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Lately there has been an increase in not only working from home, but banking from home. So many banks have built out better options to bank from the comfort of your home as long as you have an internet connection. Chime Bank is one of the leading institutions in this space and I think we should discuss some benefits. In this review of Chime Bank, we will first discuss the basic understanding of what Chime Bank is, how it operates, some pros and cons and also some frequently asked questions regarding this cutting-edge banking program.

What is Chime Bank?

Review of Chime Bank Logo

Chime Bank is an online-only financial business. It is far removed from what most people would imagine a bank to be, with a local bricks-and-mortar building. Chime has no branches and you interact with Chime online. But let’s be realistic, when did you last visit your bank to make a transaction? Most people will probably not remember as this tends to be so infrequent. They may not have local branches, but they do have FDIC insurance, so your money is completely secure.

When you join Chime, what you are getting is a checking account. Chime call this account a “Spending Account” (who used checks these days?) You also get a Savings Account. You will appreciate the virtually zero fees. There are no overdraft fees and no monthly fees. What is more, is that there is no minimum balance to maintain.

None of this is new. Other online banks offer very much the same product, Chime, however, has added two new features that make the account much more functional.

Review of Chime Bank Debit Cards

Whenever you review any bank account, we must always bring up the notion of Debit and credit card rewards. This review of Chime Bank is no different. Many people dislike the idea of credit cards. They do not want to build up debt with a credit card. A debit card will carry out much the same function without risking slipping into a debt spiral.

There are many benefits to using a Chime Bank Debit card

Unfortunately, many debit cards do not have the rewards schemes offered by credit cards and this is where Chime is very different. The Chime rewards program is more sophisticated than the average cashback scheme with a fixed percentage cashback. With Chime, you get a discount voucher with selected purchases and when you make a purchase in a qualifying store a discount voucher is automatically added to your account.

Quite probably the Chime reward scheme is not going to be as good as that offered by a credit card company, but it is certainly better than nothing, which is what you get with other debit cards offered elsewhere.

Automated Savings Account

In my review of Chime Bank I noticed a special feature that I particularly like; the automated savings feature. Once again in its basic format, it is not unique, but Chime has added their own take on the idea and improved it.

It works like this. Chime will round up purchases made with your Chime debit card to the next complete dollar. It then transfers the extra change into your personal savings account. That is not unique, but what makes the Chime scheme better is that once a month they will calculate how much you saved this way, and will then give you a bonus of 10% on that amount. So if all the rounded-up amounts come to $30 in a month, then Chime will add an extra $3 to your account.

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Review of Chime Bank Pros & Cons


1.   You receive Direct Deposit payments early

2.   Useful automatic savings tool

3.   Free withdrawals at 2,400 ATMs (MoneyPass)

4.   Virtually no fees


1.   The Mobile payment app only works if both parties have a Chime account.

2.   No branches

FAQs (Review of Chime Bank)

1.   How do I deposit checks?

 Checks are deposited via mobile deposit on the Chime App.

2.   Where can I use my debit card?

 Anywhere Visa is accepted. You can also add your Chime debit card to Google or Apple Pay wallets.

3.   How can I get a replacement card?

 You can order your replacement Chime debit card through the Chime App

4.   What happens if someone steals my Chime debit card and makes purchases?

 Chime debit cards are covered by Visa Zero Liability Policy, so you will not be charged.

5.   What are the requirements to open a Chime Account?

 You must be 18, a USA resident or citizen, provide your home address, and your social security number.

Chime bank is an online financial institution with multiple benefits.

My Final Take in the Review of Chime Bank

In this review of Chime Bank, we see that the account is easy to apply for, simple to use, and fully protected by the FDIC and Visa. It will be sufficient to handle the needs of most people through the App. If you are someone who regularly goes into your present bank’s branches, then maybe you might miss that facility, but most people rarely if ever go into a branch, so it will not be noticed. The addition of the 10% override on your rounded up savings, and the limited reward scheme, make this account marginally better than most other similar online-only accounts.

Remember from previous posts on Savings and Investing, my particular dislike of just saving money in a bank account and not using it for anything investment related? That feeling still stands true with this review of Chime Bank, however, there are certain perks on this account that cannot be understated. If you can use this account and its special features to your advantage and in turn purchase additional assets to grow your financial wealth, then maybe this is the account for you. I would also suggest taking a look at my review of Marcus by Goldman Sachs as a banking option. My goal with any of these posts is to give you enough knowledge to make the best decision for yourself. Cheers to your success!

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