According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- US
Currencies:
- USD
- 5%-30%
- Yes
Our Evaluation of Chime Bank
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Brief Look at Chime Bank
Chime Bank is an American digital bank where you can open a dollar account and manage it through a mobile application. The bank issues a Visa card, which can be used to pay online and offline stores worldwide. The bank has no tariff plans. Registration, use of the application, and the card are free. There are no commissions for transfers, and Chime customers receive transfers instantly. There is a savings account with an annual rate of 0.50%. The bank offers overdraft protection of up to $200 without interest. In the Chime Bank app, you can apply for and receive a loan within two minutes without bureaucracy and lengthy checks. The bank supports only US dollars, so storage and use of other currencies are not possible.
- Free registration and no tariff plans or subscription fees for using bank services.
- In case of overspending, an overdraft with a limit of $200 is automatically triggered, for which you do not need to overpay.
- Loans without collateral, no annual fee or interest.
- After registration, the bank sends the client a Visa card, which can be used globally without restrictions.
- There are no limits on withdrawals and transfers, and the client can dispose of his funds without commissions.
- The client’s savings account provides 0.50% per annum and is replenished at any time (including via automatic functions)
- The bank offers tools for savings and accrual, for example, Round-ups with cents rounded when paying.
- The client’s account is not a multi-currency one; using this account you can store and use only US dollars.
- The bank does not offer children’s accounts, business accounts, and other types of accounts, only the standard ones.
- There are no additional tools for investment, referral, or bonus programs.
TU Expert Advice
Author, Financial Expert at Traders Union
Chime Bank offers a convenient platform for managing financial transactions through its mobile app, allowing account holders to handle their banking needs with ease. It provides personal account types with no subscription fees, supports USD transactions, and issues a Visa card for global payments. Among its advantages are free registration, no plan fees, and interest-free overdraft protection up to $200. Additionally, its clients benefit from a savings account with a 0.50% annual interest rate and automated features like Round-ups for saving.
However, Chime Bank has several drawbacks, such as the lack of multi-currency accounts and limited account types, being restricted to personal accounts only. It does not offer options for children's or business accounts. Despite these limitations, Chime Bank can be a suitable choice for individuals who prioritize free international transfers and straightforward fee structures. Those requiring advanced investment tools or multi-currency management may need to consider other financial institutions.
Chime Bank Summary
| 💼 Main types of accounts: | Only standard |
|---|---|
| 💱 Multi-currency account: | No |
| 💵 Deposit terms and conditions: | 0.50% on savings account |
| 💳 Loan terms and conditions: | No bank commission, loyal credit history check |
| ☂ Deposit insurance: | Yes (FDIC) |
| 👛️ Savings options: | Round-ups: transfer of percentage of purchases to a savings account; no commissions for transfers (including international ones) |
| 📋 Types of payment: | Bank account, Visa plastic card, Apple Pay, Google Pay, Samsung Pay, Android Pay |
| ➕ Additional features: | You can get paid before the due date |
The Chime Bank app allows you to comprehensively manage your finances. Operations are formed into reports according to specified criteria, which makes it possible to take into account income and expenses of various types. Plus, there is an overdraft and an auto-loan on favorable terms within minutes (even with a bad credit history). Chime has maintained a competitive position among the leading neobanks in the US and the world for many years. You do not need to be a resident of a particular country to cooperate with this bank. The cards of this bank work all over the planet.
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• No monthly fees and no minimum balance fees.
An online checking account with no monthly fees is available to everyone. -
• No overdraft fees.
Instead of charging you an overdraft fee, Chime allows you to overdraft on debit card purchases with no fees. -
• 60,000+ fee-free ATMs.
You can also use the map in your Chime app to find the closest fee-free ATM near you.
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Chime Bank Commissions & Fees
The Chime neobank does not charge a subscription fee to its customers. Registration and use of services are completely free. Order, delivery, and replacement of a plastic card are free as well. There is no commission for overdraft and use of credit services (except for some situations described below). All payments are free, including international ones. The only type of commission that the bank charges to customers is a commission when withdrawing funds from a non-partner ATM. View the list of approved ATMs on the company’s website.
We also compared Chime fees with similar types of fees on other Digital banks.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Monzo Bank | 19-39% | Free in the UK In other countries: - up to £200 - free - beyond £200 - 3% | €0.5 | 0.35%-2% |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| Chime Bank | No | No | No | 3% (max.$5) |
The Chime Bank app in terms of functionality and ease of use competes confidently with applications from the world’s leading neobanks. The organization operates under a license, there is an international regulator, and its activities are transparent. There are no services for legal entities, and there is only one type of account: personal, for an individual. The main advantage of Chime Bank is the absence of commissions for using bank services and transfers. This also applies to international transfers and transfers to accounts of people who are not Chime customers. Users also receive loyal loan conditions and interest-free overdraft protection.
Account types
Chime Bank does not offer business accounts (corporate accounts, accounts for legal entities, etc.). Only an individual can open an account with this neobank. Only one type of account is provided — personal; and there are no tariff plans. Chime does not offer accounts for children or teens.
Investment Options
Unfortunately, Chime does not offer specialized investment programs. However, bank customers have the opportunity to open a savings account on standard terms. The savings account can be funded at any time, and no minimum amount is set. The annual rate is 0.50%. This is the market average, with very few digital banks offering higher interest rates on their savings accounts. The advantage of Chime is that the client does not pay for account maintenance and can automate its funding during transactions (for example, when receiving a transfer, a percentage of the amount can be redirected to a savings account).
