Is Chime a real bank?

Chime is a financial technology company, not a bank. Banking services are provided by its partner banks, The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. This means your money is FDIC-insured up to $250,000 through its partner banks.

How does Chime make money if it's free?

Chime primarily earns revenue from interchange fees. Every time you use your Chime Visa Debit Card or Credit Builder card to make a purchase, Visa charges the merchant a small processing fee. A portion of that fee is paid to Chime.

What fees does Chime charge?

Chime does not charge monthly maintenance fees, minimum balance fees, or foreign transaction fees. There are no fees for its SpotMe overdraft feature. However, you may incur a fee from a third-party retailer (like Walgreens or 7-Eleven) when you deposit cash, or a fee from an ATM operator if you use an out-of-network ATM.

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Chime

Free

fintechneobankmobile bankingpersonal financefee-free bankingchecking accountsavings accountcredit builder

Chime is a leading US financial technology company offering mobile-first banking services without traditional fees. It provides checking, savings, and credit-building tools through partnerships with FDIC-insured banks.

Try it out

Chime provides banking services through its user-friendly mobile app, targeting consumers fed up with traditional bank fees. It is a financial technology company, not a bank itself, partnering with The Bancorp Bank and Stride Bank to offer FDIC-insured accounts. Its core value proposition lies in features like no monthly fees, fee-free overdrafts via SpotMe®, and access to direct deposits up to two days early. This model has made it a leader among U.S. neobanks, particularly appealing to younger demographics seeking simple, transparent financial tools. While excellent for basic banking, it lacks the broad product suite of a full-service traditional institution, such as mortgages or personal loans.

Pros

No monthly service fees, minimum balance fees, or foreign transaction fees.
SpotMe® feature provides fee-free overdrafts on debit card purchases up to a set limit.
Get Paid Early feature allows access to direct deposits up to two days sooner than many traditional banks.
Large fee-free ATM network of over 60,000+ locations via MoneyPass and Visa Plus Alliance.
The Credit Builder secured card helps users build credit history with no annual fee or interest.

Cons

Not a bank itself, but a fintech platform partnered with banks, which can be a point of confusion.
Cash deposits are inconvenient, requiring third-party retailers like Walgreens or Walmart which may charge a fee.
Customer support is primarily digital (in-app chat, email), which some users find slow or insufficient for urgent issues.
Limited product scope; does not offer joint accounts, personal loans, auto loans, or mortgages.

Key features

Checking Account (Spending Account) with a Chime Visa® Debit Card.
High-Yield Savings Account with automated savings tools like 'Save When I Get Paid'.
SpotMe® fee-free overdraft for debit card purchases and cash withdrawals.
Mobile banking app with features like mobile check deposit and instant transaction alerts.
Early access to direct deposit paychecks.
Credit Builder Visa® Secured Credit Card to help build credit history.
Pay Anyone feature for instant, fee-free payments to friends, even if they aren't on Chime.

Integrations

PlaidVenmoPayPalCash AppZelleApple PayGoogle PayExpensify

Target audience

US-based individuals seeking a simple, mobile-first banking experience without monthly fees, overdraft penalties, or minimum balance requirements. Particularly popular with millennials, Gen Z, and those underserved by traditional banks.

Ratings & Reviews

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Based on 0 reviews

Key Metrics

Active Users

12M+ customers

Founded

2012

Headquarters

San Francisco, USA

Pricing Tiers

Chime Account

Includes a Chime Spending Account, a Chime Visa® Debit Card, and an optional Savings Account. Key features include no monthly fees, early direct deposit, and access to the SpotMe® service for eligible members.

Free

Frequently Asked Questions

Top Alternatives to Chime

Varo Bank

Varo is an actual nationally chartered bank, which may appeal to users seeking the security of a regulated bank over a fintech platform.

Current

Current offers similar fee-free banking and early direct deposits but also includes a points-based rewards program for debit card spending.

SoFi

Users might choose SoFi if they want an all-in-one financial platform that includes investing, loans, and insurance products alongside checking and savings.

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