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Chime Savings Account: With No Monthly Fees And Overdraft Fee

  • Posted By admin
  • 28 Apr, 2022

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. 

Why should you create a Chime Savings Account?

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:

Pros:

  • No monthly fee: Chime offers elementary banking services such as zero monthly maintenance charges and zero Chime savings account fee with no minimum monthly balance requirements. Also, there are zero international transaction fees attached to Chime. 
  • Zero overdraft fees: Most traditional banks impose a $36 overdraft fee. Whereas, chime offers overdraft protection through SpotMe which is fee-free. This feature is available to customers receiving more than $200 in monthly direct deposits. 
  • Early Direct deposit: With Chime, you can gain early access to your direct deposit. You can receive your money at least 2 days early. 
  • Expanded ATM network: Chime offers its customers more than 60000 money pass which is also fee-free and also Visa Plus Alliance ATMs across the United States of America. 

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:

Cons

  • Average savings rate: Chime savings account interest rate is 0.50% which is considered a high yield rate of interest. This is much more than what is offered by most traditional banks and financial institutes. Yet, most online banks offer a bit more than this rate. This is where Chime missed the point. 
  • Simple services: Chime offers simple banking services and facilities. If you want a full-service bank with lending options with money market deposits and certificates of deposits, you need to find something else. 

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. 

How to set up a chime savings account 

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.

  • Open the Chime App on your device. 
  • Add in your personal information asked on to create a Chime account. 

You need information like your name and Social Security Number, and email and password. 

  •  Sign up for Chime savings account. 
  • Set up a direct deposit with Chime. 

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. 

How to withdraw money from chime savings account

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. 

Conclusion

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. 

Read Also: Chime Routing Number

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