Chime Spending Account Review

Chime Spending Account is offered by Chime, a bank founded in 2012 and based in Wilmington, DE. Chime Spending Account is available in 50 states (and Washington, DC).

• Low APY. The maximum annual percentage yield for this account is only 0.01%.
• $0 monthly fee. This account does not charge a monthly maintenance fee.
• No minimum initial deposit. There is no minimum balance required to open an account.
• No ATM fees. Chime Spending Account does not charge fees on ATM transactions within its network but there is a fee of up to $2.50 for out-of-network ATM transactions.
• Free bill pay. Pay your bills to practically anyone in the United States through Chime.
• Early direct deposit. Get access to you paycheck funds faster If you set up a direct deposit to this account.
• Soft credit pull. This bank will not perform a hard credit pull when you open a checking account.

Are checking accounts from Chime federally insured?

Yes, your Chime checking accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What APY does Chime Spending Account offer?

Chime Spending Account offers an APY of 0.01% (APY stands for annual percentage yield, rates may change).

What are the account minimums for Chime Spending Account?

Chime Spending Account does not require a minimum initial deposit.

What fees does Chime Spending Account charge?

The good news is that this account does not have a monthly service charge.

What features and perks does Chime Spending Account offer?

This account includes the following features:

• Automatic savings - Set up an automatic transfer from your checking account to a savings account and you'll never have to second-guess your saving decisions again.
• Check images with statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks.
• Free Bill Pay - Bill Pay allows you to pay bills easily from your account.
• Get paid early - If you fund your account with a payroll direct deposit and request this service, you can collect your salary early.
• Mobile Banking Services - Chime Spending Account allows you to manage your money online. This includes depositing checks in your account with your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.
• Soft credit pull - Chime Spending Account performs a soft credit pull so you can check whether you qualify without hurting your credit.