- No monthly, overdraft or minimum balance fees on any tier
- Direct deposit up to 2 days early
- SpotMe overdraft starts at $20 and can reach $200 or more
- Savings APY of 1.00%, 3.00% or 4.00% by tier
- Not a bank: banking by The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC
| Type | Fintech. Banking by The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC |
|---|---|
| Monthly fee | None, on any tier |
| Savings APY | 1.00% base, 3.00% on Plus, 4.00% on Prime (variable) |
| Early direct deposit | Up to 2 days early, depending on your payer |
| Overdraft | SpotMe: no overdraft fees, starts at $20, can reach $200 or more |
| ATMs | 47,000+ fee-free ATMs. Out-of-network fees may apply |
| Sign-up bonus | None stated on Chime’s pages |
| iPhone app rating | 4.8 out of 5 from 1.6M ratings on the App Store, read October 13, 2026 |
Bottom line: Chime is a good everyday spending account if you get paid by direct deposit and want no monthly fee. It is a poor home for a big savings balance unless you hit its highest tier.
It also isn’t a bank. Chime calls itself “a financial technology company,” and your money sits at its partner banks, The Bancorp Bank, N.A. and Stride Bank, N.A., both Members FDIC.
Open it if you want early pay, a small overdraft cushion and a simple app. Skip it if you want a high rate on a large balance, or if you need to deposit cash often.
What Chime actually is
Chime designs the account and the app. The partner banks hold the money. The disclosure on its site reads “Chime is not FDIC-insured,” with The Bancorp Bank, N.A. and Stride Bank, N.A. as the FDIC-insured members.
Deposits are insured up to $250,000 per depositor, per insured bank, per ownership category. That works like a normal bank account, as long as your money sits at one of those partner banks.
So is that a dealbreaker? For most people, no. But it does mean two companies stand between you and your money instead of one.
One thing worth knowing. In May 2024 the CFPB ordered Chime Financial, Inc. to pay a $3.25 million civil money penalty. The Bureau found Chime failed, in thousands of cases, to refund leftover balances over $1 from closed accounts within 14 days, and some delays ran past 90 days. The order also requires at least $1.3 million to consumers. If you ever close an account, ask for the balance in writing and watch for it.
Pros and cons
Pros
- No monthly, overdraft or minimum balance fees on any tier.
- Direct deposit can land up to 2 days early.
- SpotMe covers card purchases and ATM withdrawals with no overdraft fee.
- 47,000+ fee-free ATMs, with cash deposits at retailers such as Walgreens.
- The iPhone app sits at 4.8 out of 5 from 1.6M App Store ratings.
Cons
- It isn’t a bank, so you depend on the partner banks and on Chime’s rules.
- The 4.00% savings rate needs $3,000 or more in qualifying direct deposits in the past 34 days. The base rate is 1.00%.
- SpotMe starts at $20, and Chime can change your limit at any time.
- SpotMe doesn’t cover direct debits, so an automatic bill payment can still bounce.
- Out-of-network ATM fees can apply, and Chime’s pages don’t give the amount.
What it costs
The headline is simple: “no monthly, overdraft, or minimum balance fees for any tier.” You don’t need a minimum balance, and there’s no opening deposit listed.
The costs live in the extras. Outbound instant transfers and out-of-network transactions can carry charges. Chime’s fee page gives no dollar amount for out-of-network ATM withdrawals or cash deposits, so look in the app before you use one.
The Plus and Prime tiers cost nothing to hold. You can’t pick one. Your tier moves with your deposits, and you slide down a tier after a grace period if deposits drop.
Savings rates by tier
Chime’s savings APY is variable and depends on your tier. You need at least $0.01 in savings to earn interest.
| Tier | How you get it | Savings APY |
|---|---|---|
| Base | Open an account | 1.00% |
| Plus | One qualifying direct deposit of $200 or more, or $400 or more in qualifying deposits, in the past 34 days | 3.00% |
| Prime | $3,000 or more in qualifying direct deposits in the past 34 days | 4.00% |
Prime is a real ask.
If your pay is under $3,000 a month, you’ll likely sit on Plus. That’s still decent, but a savings-first bank can pay more with no deposit rules at all. Ally’s Online Savings is 3.1% APY as of 10/12/26, and EverBank’s Performance Savings is 4.20% for new accounts as of 10/09/2026, both with $0 to open.
What the higher tiers add
Plus and Prime bring more than a better savings rate. Both come with cash back on the Chime Card in one category you pick each month, on up to $1,500 of eligible purchases. Plus pays 2%. Prime pays 5%.
