Chime is a financial technology company, not a bank — and that single fact explains most of what makes it different from the account you might have at a traditional branch. If you've asked "what is Chime?" or "what is Chime bank?" and want a plain-English answer, you're in the right place. This review breaks down how Chime online banking works, what accounts are available, what it costs (spoiler: almost nothing), and whether it's a good fit for your money.
What Is Chime and How Does It Work?
Chime is a San Francisco-based fintech founded in 2012. It partners with two FDIC-insured banks to hold your deposits: The Bancorp Bank, N.A. and Stride Bank, N.A. When you open a Chime account, your money sits at one of those partner banks depending on when you signed up. Chime itself handles the app, the debit card, and the member experience.
Because Chime has no physical branches, it passes the savings along to members through low or zero fees. You manage everything through the Chime mobile app — available on iOS and Android — or through chime.com.
Is Chime a Real Bank or a Scam?
Chime is a legitimate, real fintech company that has served tens of millions of customers. It is not a scam. Because it is not a bank itself, it is sometimes called a "neobank" or "online bank," but your deposits are held at Bancorp Bank or Stride Bank and are FDIC-insured up to $250,000 per depositor. So is Chime safe? Yes — your money carries the same federal deposit protection as any bank account.
Some people ask "is Chime a real bank" because the app experience feels different from a traditional institution. Chime doesn't have tellers, checkbooks, or branch lobbies, but the underlying deposit accounts are backed by real, regulated banks.
Chime Accounts: Checking, Savings, and Credit Builder
Chime Checking Account is the core product. You get a Visa debit card, access to over 60,000 fee-free ATMs through the Allpoint and Visa Plus Alliance networks, and a account number and routing number for direct deposit. There is no monthly fee and no minimum balance requirement.
Chime Savings Account sits alongside your checking account. It earns a competitive APY on your balance — check chime.com for the current rate, as APYs vary with market conditions. Two popular features make saving easier:
- Save When I Get Paid: automatically transfers a percentage of each direct deposit to savings.
- Round Ups: rounds every debit card purchase to the nearest dollar and moves the difference to savings.
Chime also offers a Chime high yield savings experience through its savings account, though the exact APY changes over time. Always verify the current rate at chime.com.
Chime Credit Builder is a secured Visa credit card with no annual fee and no credit check to apply. You move money from your checking account into a secured deposit account to set your spending limit. Chime reports your payment history to all three major credit bureaus, which can help build or improve your credit score over time. Results vary. See how Chime stacks up in our Chime Credit Builder vs Self comparison.
Chime business account — as of this writing, Chime does not offer a dedicated small business account. If you need business banking, you'll want to look at other providers.
Chime Plus (previously called Chime Plus) gives qualifying members access to SpotMe overdraft coverage and other perks tied to direct deposit activity.
Fees: What Does Chime Cost?
Chime's fee structure is one of its biggest draws:
- No monthly maintenance fee
- No minimum balance fee
- No foreign transaction fee on the debit card
- No overdraft fee through SpotMe (eligibility required)
- Out-of-network ATM fee: $2.50 per withdrawal
- Instant transfer fee for MyPay advances: $2–$5
Terms and conditions apply. Always review Chime's current fee schedule at chime.com before opening an account.
SpotMe and MyPay: Chime's Borrowing Features
Chime doesn't offer traditional loans, but it does have two features that help when money is tight before payday.
SpotMe lets eligible members overdraw their Chime checking account by up to $200 on debit card purchases and ATM withdrawals without being charged an overdraft fee. Limits start at $20 and can increase based on your direct deposit history. You need qualifying direct deposits of $200 or more per month to become eligible. The overdrawn balance is repaid automatically from your next deposit.
MyPay is a line of credit that lets qualifying members access up to $500 of their upcoming paycheck early. Advances start at $20, and most members begin with a $50–$100 limit that grows over time. Standard delivery is free (up to 24 hours); instant delivery costs $2–$5. Two direct deposits of $200 or more in the past 36 days are required to qualify. Learn more in our Chime MyPay guide.
