Chime Bank Review- Is Chime a Good Online Bank?

Are you looking for an online bank that offers additional perks and benefits? You might want to consider using Chime. It has more than a few features that could make it your new favorite online bank!

What Are the Sign Up Incentives?

When you decide to open an account with Chime, they will give you $50 just for opening that account. However, in order to receive that $50, you will need to set up direct deposits of $200 or more within the first 45 days of opening the account.

Plus, every time you refer a friend to Chime, you and your friend will each earn $50 (they must also  set-up direct deposit within 45 days.) If you like using Chime, then you may be able to take advantage of that referral fee frequently. It will be easy to refer people as you will want your friends to be able to use some of the great Chime features and get access to the referral bonus themselves.

Related reading: The Best Referral Programs to Make Money

Great Features Offered by Chime

Let’s be honest, most banks have signup extras that get you in the door. Although some of the offers are tempting, the customer service aspect after opening an account may be sorely lacking. That is not the case with Chime.

In addition to having a worthwhile signup bonus, Chime offers more than a few features and perks that make it an online bank account you should consider.

Related source: Open an account with Chime today — just takes a few minutes!

Get Paid Early

Through Chime, you can enroll in early Direct Deposit. This will allow you to get paid up to two days earlier than other banks. Getting paid faster is always a great thing, and Chime makes it very easy. Traditional banks do not give you this option of getting paid faster.

Everyone can agree that getting your money earlier is a good feature. Those two extra days may be somewhat dependant on your employer, but most people are able to get their paycheck early.

No Hidden Bank Fees

Most of us have run into a hidden bank fee at some point. It can come at an inopportune moment and add extra stress to our lives. Not only can we get surprised by a bank fee, but we have to live with the reality that it may happen again soon.

With Chime, you do not have to worry about hidden bank fees anymore. The bank is proud to offer no hidden fee banking. That includes:

• No overdraft fees
• No monthly minimum balance fees
• No monthly maintenance fees
• No foreign transaction fees.

All of these are important, but depending on your lifestyle one or two of these could really make a difference in your banking life.

For me, the no foreign transaction fees are really important. The last thing you want to worry about while you are pulling out emergency cash in a foreign country is whether or not you will be hit with a transaction fee.

With Chime, you will have the security of knowing that a hidden fee will not hit you again.

Save Money With Ease

Saving money, say for an emergency fund,  can be hard. Even though you may know that you want to save or that you should be saving, it is usually hard to put into practice — especially if you are trying to save money on a smaller income. Once the money gets into your checking account, it can be very difficult to transfer the money for a variety of reasons. You might forget, run out of time, or just see the money in your account and decide to spend it.

One solution is to place the money you intend to save into a separate savings account. By separating your money, you may feel less inclined to spend it. It can still be difficult to remember to transfer the money into this second account. That’s where Chime comes in.

Chime has an automatic savings option for your account. You can set up the percentage you want to be transferred from each paycheck into your savings account. Chime Bank will let you transfer up to 10% automatically.

It is an easy way to build your savings without having to think about saving your money each month. It may be easier to save when you follow this method because you do not have to make a conscious decision to save every single month. You only have to set up the transfer process once, and then just watch your savings account grow over time.

If you use your Chime Visa Debit Card, Chime will round up every purchase to the nearest dollar and save the change for you. These small change additions to your account may seem too small to matter, but over time your savings account will really grow through this tactic. You may be surprised how quickly you are able to meet your savings goals with these automatic savings features.

Mobile Banking

Most of us live our lives on the go, which means that our banking may need to travel with us. Chime has a simple user-friendly app that will allow you to take your banking with you anywhere. At least, anywhere that you have access to the internet.

The app offers an easy way to keep track of all of your Chime accounts from your smartphone. If mobile banking is important to you, then Chime is a great option. Many banks offer this feature, but Chime has an award-winning app that will make your life simpler.

A few of the things you can do with mobile banking include real-time access to account balances, digital check deposits, a map of fee-free ATMs in your area, easy account transfers, and more.

One of the best features offered by the app is the ability to shut down transactions on your card immediately. Which means you can cancel a card as soon as you realize it is missing. This can really come in handy. Instead of panicking when you notice that your card is missing and frantically searching for your bank’s phone number, you can simply open the app and block your card instantly. It is a fast way to solve a scary problem because once someone has their hands on your debit card they could start racking up charges immediately.

A final mobile banking feature is that you can send money to your family and friend through the app. Splitting a check will be much easier through this app.

Easy to Sign Up

Once you have decided that you want to sign up for Chime Bank, the process to sign up is easy.

It is absolutely free to sign up. In keeping with their policy of no hidden fees, you will not have to pay to open up an account with Chime. In fact, they will reward you with a signup bonus. In order to get the $50 sign up bonus, remember to set up Direct Deposit once your account is all set up.

Chime Bank wants to make the process simple for you, so the entire process takes less than 2 minutes. That’s right! Just two minutes. Most other banks have much longer sign up processes.

You can get started on the Chime Bank website by submitting your email address. Keep in mind that applying for a Chime account will not impact your credit score in any way.

Want more ideas on saving, earning extra money and just getting your finances together in general? Check out my free guide, Money Hacks 101: 50+ Ways to Find, Save and Earn More Money.

Click here or the image below to get instructions on how to access it:

Sarah Sharkey

Sarah loves to write about personal finance tips that help readers live their best financial life. In her spare time, Sarah enjoys hiking, kayaking, knitting, and reading. You can read more by Sarah at adventurousadulting.com.