They also open up MyPay, Chime’s paycheck advance, which goes up to $750 on Plus and up to $1,000 on Prime. It requires qualifying deposits in the preceding 36 days and isn’t offered in every state.
Prime also lists travel perks, including a Priority Pass membership and reimbursement of two out-of-network international ATM fees a month. Handy if you fly a lot. Not a reason to chase the tier.
The catch is that all of it depends on deposits. Cash back applies only while qualifying deposits continue, and the category resets monthly.
SpotMe overdraft, in plain terms
SpotMe lets a card purchase or ATM withdrawal go past your balance with no overdraft fee, no interest and no SpotMe fee. Your next direct deposit pays it back.
The limit starts at $20. It can rise to $200 or more, based on your account history, direct deposit amount and frequency, spending and other factors. Eligibility needs $200 or more in qualifying direct deposits to Chime Checking each month.
It doesn’t cover Pay Anyone transfers, direct debits (including automatic bill payments), transfers to savings, or moves to apps like Venmo and Cash App.
That gap matters. A $20 cushion won’t save a rent debit.
Chime also lets friends add a SpotMe Boost of $5 each, and you can lower your own limit in Settings. Tipping after you repay is optional and doesn’t affect eligibility.
ATMs and cash
There are 47,000+ fee-free ATMs, with Walgreens, 7-Eleven, CVS and Circle K named. Outside that network, out-of-network ATM withdrawal and over the counter advance fees may apply, and the ATM owner can charge on top.
You can add cash at retail locations including Walgreens. If you handle cash a lot, test that part first with a small deposit.
Who it fits
Chime fits you if your pay comes by direct deposit, you want a clean app, and an occasional overdraft cushion would help. It suits hourly workers who like seeing pay a day or two early.
Look elsewhere if you want the best savings rate on a large balance, or you want a bank charter in your own name. Skip it too if you bank mostly in cash or want a branch to walk into.
Not sure? Ask what you’d use it for. If the answer is a spending account that gets paid early, Chime does that job. If the answer is parking $20,000, it doesn’t.
How to open
Opening is app-based. Apply on Chime’s website or in the app.
Then point your paycheck at the new account. Direct deposit is what unlocks early pay, SpotMe and the higher savings tiers.
Support is a phone line at (844) 244-6363, listed as 24/7, plus chat in the app. Chime lists no email address.
Chime vs. alternatives
- Ally Bank: a bank with no monthly fee and CoverDraft up to $100 at no charge, or up to $250 after qualifying direct deposits. Online Savings pays 3.1% APY as of 10/12/26 with $0 to open and no tier rules.
- Current: another fintech. It lists Paycheck Advance of up to $1,000, with an Instant Access Fee for instant delivery or free within 3 days.
- EverBank: a national bank. Performance Savings pays 4.20% APY on all balances for new accounts as of 10/09/2026, with $0 to open.
FAQ
No. Chime calls itself a financial technology company. Your deposits are held at The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Chime isn’t FDIC-insured itself. Deposits are insured through the partner banks, up to $250,000 per depositor, per insured bank, per ownership category.
No. There are no monthly, overdraft or minimum balance fees on any tier. Optional services and out-of-network use can cost money.
It starts at $20 and can rise to $200 or more based on your account activity. Chime can change your limit at any time.
Up to 2 days before the scheduled payment date. It depends on when your payer sends the payment file, so it isn’t guaranteed.
Chime’s pages that we read don’t state one.
Sources (10)
We use primary sources: each company’s own product pages and legal terms.
- Chime. Chime homepage. chime.com. Accessed October 13, 2026.
- Chime. SpotMe overdraft coverage. chime.com. Accessed October 13, 2026.
- Chime. Chime Plus and Prime. chime.com. Accessed October 13, 2026.
- Chime. Fees. chime.com. Accessed October 13, 2026.
- Chime. Help Center. help.chime.com. Accessed October 13, 2026.
- Apple App Store. Chime Mobile Banking. apps.apple.com. Accessed October 13, 2026.
- Consumer Financial Protection Bureau. Chime Financial, Inc. enforcement action, May 7, 2024. consumerfinance.gov. Accessed October 13, 2026.
- Ally Bank. Spending account, savings and CD pages. ally.com. Accessed October 13, 2026.
- Current. Paycheck Advance. current.com. Accessed October 13, 2026.
- EverBank. Rates. everbank.com. Accessed October 13, 2026.
Take the next step.
Look at Chime for yourself.
No monthly fee. Banking by The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC.
Terms, rates and availability change. Check the current terms on Chime’s site before you open an account.