Chime Fintech Review 2025: A No-Fee Mobile Banking App for Early Direct Deposit

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Mobile Banking App

• No monthly, overdraft, or minimum balance fees
• FDIC-insured through two partner banks
• Early access to your paycheck
• Free Chime+ membership unlocks more benefits
• Can automate savings with round-ups and save when you get paid

• Direct deposit required for key features
• SpotMe cash advance limit might be low at first
• Savings APY is less competitive than some other mobile banking apps

Best for	Free overdraft protection, building credit, avoiding fees
Types of products	Checking, savings, second-chance checking, secured credit card, overdraft protection (SpotMe), cash advance (MyPay)
Monthly fees	None
Savings APY	1.25% for Chime members; 3.75% for Chime+ members
ATM network	50,000+ fee-free ATMs

Chime is a mobile-first fintech, not a bank. That means it offers mobile app-based banking services, but your money is held by FDIC-insured partners: The Bancorp Bank N.A. and Stride Bank N.A.

Chime’s biggest appeal is that it has no monthly fees, no overdraft fees, and early direct deposit. Plus, it offers unique tools like SpotMe for fee-free overdrafts, Credit Builder for improving your credit, and MyPay to access wages before payday.

Chime is a legit mobile banking app made for people who want fewer fees and less hassle. If you’re living paycheck to paycheck, rebuilding credit, or just sick of old-school banks, it could be a strong fit.

Eligible users can even unlock Chime+, a boosted tier with extra perks like 3.75% APY on savings and expanded SpotMe coverage.

Table of Contents

1. What is Chime?
2. Features and services
   1. Chime Checking Account
   2. Chime Savings Account
   3. SpotMe
   4. Credit Builder Card
   5. MyPay
   6. Chime Deals
3. Pros and cons
4. Chime vs. Varo and Current
5. Who Chime is best for
6. FAQ
   1. Is Chime a real bank?
   2. What bank does Chime use?
   3. Is Chime FDIC-insured?
   4. How does Chime work?
   5. How do I get money from Chime?
   6. Does Chime work with Zelle or Venmo?
   7. Can I deposit cash into my Chime account?

What is Chime?

Chime is a financial technology company (fintech) that provides mobile-only banking services through its app and website. It’s not a bank itself but partners with two FDIC-insured institutions, The Bancorp Bank N.A. and Stride Bank N.A.

Unlike traditional banks, Chime is for digital-first users who want simple, low-cost banking without surprise fees. Its standout features include:

• No monthly service fees or overdraft charges
• Early direct deposit through Get Paid Early
• SpotMe for fee-free overdrafts up to $200
• Credit Builder, a secured credit card that helps build credit with no hard check or interest
• MyPay, an earned wage access tool to get paid before payday
• Auto-savings tools like Round-Ups and Save When I Get Paid

There are some products Chime doesn’t offer (like loans and CDs), but it makes it easy to spend, save, build credit, and cover cash flow gaps.

Chime’s mobile banking features and services

Here’s a quick look at all the services and accounts you’ll find with Chime.

Chime Checking Account

Chime’s Checking comes with the basics you’d expect, plus a few extras you might not. You’ll get a Chime Visa Debit Card, no monthly fees or minimum balance requirements, and access to more than 60,000 fee-free ATMs through the MoneyPass and Allpoint networks.

Features include:

• Real-time alerts to track your balance and transactions
• Mobile check deposit
• Instant transfers between Chime users
• Bill pay tools and the ability to link external bank accounts

Chime also has a second-chance checking account for anyone who’s been denied a bank account due to negative marks on their ChexSystems report.

Chime Savings Account

Chime’s savings account earns 1.25% APY for regular members and 3.75% APY for Chime+ members. There are no fees or minimums.

Savings is built into the app experience with two key features:

• Round-Ups: Every time you swipe your debit card, Chime rounds up the transaction and moves the spare change to savings
• Save When I Get Paid: Automatically set aside 10% of your paycheck when direct deposit hits

SpotMe

SpotMe lets eligible Chime users overdraft their accounts by $20 to $200 without paying a fee. The coverage is similar to a cash advance. It kicks in automatically on debit card purchases once you qualify, usually by receiving at least $200 in direct deposits each month and either activating a Chime debit card or secured credit card.

Your SpotMe limit may grow over time based on your account history and activity. There’s also an option to tip Chime after you use SpotMe, but tipping is never required.

Credit Builder Card

Chime’s Credit Builder is a secured Visa credit card with no annual fees, no interest, and no credit check to apply. You set your spending limit by moving money to a secured Credit Builder account, so you can’t accidentally overspend.

Your on-time payments get reported to all three major credit bureaus, helping you build or rebuild credit over time. Many users see score increases within the first few months, especially those starting with no or low credit.

MyPay

Chime’s MyPay feature lets eligible users access a portion of their paycheck early—before payday. It’s part of Chime’s earned wage access program, which works with select employers to give users faster access to earned wages at no extra cost.

You can check MyPay eligibility and manage it directly in the Chime app.

Chime Deals

Chime also offers rotating cashback offers through Chime Deals. This program rewards you on select debit card purchases. You can find current deals in the Chime mobile banking app.

Chime+

Chime+ is an upgraded version of your regular Chime account. It’s unlocked automatically when you receive at least $200 in qualifying direct deposits within a rolling 34-day period. It’s free, but it comes with boosted perks like SpotMe overdraft protection, higher savings interest, more cash back, and priority support.

