your Chime debit card doesn't have a foreign transaction fee, so you won't pay extra to use it in a foreign country.įDIC insured: Chime Spending Accounts are protected up to $250,000 in the event of bank failure. You're limited to $5,000 per check and $10,000 per month, but these limits should be sufficient for most people. Send checks online: Chime's Checkbook feature enables all those who have had their Spending Accounts for at least 30 days to send out checks through their online account. To find the nearest one to you, check your Chime mobile app.
Nationwide fee-free ATM network: Chime partners with the MoneyPass® and Allpoint ATM networks to give its customers free access to their cash at over 60,000 retail locations nationwide. They enable you to view your balance, transfer funds, pay bills, and remotely deposit checks as well as locate nearby ATMs and remotely enable and disable your debit card.
User-friendly mobile apps: Chime's mobile apps for iOS and Android devices have received high ratings from customers. Both are optional and you can opt in or out at any time. These let you automatically transfer a percentage of each paycheck to your savings account or to round up every purchase to the nearest dollar and put the change in savings. Some other banks hold these funds up to two days before releasing them.Īutomated savings tools: Chime Spending Account customers who also open a Chime Savings Account can take advantage of its built-in savings tools. Get direct-deposited funds up to two days early: Chime promises to make your direct-deposited funds available as soon as the other party deposits it. The transfer happens instantly, but it's still another hoop to jump through. You must first place the funds into your Spending Account and then transfer them to the Savings Account.
That may not be ideal for those who are only interested in the savings account, but it's not a huge hurdle to overcome.ĭeposit options: Chime doesn't enable you to deposit funds directly into the Savings Account. What could be improvedĮase of opening: Chime requires you to open a Spending Account before you can open a Savings Account. In the unlikely event that Chime closes its doors, your savings would be protected up to $250,000. No fees or balance requirements: You can open a Chime Savings Account with any amount of money and you won't owe a monthly maintenance fee, regardless of your balance.įDIC insured: Like its Spending Account, Chime's Savings Account is FDIC insured. Chime's automated savings tools also can help you grow your savings more quickly. High 0.50% APY: The Chime Savings Account's APY is competitive with the highest savings account rates.