When you sign up for Chime Banking (for free) they’ll automatically deposit $50 into your account
When you sign up for Chime Banking (for free) they’ll automatically deposit $50 into your account

Chime Bank Review 2020: Scam Or Legit?

Jun 18, 2019 | Budgeting, Master Your Money | 0 comments

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Have you heard of Chime Banking?

I hadn’t either until a few months ago, but damn do I wish I had known about them sooner.

Here’s why:

Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission.

> With Chime Bank, you’ll get:

  1.  A $50 Free Gift
  2. Award-Winning Online Banking
  3.  Paid 2-Days Earlier Than Your Coworkers
  4.  No Fees (+ No Monthly Minimum Balance Required!)
  5. An Automatic Savings Feature
  6. Top-Level Banking Security & Control

Keep reading this 2019 Chime Bank Review to see explore all of its features, the pros, the cons, and how to get started.

> How to get your $50 free gift

I like to get this little tidbit out of the way (since it’s usually what everybody wants to know about first!)

When you start using Chime, they’ll deposit $50 into your account FOR FREE.

You’re probably thinking:

“What’s the catch?”

But, there truly isn’t one!

To claim your free money simply:

1.  Sign up for Chime Banking here (the easiest bank account set up you’ll ever, ever experience)

2.  Set up your direct deposit

3.  Get paid when your first direct deposit is made with Chime

When I signed up for Chime a few months back, it only took four days to receive my free $50!

And, it gets better:

Once you become a Chime member, you can refer your friends and get another $50 for every person who signs up using your link.


And, on that note, let’s dive into all the other awesome features Chime has to offer.

> Award-winning online banking

As I mentioned, setting up an account with Chime Bank was the simplest banking process I’ve ever been a part of.

And, their online banking database is no different.

With a clean and simple layout, it is no surprise that Chime’s online banking has won awards.

See for yourself:

Using Chime’s app or online website, you can easily:

  • Set up direct deposit
  • Open an automatic savings account (more on that soon!)
  • Transfer money between Chime and external accounts
  • Write e-Checks
  • Send money to friends
  • Find exclusive offers & deals
  • Locate ATM’s (for your Chime Visa Debit Card)

The interface is simple, straightforward, and I know you’ll loooove it.

Once you explore Chime’s online banking, you’ll see that it blows your local bank’s online banking out of the water.

And, getting started with Chime only requires your name and your email.


(Crazy, right?!) (Crazy awesome.)

> Get paid 2-days early (every week!)

Besides the $50 free gift for signing up, Chime really stands apart with this feature.

Yep, you can actually get paid two days earlier than your coworkers every week (or bi-week).

To get paid early, it’s literally as simple as setting up your direct deposit with Chime.

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Once your direct deposit is set up, you’re automatically eligible to start receiving your paycheck up to two days early.

How do they do it?

Chime make your checks available as soon as your employer deposits it – usually two days earlier than payday – instead of keeping your money in limbo.

I mean, who doesn’t love to get their hard earned cash sooner?  (Get started here!)

> no fees (or monthly minimum balance)

When Chime says no fees, they mean no fees.

With Chime, you’ll never be charged:

  • overdraft fees
  • monthly minimum balance fees
  • monthly maintenance fees
  • no foreign transaction fees
  • no ATM fees

Unlike most banks, Chime doesn’t wish to profit off of their members’ mistakes or misfortunes.

I never understood why it cost money to have a bank account and Chime agrees.

“You deserve a bank account with no unnecessary fees because paying fees to use your own money is plain ridiculous.” – Chime


If you struggle to save money, you need Chime.

Chime makes saving money simple by rounding up every dollar you spend and putting the difference into your savings account.

You can also opt-in to save 10% of every paycheck, making growing your savings account simple and quick.

And, don’t worry:

The money that Chime automatically saves for you isn’t on lockdown.

You can access your savings and transfer money to your checking account in seconds if need be.


I know.

A lot of people are scared of putting their money in an online-only bank account.

But, here’s the deal:

Chime, like almost all banks, is insured by the FDIC.

And, they use 128-bit AES encryption, access control, and secure processes to ensure your money is always safe.

With real-time alerts, you can make sure your account is being used by you and only you.

And if you suspect odd activity?

Simply log in and turn off your debit card to block all future transactions.


So far in this Chime Bank Review, we’ve gone over all of Chime’s features.

Now, let’s lay out the pros:

1.  Award-Winning Mobile Banking:  Chime’s online banking is simple and straightforward.  Direct deposit is fast and easy to set up.

2.  Pay Bills Directly From App:  Use the Chime App to pay bills via eCheck or direct debit.

3.  Transfer Funds:  Can transfer funds to and from Chime to any external bank account.  Setting up external transfers is simple and only requires the login information to the bank you wish to transfer to/from.

4.  Pay Friends:  Easily send money from your checking account to other Chime members.

5.  Visa Debit Card:  Receive a Visa debit card from Chime to use anywhere that Visa is accepted.

6.  Chime Offers:  Find exclusive offers within online banking to help save you money

7.  Invite Friends:  Get $50 for every friend you refer.

8.  Get Paid 2-Days Early:  With direct deposit, get paid up to two days earlier than your coworkers.

9.  No Fees:  No overdraft fees, no maintenance fees, no monthly service fees, no foreign transaction fees, no atm fees, no transfer fees, no card replacement fees.

10.  No Monthly Minimum Balance Requirement + No Deposit Required (to open an account)

11.  Automatic Savings:  Chime automatically saves you money by rounding up to the nearest dollar every time you spend and saving the difference.  Can also opt-in to save 10% of every direct deposit.

12.  Member FDIC:  Insured up to $250,000 through the FDIC.

13.  Real-Time Spending Alerts

14.  Instantly Block Your Card:  Turn your debit card off if you notice suspicious activity.

15.  Two-Factor Authentification:  Keep your money safe with two-factor and fingerprint authentification.

16.  Cash Deposits:  Cash deposits can be made with GreenDot at over 60,000 locations.


Chime Bank has a loooot of pros.

And, honestly, after using them for the past 4 months, I can only find a few cons:

1.  Low APY:  Chime’s savings account has a low APY of 0.01%. (Simply transfer your savings from Chime to a CD at another bank with higher APY’s!)

2.  Limited Accounts:  With Chime, you only have the option to have one spending account and one savings account.  (However, transferring funds into an account at another bank is simple and quick.)

As you can see, the benefits of using Chime Bank far outweigh the cons.

If you agree, get started below.


Are you ready to get your $50 free gift and reap all the other benefits Chime has to offer?

Simply follow these steps to get started:

1.  Click here and sign-up with Chime (all you need is your full name and email address – this DOES NOT affect your credit score!)

2.  Set up direct deposit through your Chime online banking

3.  Open your savings account with Chime through your online banking

And, that’s it!

Enjoy your new way to bank 🙂

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Happy budgeting,
– michelle
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