Banking through your smartphone is becoming a popular way to bank. With Chime Bank, there are no monthly fees, no minimum balances, no overdraft fess and no foreign transaction fees. Best of all, you’ll earn 2.00% APY on all your balances!
All these savings come at the sacrifice of physical, in-branch service that is usually available with traditional bank accounts. If you’re interested in paying lower fees and earning more interest then Chime Bank may be the answer to your needs! Keep reading to see if it’s right for you!
Update 10/30: Chime just sent out via e-mail. Subject line is ‘Limited time offer: 5% APY on your savings’. Chime is offering 5% APY on balances up to $10,000 until 1/31/23 when you receive a direct deposit of $500+
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How To Earn Chime $100 Referal Bonus
- Open a new Chime bank account using a referral link
- Make a direct deposit of $200 or more within 45 days of opening your account.
- The $100 bonus posts to your Chime account within 2 business days of meeting the requirements, but typically posts instantly once the requirements are met.
What You Need To Know
- No Fees. Chime has no minimum balance requirement and no monthly fees or maintenance fees of any kind. Since it has no fees, this makes it a very easy bank account to manage.
- Bonus Terms Are Easy To Meet. The terms you have to meet to earn the Chime referral bonus are easy to meet, making this one of the easier bank account bonuses out there. The account requires a $200 direct deposit to earn the bonus, which at first glance might seem difficult. It used to be really easy because almost any ACH transfer from an external bank account worked to trigger the direct deposit requirement. These days, there are fewer options that work, but it’s still pretty easy to meet the direct deposit requirement.
- Bonus Posts Instantly (Or At Most, Within 2 Business Days). Some banks have a long waiting period before your bonus posts. Chime’s terms say your bonus will post within 2 business days of meeting the direct deposit requirement, but in my experience, the bonus almost always posts instantly.
- You Can Refer People With Your Referral Link. A big thing about Chime is that once you open a Chime account, you get your own Chime referral link. You’ll earn $100 for every person you refer to Chime and the person you refer will also earn $100 once they open a Chime account with your link and meet the bonus requirements. This makes Chime a very profitable bank account if you have people you can refer.
Checking Account Option
Once you sign up for a Chime account, you automatically get a Spending (Checking) Account! You can a Chime Visa Debit Card to use at specific ATMs. Additionally, you will also have the option to open a Savings Account simultaneously or you can wait!
- Social Security number
- Birth date
You can sign up for the account on your computer or through your phone with their app, download Chime via iTunes or Google Play Store. You will also need to decide if you want to set up direct deposit, this method makes your funds available as soon as Chime receives them, there is no waiting period.
Don’t want to use Direct Deposit? You have other options to deposit money into your account:
- Set up a transfer on the external bank’s website using your Chime routing number and account number.
- Link an external account to your Chime account. The funds may take up to five business days to be available for use.
- More than 60,000 retailers throughout the country offer Green Dot services. All you need to do is tell the cashier you want to make a deposit to your Chime Bank account.
- Free to use any third party transfer services, but additional fees or restrictions from your lending institution.
Savings Account Option
Opening a savings account with Chime with your Spending Account gives you access to the Automatic Savings Program. With this, they automatically round up your purchases to the nearest dollar and Chime automatically deposits the ‘extra change’ into your savings account. There is no limit to the number of round ups you can have and you don’t have to carry a minimum balance. You can also dedicate up to 10% of each paycheck to go directly into your savings account.
Chime App Features
You will need the Chime Bank app in order to get the full benefit of this program. You can check your balance, pay your bill, or transfer money between Chime Spending Savings accounts. While you can manage your finances online, the app is more convenient!
You can receive alerts for every transaction conducted with your Chime Visa or daily balance updates.
With the Chime app, you can pay bills or people by sending it directly to the business or person! But if the person doesn’t have a Chime account, you can send the money directly to their Venmo account.
You can easily find ATMs near or when needed you can also contact their customer service from the app as well.
If your card was lost or stolen, you can automatically put a freeze on it to prevent fraudulent activities from happening on your account.
Chime Bank Routing Number
You can find your Chime routing and account information in the Move Money section or under the Settings section in your iPhone or Android app.
Contact Customer Service
By phone: 1-844-244-6363
- Monday through Saturday: 7AM to 7PM (CST)
- Sunday: 9AM to 5PM (CST)
Reasons to Bank with Chime Bank
- The Spending Account and Savings Account do not require a minimum balance. You also don’t have to worry about keeping a specific balance in your account!
- Rounding up purchases and setting up automatic deposit can help you make savings automatic.
- You won’t pay monthly service fees, over draft fees, or foreign transaction fees. There aren’t any fees for using in-network ATMS, requesting a card replacement, or ACH bank transfer fees.
- You can avoid ATM service fee by using of the 38,000 ATMs available throughout the country.
- You can earn rewards on regular purchases!
- If you have unauthorized charges on your Chime Visa, you may be protected as long as you report the activity right away.
- You are protected by FDIC insurance. If Chime goes out of business, your money is protected up to $250,000.
- You can deposit paper checks with the mobile app. All you need to do it take a picture of the check and the money is deposited into your account.
- You can split checks or pay someone without using cash. Chime also works with Venmo for those friends and family who don’t have a Chime account.
- Your Chime bank account works with Apple Pay, Google Pay, and Samsung Pay, making it easy to pay even when you forget your wallet.
Reasons Not to Bank with Chime Bank
- Chime doesn’t offer joint accounts or secondary cards. This could make it difficult if you have a partner that you share banking with.
- You may not pay much in the interest of fees, you also won’t make much in interest. The spending account doesn’t offer any interest in your balance, but it does offer minimal interest in the savings.
- Chime doesn’t offer overdraft protection, so if you have inadequate funds in your account Chime will decline the purchase.
If you’re priority is managing money in a simpler way with out the high fees, Chime Banks if a very good and secure option. Otherwise look elsewhere for your needs! So if you’re interested in banking another bank, check our full list of Best Bank Promotions for more options!