Chime Review: A Low-Fee Neobank

4.6

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Simple, Fee-Free Everyday Banking

Chime offers a streamlined checking and savings experience with no monthly maintenance fees and no minimum balance requirements. Built as a mobile-first platform, Chime focuses on easy money management, automatic savings tools and credit-building features — all designed to keep everyday banking straightforward and accessible.

 

Chime offers a different kind of banking experience. Often described as a neobank, Chime operates entirely online and delivers many of the same core services as traditional banks — just without physical branches.

Founded in 2014 and headquartered in San Francisco, Chime provides checking, savings and credit-building tools through its banking partners, The Bancorp Bank and Stride Bank. If you’re considering a mobile-first alternative to traditional banking, here’s what you should know before opening an account.

Chime Bank Checking Accounts

Chime’s checking account is its core product and is designed to be simple and fee-friendly. There’s no monthly maintenance fee and no service fees, making it a straightforward option for everyday banking.

Here are the key features:

• Access to more than 47,000 fee-free ATMs
• SpotMe® overdraft coverage starting at $20 and up to $200 for eligible members
• No foreign transaction fees on debit card purchases
• 24/7 customer support

Chime Bank Checking Accounts

Start Banking

Best For

Mobile Banking

Young Professionals

Online Banking

Gig Workers

Fee-Free Banking

Digital Checking Without The Fees

Chime is a mobile-first neobank designed for customers who want simple, low-cost banking without branch visits. Alongside its fee-free checking account, customers can add a high-yield savings account and take advantage of early direct deposit and SpotMe® overdraft protection.

Fees

$0

APY

N/A

Min Opening

$0

Pros

• No monthly maintenance or service fees
• No minimum opening deposit
• Fee-free overdraft with SpotMe® (up to qualifying limits)
• Early direct deposit up to two days sooner
• Optional high-yield savings account

Cons

• No joint accounts
• No physical branch access
• Limited cash deposit options

Quick Take

Chime removes many traditional banking barriers. With no monthly fees, no minimum deposit and built-in features like early pay and overdraft flexibility, it’s a strong choice for customers who want straightforward, app-based banking.

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Chime Bank Savings Account  

Chime keeps its savings account simple and straightforward. There’s just one option, but it comes with a competitive APY, no monthly fees, and built-in tools that make it easier to grow your balance automatically.

• One savings account option (requires a Chime checking account to open)
• Earn up to , about eight times the national average
• No minimum deposit required
• No monthly service fees
• Automatic savings tools, including Save When You Get Paid, which transfers 10% of direct deposits into savings

4.6

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chime Bank Savings Accounts

Start Banking

Best For

Mobile Banking

Young Professionals

Online Banking

Gig Workers

Fee-Free Banking

High-Yield Savings With No Minimums

Chime Bank offers a savings account with no monthly maintenance fee, no minimum deposit and an APY that’s about eight times the national average.

Fees

$0

APY

Up to

Min Opening

$0

Pros

• Competitive APY
• No minimum deposit required
• No monthly maintenance fees
• Automatic savings tools available

Cons

• Requires opening a Chime checking account
• Fully digital experience with no branch access
• Withdrawal limits apply

Quick Take

Chime Bank makes saving accessible with no barriers to entry — no minimum deposit, no monthly fees and a strong APY — plus automation tools that help you build savings consistently without extra effort.

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Banking Experience  

Chime offers a simple, app-first banking experience that most users find easy to navigate, even if they’re new to digital banking. Customers especially like how quickly they can connect with support directly through the app.

Because it’s fully online, occasional bugs or brief outages can occur. However, users say these issues are usually resolved quickly. Overall, Chime delivers a streamlined, beginner-friendly digital experience.

How Does Chime Bank Compare?

Checking

Savings

SELECTED BANK

Chime Bank Checking Accounts

Start Banking

MOST COMPARABLE

4.3

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

EverBank Checking Account

Read Review

MOST COMPARABLE

Varo Bank Checking Account

Read Review

Fees

Fees

Fees

$0

No monthly service fees

None

APY

APY

APY

N/A

N/A

Min Opening

Min Opening

Min Opening

$0

$25 to $100

$0

SELECTED BANK

4.6

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chime Bank Savings Accounts

Start Banking

MOST COMPARABLE

4.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

EverBank Savings Accounts

Read Review

MOST COMPARABLE

4.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Varo Bank Savings Account

Read Review

Fees

Fees

Fees

$0

No monthly maintenance fees

None

APY

APY

APY

Up to

Up to

Min Opening

Min Opening

Min Opening

$0

$0

$0

Chime vs. Varo

Both Chime and Varo were finalists for Best Consumer Digital Financial Platform of 2026 — with Varo taking the top spot. The two platforms share a lot of common ground: no monthly fees, no minimum balances, early direct deposit, and credit-building tools. Where Varo pulls ahead is its status as a fully chartered U.S. bank with its own FDIC insurance, plus built-in Zelle support for instant transfers. Chime counters with its SpotMe overdraft coverage and a more beginner-friendly experience overall.

Chime vs. Acorns

Chime and Acorns take distinctly different approaches to your money. Chime is built for everyday banking — fee-free checking and savings, credit building, and tools to help you manage what you already have. Acorns is built for growing what you have, automatically investing your spare change through its round-up feature. If keeping costs at zero and building credit are the priority, Chime wins. If passive, hands-off investing is the goal, Acorns is the stronger pick.

Chime vs. Betterment

Both Chime and Betterment are fee-free with no minimum balances, but they serve different financial goals. Betterment is a robo-advisor first — think investing, tax-loss harvesting, and long-term wealth building. Chime is a banking platform first — think everyday spending, overdraft protection, and credit building made simple. For someone who just wants straightforward, no-fuss banking, Chime is hard to beat.

Final Take  

Chime isn’t built to be a full-service financial institution — and that’s part of its appeal. It focuses on what many people actually need: a simple, fee-free way to manage everyday spending and savings.

It’s especially well-suited for customers who want an easy-to-use mobile experience or are working to build or improve their credit through a secured card.

That said, if you’re looking for a broad range of financial products, complex lending solutions or advanced banking tools, you may want to consider a more comprehensive institution. Chime excels at simplicity — but it doesn’t aim to be everything to everyone. 

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