Chime is not your traditional bank. It only operates online and offers a simple checking account with no fees and a single savings account. Chime is probably best-known for its fast direct deposits, so it might be a good fit if your employer pays you via direct deposit. You'll get your direct-deposited paycheck up to two days earlier than at other banks.
If Chime's free banking perks are not enough, it also lets you earn extra cash for recommending friends. A recent GOBankingRates survey found that few Americans do their research on bank promotional offers and end up missing out on the chance to earn cash bonuses. Keep reading to learn how you can earn extra money by taking advantage of Chime Bank's promotions:
- Current Chime Bank Promotions
- Opening a Chime Bank Account
- Is Chime Bank Right for You?
Chime's promotions are focused on generating word of mouth about the bank -- which should be easy enough considering its reputation among customers. Out of nearly 5,400 reviews on TrustPilot, 80% gave Chime a perfect five-star rating. These customers are likely to recommend the bank to their friends and family and might earn bonus money for doing so. Take a look at how you can do the same:
|Best Chime Bank Promotions: August 2020|
|Account||Cash Value of Bonus||Expiration Date|
|Chime Friend Referrals||$50 per referral||None|
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The only current Chime promotion is the referral program, but if you can convince enough people to make the switch, you can earn a decent amount of cash.
The Chime promotion is beneficial to you and your friend because you both get $50 if you refer someone who ends up opening a new account. To take advantage of the Chime offer, you'll need to have a Chime bank account. Once you're set up, follow these steps to begin the referral process:
- Log in to your online account or open the mobile app.
- Select "Settings" in the upper left-hand corner of the window.
- Click or tap on "Invite Friends."
- Create a message or greeting.
- Choose friends from your contacts.
- Tap or click on "Send."
You can also share your customized invitation through social media or on your blog by copying the referral link. On the same Invite Friends page, navigate to the top-right corner and tap on "Share." Copy the link and paste it to share. If your friend opens an account and receives a direct deposit of $200 or more within 45 days of opening the account, you'll both get $50. Here are a few more details on the promo:
- Cash value: $50
- Minimum deposit to qualify: $200 for referred friend
- Expiration date: None
- How to get it: Refer a friend using the customized link mentioned above. If your friend opens an account and receives one direct deposit of at least $200 within 45 days, you'll each receive a $50 bonus. No Chime coupon code is necessary.
- When you'll get it: After your friend receives the first direct deposit of $200
- Terms and conditions: Your friend must use the referral link that identifies you as the referrer to receive the Chime bonuses.
- Monthly fees: None
- Promotion page: Chime Friend Referrals
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Chime makes opening a bank account simple. Besides needing an internet connection, mobile phone or computer, you'll need to be at least 18 years old and a U.S. resident. You can apply through the website or by downloading the mobile banking app for iPhone or Android. Chime claims the process only takes a couple of minutes. Here's what you need to do:
- Fill out your information on the enrollment page.
- Enter your name.
- Enter your Social Security number.
- Add an email address.
- You'll be asked if you'd like to also open a linked savings account now or later.
- Create a password to log in to your Chime account.
- Wait for Chime to verify your information.
- Once approved, set up your paycheck as direct deposit by giving your employer your Chime account number and routing number.
- Wait to receive a Chime debit Visa card to make purchases and ATM withdrawals.
If you do most of your banking online, Chime makes a lot of sense. For one thing, you'll save money on bank fees.
You'll also be able to deposit checks, pay most of your bills and transfer money between accounts through the mobile banking app. The latest promotion adds even more incentive because you can get paid for referring friends.
If you need to write checks or regularly make cash deposits, however, Chime probably wouldn't be the right bank for you. The bank doesn't offer paper checks. And while you can deposit cash through a Green Dot location, it will cost you a fee.
Check back each month for updates and new promotions as they are available. If none of the above promotions seem like a good fit for you, there are also a number of other banks offering promotions this month.
This content is not provided by Chime Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chime Bank.
This article has been updated with additional reporting since its original publication.