For a broader look at how Chime handles overdrafts and SpotMe, see our article on Chime SpotMe overdraft coverage.
Chime
Chime
- Fee-free banking plus early pay access - Overdraft up to $200 without fees - 5% cash back and build credit everyday. - 3.75% APY on your savings.
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
The Chime Mobile App
The Chime app is central to the whole experience. It's how you check your balance, send money, set up direct deposit, manage SpotMe, access MyPay, and view your account and routing number. The app has strong ratings on both the Apple App Store and Google Play. Features include:
- Real-time transaction notifications
- Instant Visa transfers (send money to other Chime members instantly)
- Zelle is not natively supported, but you can link your Chime account to some Zelle transfers through your debit card
- Instant debit card freeze if your card is lost
Chime's mobile app is designed for people who are comfortable managing money entirely on their phone. If you prefer a banker you can walk in to see, a traditional institution might suit you better.
Who Is Chime Best For?
Chime banking works especially well for:
- People who want to avoid monthly fees and minimum balances
- Workers who want to get paid up to 2 days early with direct deposit
- Anyone building or rebuilding credit who wants a no-fee secured card
- Gig workers or part-time employees who need occasional cash advances through SpotMe or MyPay
Chime may be less ideal if you regularly deposit cash (you must use a Green Dot retail location and fees apply), need in-person banking, or want a wide range of loan products. It's also not designed as a chime business account solution.
If you're comparing alternatives, check out our roundup of apps like Chime for other fee-free neobanks worth considering.
Is Chime a Good Bank? Pros and Cons
Pros:
- Zero monthly fees and no minimum balance
- Early direct deposit up to 2 days ahead
- SpotMe fee-free overdraft up to $200
- MyPay cash advances up to $500
- Chime Credit Builder with no annual fee
- FDIC insured through partner banks
Cons:
- No physical branches
- Cash deposits require a third-party retailer (fees may apply)
- No joint accounts or business accounts
- Out-of-network ATM fee of $2.50
- SpotMe and MyPay require qualifying direct deposit activity
Overall, Chime is a solid choice for everyday banking if you're comfortable going branchless. Whether it's a "good bank" depends on your specific needs — but for fee-free digital banking, it consistently ranks among the top options. Also see our Chime credit card review to see how the Credit Builder card holds up.
Firstcard is not a product issuer and is not affiliated with Chime. Always review terms at chime.com before applying.
Chime
Chime
- Fee-free banking plus early pay access - Overdraft up to $200 without fees - 5% cash back and build credit everyday. - 3.75% APY on your savings.
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
Frequently Asked Questions
Is Chime a bank or a fintech?
Chime is a fintech company, not a bank. It provides banking services through its partner banks, The Bancorp Bank, N.A. and Stride Bank, N.A., both of which are FDIC insured. Your deposits are held at one of those two banks, giving you the same federal deposit protection you'd have at a traditional bank.
What bank does Chime use?
Chime uses two partner banks: The Bancorp Bank, N.A. and Stride Bank, N.A. Which one holds your account depends on when you signed up. You can see your specific routing number and bank name in the Chime app under Move Money > Direct Deposit. You cannot switch between the two partner banks.
How does Chime's SpotMe work?
SpotMe lets eligible Chime members overdraw their checking account by up to $200 on debit card purchases and ATM withdrawals without paying an overdraft fee. You must receive qualifying direct deposits of $200 or more per month to enroll. Limits start at $20 and can grow based on your deposit history. The negative balance is repaid from your next incoming deposit.
Is Chime safe to use?
Chime is considered safe for everyday banking. Your deposits are FDIC insured through The Bancorp Bank, N.A. or Stride Bank, N.A., up to $250,000 per depositor. Chime also uses data encryption, two-factor authentication, and real-time fraud monitoring to protect accounts. As with any financial app, use strong passwords and enable security features in the app. Terms and conditions apply.
