Chime Banking Review 2020: Scam Or Legit?

Jun 18, 2019 | Budgeting

Updated On May 14, 2020

Some of the links in this post are “affiliate links.”  This means if you click on the link and purchase the item, WSW will receive an affiliate commission.  Additionally, Who Says What is a member of the Amazon Affiliate Program.  Please review our Privacy Policy for more information.

[Sassy_Social_Share total_shares="ON"]

Have you heard of Chime banking yet?!


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

So to avoid some serious FOMO, keep reading to learn why you 1000% need to open an account with Chime Banking.


With Chime Bank, You’ll Have Access To:

  1.  A $50 free sign-up gift (money-mouth)
  2. Award-winning online banking
  3. The ability to get paid 2-days earlier than your coworkers
  4.  No Fees (and no monthly minimum balance required!)
  5. An automated savings feature
  6. Top-level banking security and control

I know, I know:

It sounds too good to be true, right?

(Psst, it’s not too good to be true!)

Keep reading for the deets on why Chime Banking truly is the best bank account you can find in 2020 (from a real, really happy account owner!).

1.  How To Get Your $50 Free Gift (psh…no shame in the free money game!)

Here’s the deal:

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

I mean, I can’t blame you…free money is enticing as hell.

(But it won’t be the only reason you’ll decide you NEED a Chime bank account by the end of this post!)

See in addition Chime’s awesome features, when you open a bank account with Chime, they’ll deposit $50 into your account FOR FREE.

I know what you’re thinking:

“What’s the catch?”

But, there truly isn’t one!

To boost your bank account by $50, simply:

1.  Sign up for Chime banking by clicking here (for real this is the easiest bank account set up you’ll ever, ever experience — all you need is your email address!)

2.  Set up your direct deposit

3.  Get paid an extra $50 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.


Ok, now that we got that out of the way, let’s dive into all the other awesome features Chime has to offer.

2.  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:

It’s so simple and straightforward, right?!

When you use Chime’s app or online website, you can:

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

The Chime app and website are simple, straightforward, and I know you’ll love it!

3.  Get Paid 2-Days Early (Every Week!)

Ok, yay!

This is my favorite Chime banking feature (besides the free cash, of course!)

When you open a Chime bank account, you can start receiving your paychecks two days early every time you’re paid.

And, there’s more good news:

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

productivity planner - planner productivity - productivity tips - productivity planner organize your life - productivity planner time management - productivity planner goal setting

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?

Well, Chime makes 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?

To get your paychecks early starting as soon as next week, open your account by clicking me!

4.  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
  • foreign transaction fees
  • ATM fees

You see:

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

Below you can see how Chime compares to most other banks when it comes to fees:

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

5.  Automatic Savings Feature

Here’s the deal:

If you struggle to save money, Chime will be your best friend.

You see:

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 automatically save 10% of every paycheck, making growing your savings account simple, quick, and effortless.

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.

6.  Top-Notch Security & Control

I know.

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

But, here’s the good news:

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.

** Pros To Banking With Chime **

Alright…I know we’ve covered a lot of information about Chime banking thus far.

So, let me quickly lay out the pros for you:

1.  Get Paid 2-Days Early:  Chime banking will deposit your paycheck up to 2 days early each week.

2.  No Fees:  With Chime you won’t pay overdraft fees, monthly minimum balance fees, maintenance fees, ATM fees, and more.

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

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

5.  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.

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

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

8.  Free Money:  Get $50 for free when you sign-up and receive your first direct deposit!

9.  Automatic Savings:  Easily save money without even thinking about it with this Chime feature!

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

11.  Invite Friends:  Get $50 for every friend you refer to Chime.

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/Check Deposits:  Cash & check deposits can be made with GreenDot at over 60,000 locations.

Wow.  That is a lot of pros.

** Cons To Banking With Chime **

As you just saw, Chime banking 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.)

Clearly the benefits of using Chime Bank far outweigh the cons.

I know you’ll agree, so I made it simple to get started by following the guide below:

How To Open Your Chime Banking Account:

Follow these simple steps to get started with your new Chime banking account:

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!

P.S. Don’t spend your free $50 all in one place 😉

[Sassy_Social_Share total_shares="ON"]


– Michelle

P.S.  Was this post helpful?  Consider buying us a coffee to show your support! 

Buy Us A Coffee!Buy Us A Coffee!



(40 PAGES)

$19.00 $9.00


(38 PAGES)

$19.00 $9.00


How To Get Your Budget Right When Planning A Start Up

[Sassy_Social_Share total_shares="ON"]When you're starting a business, one of the most important things you'll need to do is create and stick to a budget. This can be difficult, especially when you're not sure how much money you'll need to get your business off the...

read more
15 Father’s Day Gift Ideas That Won’t Break The Bank

15 Father’s Day Gift Ideas That Won’t Break The Bank

Updated On May 14, 2020Some of the links in this post are “affiliate links.”  This means if you click on the link and purchase the item, WSW will receive an affiliate commission.  Additionally, Who Says What is a member of the Amazon Affiliate Program.  Please review...

read more