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Contacts
| Foundation date | 2013 |
|---|---|
| Official site | https://www.chime.com/ |
Comparison of Chime Bank with other Brokers
| Chime Bank | Wise | Bunq | Curve Bank | CIT Bank | Starling Bank | |
| Supported Countries | US | Globally | Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Slovenia, Republic of Cyprus, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, | UK and EEA | USA | UK |
| Supported Currencies | USD | 54 currencies | Euro (16 European currencies in the Easy Money plan) | 26 currencies | USD | GBP, EUR, USD |
| Deposit insurance | Yes | No | EUR 100,000 | No | $250 000 | Yes |
| Minimum deposit | No | No | No | No | $100 | No |
| Deposit rate | 5%-30% | No | 0.09% APY | No | 0.1% -1.4% | 15%-35% |
| Loan Rate | 0.50% | No | The bank does not issue loans | No | От 0.1% | 0.05% |
Detailed review of Chime Bank
This neobank offers exceptionally favorable conditions for using mobile banking services. An account is registered and a plastic card is issued for free. Transfers and withdrawals at approved ATMs are interest-free. However, there are several nuances. First, it is possible to withdraw cash for free only at the ATMs of Chime and its partners, a commission is charged at other ATMs. Second, an interest-free overdraft is available to clients who meet the requirements of the SpotMe program (more about it below). Third, when paying via Apple Pay, Google Pay, Samsung Pay, or Android Pay, an operator’s commission may be charged.
Chime mobile bank by the numbers:
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It takes only 2 minutes to open an account with Chime Bank;
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$0 is the subscription fee for using the bank;
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$0 is the commission for transfers, including international ones;
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$200 is for overdraft protection without commission for most clients;
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60,000 approved ATMs around the world offer free cash withdrawals.
Among digital banks (not only American ones), Chime Bank also stands out because it has no data plans. Usually, banks provide extended opportunities or loyal conditions for typical functions for customers who pay VIP rates. At the same time, most banks have a free account with limited functionality and hard limits.
When a user opens a Chime Bank account, no limits apply to him, except for those that he set himself. That is, in the settings you can set a spending limit for a certain period or for a selected category. If the limit is exceeded, the user is notified. Chime offers a range of options for self-regulating a client’s financial policy.
Chime’s useful features:
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Free overdraft. One of the main features that made Chime popular. Bank customers can freely overpay in stores up to 200 US dollars, without charging commissions. It will only be necessary to return the overdraft amount to the bank.
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Free transfers. If a Chime Bank user transfers funds to another Chime Bank user, no commission is charged, and the transfer comes instantly. If the transfer is made to an account in another bank, it is also free, but it takes up to 14 days.
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Free international transfers. This is another unique feature available in the Chime Bank app. A transfer to anywhere in the world does not require payment of commission to the bank (only a commission that a third-party payment system may charge).
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Early pay. If you make your account in Chime a current account for receiving wages, the funds will arrive 2 days ahead of schedule. This is due to the specifics of the work of Chime partner banks.
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Free cash withdrawal. Neobank customers have access to 60,000 ATMs worldwide, where they can withdraw funds from a card without limits and commissions. Most digital banks set hard withdrawal limits without paying fees.
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Savings account. A bank client can open a savings account with flexible replenishment conditions. The annual percentage rate is 0.50%. Funds on the account are not frozen, it is possible to replenish them at any time.
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Payment rounding. If the feature is enabled, the amount will be rounded up to a whole number in dollars on each transaction. The cents rounded in this way are sent to a savings account or a separate pot, which will allow you to successfully save money.
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Interest from payment. The client can activate a feature that will allow for each transaction to write off some interest on top of it, and it will be sent to a savings account or a separate pot. The interest from payment helps to form targeted savings.
Pay attention to the SpotMe program. It allows you to get an interest-free overdraft. The SpotMe program is activated automatically as soon as the client meets the following condition: he received a direct transfer in the amount of at least 200 US dollars 31 days before the activation of the overdraft. If the client does not meet this condition, an overdraft fee will be charged (calculated individually).
In this case, the received payment must go through the Automated Clearing House (ACH) or through the original credit transaction (OCT) service. The payment must come from an official, such as an employer, wage provider, or payer for some service (say, a tenant). The minimum overdraft amount is $20. An overdraft of up to $200 is received by a client of a neobank over time, subject to active use of the services.
Advantages:
The Chime Bank app allows you to control the income and expenditure of funds using convenient tables, graphs, and other analytics.
The users can set limits and goals for themselves which are accompanied by notifications from the system to the user when the limits are reached.
The bank does not charge commissions for transfers and acceptance of payments, including international transactions with accounts of other banks.
Chime issues a Visa card to customers that can be used for online, offline payments, and cash withdrawals.
You can withdraw cash from Chime-approved ATMs and partner banks for free (for other ATMs, a commission depends on the owner bank).
A savings account with an interest rate of 0.50% per annum can be opened free of charge, and there is no minimum deposit or other conditions.
Overdraft protection is applied automatically, and no commissions are charged (subject to the SpotMe program).
You can pay directly from your account, as well as use Apple Pay, Google Pay, Samsung Pay, and Android Pay.
There are several features for comfortable savings, such as rounding up and deducting additional interest when paying on the created pot.
Chime technical support is available 24/7.
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