3 Reasons I Switched to a Chime Checking and Savings Account (2024)

FAQs

3 Reasons I Switched to a Chime Checking and Savings Account? ›

Checking accounts allow you to manage your day-to-day finances like paying bills, receiving direct deposits, and paying for expenses like dining out. Savings accounts are for storing funds that you don't want to access on a regular basis.

Checking accounts allow you to manage your day-to-day finances like paying bills, receiving direct deposits, and paying for expenses like dining out. Savings accounts are for storing funds that you don't want to access on a regular basis.

Chime rates and products

These accounts don't have any balance minimums or monthly fees and come with additional benefits, such as no overdraft fees and early direct deposit for paychecks. However, the checking account does not offer interest and the savings account's APY is only 2%.

Chime® is a financial technology company that caters to customers who want an easy online banking experience with no monthly fees. It offers a checking account, high-yield savings account and secured credit card, all with no monthly fees or no minimum security deposit requirements.

The Chime Checking Account comes with a debit card and has no monthly service fees. You'll need to open a checking account with Chime before you can open a Chime Savings Account and take advantage of Chime's Automatic Savings features.

A checking account is for managing your day-to-day finances such as paying bills, making debit card transactions and writing checks. A savings account is for storing funds for emergencies or short-term goals, and the money typically earns a modest amount of interest.

Show Pros, Cons, and More. The Chime® Checking Account is a good low-fee account — there are no monthly service fees, foreign transaction fees, or overdraft fees. Chime does charge a $2.50 for using an out-of-network ATM, though. Early direct deposit allows you to receive your paycheck up to two days early.

We offer generous medical, dental, and vision benefits to suit you and your family's needs, as well as family planning, discounted gym memberships, and pet insurance.

FDIC insurance

Deposits are FDIC-insured up to $250,000 through Chime's bank partners, The Bancorp Bank, N.A. or Stride Bank N.A.; Members FDIC. FDIC insurance protects you against losing insured funds if a bank fails, not against issues like fraud.

What is unique about Chime? ›

Chime is known for its limited-fee accounts (no overdraft fees, monthly fees, or minimum balance requirements) and helpful features.

Upsides: No monthly fees and no minimum balance: Chime has no minimum balance requirements to open or maintain the account. Two automated savings programs: It will also round up every purchase on your Chime debit card to the nearest dollar and deposit that difference into your savings account.

You can withdraw up to $515 a day from your Chime account using an ATM. This $515 and any fees you incur from out-of-network withdrawals count toward the $2,500 daily limit on the Chime card.

At Chime, we profit with our members, not off of them. Through our banking partners, we offer a Visa^® debit card connected to a Chime checking account with no monthly maintenance fees, fee-free overdraft, access to 50,000+ fee-free ATMs, and no minimum balance requirements.

You can't withdraw money directly from your Savings Account. You'll have to first transfer it to your Checking Account by tapping Move Money in your app. When you deposit cash to your Chime Checking Account, it is transferred by a third party to your account.

SpotMe is a totally free service for eligible Chime members who overdraft their checking account and is now available for members when they use their Credit Builder card. Once you're eligible, enroll in SpotMe (it's fee-free!), and we've got your back when you overdraft your account by up to $200.

What is the best reason for Jacinta to have a savings account in addition to a checking account? A savings account protects her money from overdraft fees. A savings account insures her money under the FDIC.

Final answer:

The best reason to have a checking and savings account is to make it easier to manage and save money.

However, checking accounts aren't known for paying high interest rates and often don't pay interest at all. When your checking and savings are at the same bank, you can more easily and quickly optimize your interest earning by moving any leftover funds into your high-yield savings account .

Checking accounts are better for regular transactions such as purchases, bill payments and ATM withdrawals. They typically earn less interest — or none. Savings accounts are better for storing money. Your funds typically earn more interest.