A chime savings account is offering more and more reasons to join the bank. Chime provides the most facilities compared to traditional banks in the United States of America. From a high yield interest to no minimum balance fees. A chime savings account is beyond comparison.
Chime is an online financial technology company providing financial and monetary solutions to the public of America. Chime bank was founded by Chris Brett and Ryan King in 2013. Chime was created to act as an alternative to traditional banks.
As Chime is an online bank, it has put all the inconveniences of a traditional bank far behind. As you no longer need to take out time from your schedule to visit the bank. You no longer need to stand in hours-long queues to talk to a bank agent regarding your financial issues.
Chime is perfect for anyone who wishes to open a savings account free of monthly maintenance fees and with no minimum monthly balance.
Here are the pros and cons of creating a Chime savings account:
Although Chime is among the top online banks in the U.S. it has its drawbacks. However, the pros of the Chime outweigh the cons. And here is why:
Now that you have learned about the positives and negatives of the Chime high yield savings account. If you are ready to open a Chime account, then you need to follow the mentioned steps.
Opening an account on Chime is simple and can be created easily through the Chime App or the Chime website.
Here are the steps of creating a Chime Saving account through the Chime app.
You need information like your name and Social Security Number, and email and password.
You can easily set up a direct deposit to your Chime savings account. Provide your employer with your Chime savings account number and receive money directly into your savings account every month.
You can withdraw money with ease if you have a Chime savings account. You can withdraw money using your Chime debit card at an in or out of network ATM. you can also request a cash withdrawal at any credit union or bank.
The Chime card comes with an EMV chip for security. It will work for both domestic transactions as well as international transactions.
Chime is an online financial institution and not a traditional bank. Although, you are issued a Chime debit card and some basic banking services by Chime. These services are provided by The Bancorp Bank or Stride Bank and by the FDIC.
The Annual Percentage Yield (APY) for the Chime savings account is not constant and may change anytime. And you are provided with no monthly maintenance fee and no monthly balance requirements.
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