Here’s how the two compare:

Feature	Chime (Basic)	Chime+ (with Direct Deposit)
Savings APY	1.25%	3.75%
SpotMe® Overdraft	✖	✔
MyPay® access	✖	✔
Chime deals	✔	✔ (plus exclusive deals)
24/7 customer support	Standard	Priority
Credit builder card	✔	✔
ATM access	✔	✔
Monthly fees	$0	$0

Pros and cons of Chime

Pros

• FDIC insurance through partner banks

  Chime isn’t a bank itself, but deposits are FDIC-insured up to $250,000 through its partners, The Bancorp Bank and Stride Bank N.A.

• No monthly, overdraft, or minimum balance fees

  You won’t get hit with surprise charges just for having an account or for going a little over your account balance.

• Early access to your paycheck

  Chime has a feature called Get Paid Early, which can get your direct deposit up to two days faster than traditional banks.

• Strong credit-building tools

  The Credit Builder card helps build a payment history without interest, a hard credit check, or the risk of overspending.

• Simple savings automation

  With Round-Ups and Save When I Get Paid, it’s easy to build savings without thinking about it.

• Wide ATM access

  Fee-free withdrawals are available at more than 50,000 ATMs at CVS Pharmacy, Circle K, Walgreens, and more.

Cons

• Not a traditional bank

  Because Chime is a fintech, not a bank, some users may be wary of its non-traditional setup, even though deposits are insured.

• Cash deposits are limited

  Chime doesn’t support in-person banking, and cash deposits must go through select retailers.

• Eligibility required for key features

  To use SpotMe or MyPay, you’ll need to meet specific direct deposit or account activity requirements.

• No built-in budgeting or investing tools

  Chime focuses on banking basics. If you want robust financial planning features, you’ll likely need a separate budgeting app.

Chime vs. Varo and Current

Chime isn’t the only mobile-first fintech offering fee-free banking and early pay. Here’s how it stacks up against three popular alternatives.

Feature	Chime	Varo	Current
FDIC insurance	Yes, via partner banks	Yes, direct through Varo Bank	Yes, via partner banks
Overdraft protection or cash advance	Up to $200	Up to $500	Up to $200
Credit building	Credit Builder secured card	Believe secured card	Build Card (secured card)
Early direct deposit	Yes	Yes	Yes
Cash deposits	Yes	Yes	Yes
Savings APY	1.25% Chime; 3.75% Chime+*	Up to 5.00%*	Up to 4.00%*

See our full review of Varo’s mobile banking features.

Who Chime is best for

Chime is a great fit for:

• Younger adults or first-time bankers: With clean design, real-time alerts, and easy access to your money, Chime is especially user-friendly for Gen Z and digital natives.
• People living paycheck to paycheck: Chime helps you stay afloat when money is tight thanks to early direct deposit, SpotMe overdraft protection, and no monthly fees.
• Credit newcomers or rebuilders: The Credit Builder card makes it easy to start (or fix) your credit history without a hard credit check or risk of racking up interest.
• Fee-averse users: Chime has no monthly fees, no overdraft fees, and no minimum balance requirements, so it’s a good match for anyone done with surprise charges.
• Mobile-first users: Everything from check deposits to account management happens in the app. If you rarely use cash and don’t need a branch, Chime keeps things simple.

FAQ about Chime

Is Chime a real bank?

Not exactly. Chime is a financial technology company, or fintech. It offers banking services through its partners, The Bancorp Bank and Stride Bank N.A. Both are FDIC-insured.

What bank does Chime use?

Chime partners with two banks: The Bancorp Bank and Stride Bank N.A. These institutions hold your deposits and provide FDIC insurance on your behalf.

Is Chime FDIC-insured?

Yes. While Chime itself isn’t a bank, accounts are FDIC-insured up to $250,000 through its partner banks, so you have the same protection as with a traditional bank.

How does Chime work?

Once you sign up, you’ll get a Chime Checking Account and Visa® Debit Card. You can use the app to manage your money, set up direct deposit, and access features like SpotMe, MyPay, and Credit Builder.

How do I get money from Chime?

You can access funds through direct deposit, mobile check deposit, or transfers from linked accounts. Chime also supports instant transfers to other Chime users and has more than 50,000 fee-free ATMs for cash withdrawals.

Does Chime work with Zelle or Venmo?

Chime doesn’t officially support Zelle, but you can still use Venmo, Cash App, and other third-party platforms with your Chime account.

Can I deposit cash into my Chime account?

Yes, but it’s limited. You can deposit cash at over 75,000 retail locations using Chime’s Green Dot partnership. There may be fees depending on the retailer.

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_{1. Mypay Issuer Statement- MyPay® line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS 2316451).}

_{2. Eligibility requirements apply. Not all users will qualify. MyPay credit limits range from $20-$500. $2 fee applies to get funds instantly. MyPay line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC.}

_{3. State Eligibility. You must live in one of the following states or the District of Columbia to be eligible for MyPay: Alabama, Alaska, Arizona, Arkansas, California, Delaware, District of Columbia, Georgia (Starting 2/19), Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, New Hampshire, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, and West Virginia.}

_{4. To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 – $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.}

_{5. Option to get funds instantly for $2 per advance or get funds for free within 24 hours. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.}

_{6. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.}

_{7. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.}