Money

Chime Bank: Get Paid Early and Get Paid to Save

May 8, 2017
This post may contain affiliate links. See disclosure policy here.

 

 

It’s no secret that Americans have a hard time saving money. Nearly 7 in 10 Americans have less than $1,000 in their savings account. Bank fees are growing out of control and folks really need a banking experience that helps them achieve their financial goals with less added stress.

How many of you would like access to an account that gets your direct deposit to you earlier than your normal payday? What about an account that will reward you for saving and doesn’t charge you crazy fees? Even better, what about a banking experience that makes auto-saving easy so you won’t have to think about it?

This type of banking experience exists. It just requires you to get out of your comfort zone. We’ve become accustomed to the traditional brick and mortar banking institutions. You know, go through the drive through to make a deposit or either go inside and talk to a human being.

I get it. It makes you comfortable seeing that your money is going into an actual bank. But those traditional banks have to make money to keep the lights on and make their employees happy. That’s why they can charge you $33 billion in overdraft fees without blinking an eye.

Online banks are on the rise and we are the ones reaping the benefits. Without light bills and staff to pay, these kinds of banks can pass on the savings to you. Besides, we hardly ever walk into banks these days and even traditional banks have apps that allow you to deposit money now and days.

So why not learn about a new type of banking experience that will cut out all the middleman crap and be of benefit to you? Well, that’s exactly what we’re going to talk about. I have one heck of an interesting banking experience to share with you.

 

If you want to get paid 2 days early, this fee-free bank should be on your list. Plus, you can earn an average of $400 cash-back in savings bonuses. Save More Money | Free Banking | Earn More Money | Chime Banking

 

Chime Bank – Who?

I learned about Chime in one of my money nerd groups on Facebook. I was highly intrigued by the concept so I reached out to them to see what I could learn. Here’s the scoop:

  • Chime comes with a Spending Account (DDA), a Savings Account, a Chime Visa debit card and a mobile app that lets you manage all of your finances from your smartphone.
  • They are the only mobile-first bank account that offers a savings account with an Automatic Savings program that rewards members for saving money.
  • They also offer automatic-transfers for Members enrolled in Direct Deposit. Members can automatically direct 10% of every paycheck into their savings account.
  • Chime partners with The Bancorp bank to provide a secure FDIC-insured account.

 

The Awesome Perks of Using Chime

After reading about who they were I was this close to signing up, but I still needed to know what was in it for me. That’s when I started looking for some of the benefits of using Chime that sets them apart from my current banking situation. Below are some of the pluses of working with Chime.

  • No overdraft fees
  • 24,000 fee-free ATMs and 30,000 cash back locations.
  • No foreign transaction fees
  • App that allows you to manage your accounts, transfer funds, make deposits, pay bills, and contact customer service
  • No monthly fees
  • Notifications and real-time transaction alerts
  • No minimum balances
  • Chime will mail checks directly to wherever you need to send them.
  • Retailer rewards

But wait for it…here’s the good stuff!

  • Save When You Spend: Automatic Savings – Basically, this means that when you spend using your Chime Visa Debit Card, your purchases are rounded up to the nearest dollar. At the end of the week, Chime will PAY YOU a 10% bonus on your round-ups to help you reach your savings goals faster! If you used your debit card twice a day, on average, you could probably save around $400 in a year doing what you would normally do.
  • Get Paid 2-Days Early: Early Direct Deposit – You could get paid up to two days early if you fund your account through payroll direct deposit. Chime makes it easy for you to set this up with a form that can be emailed or printed and given to your job.

Isn’t that amazing? I don’t know about you, but I’ve always had to wait until payday to get my money. And I’ve never found a bank that pays you a bonus every Friday. Have you?

Some of the other amazing benefits are Apple Pay, the ability to split a transaction with friends, pay friends, tip suggestions, and easy capability to block your card if it gets lost or stolen.

 

The Downsides

There are a few things that are rather inconvenient at the moment, but they are working on it. As of now, the photo check deposit feature is in progress so you have to use a 3rd party app to deposit by check.

Also, in order to deposit cash, you’ll have to use one of those Green Dot locations and you may incur a fee. The only way I see us working around this is to deposit the cash into the bank you already have linked up with Chime to do your initial transfer.

I keep my money in two different (well three, if you count LAAB’s account) online accounts. For my peace of mind, I’ve always kept my traditional checking account through my brick and mortar bank. I only use my traditional account for buying groceries anyhow, but my online accounts are where all my bill money reside.

If you’re uneasy about any of these downsides of using Chime, I still wouldn’t rule out Chime’s banking experience. The savings and early direct deposits are some major perks! Just don’t cash out your brick and mortar account. You could still use it for something.

And, I almost forgot – you’re unable to have a joint account with Chime. But hey, there’s nothing wrong with having a little money to yourself so you can surprise your significant other, right?

 

How Do You Switch?

Setting up my Chime account was easy to do. It literally took five minutes. I downloaded the Chime app and answered a few questions. Click here to sign up with Chime.

Once you’ve set up your checking account, make sure you open up your Chime Savings Account and turn the auto-saving feature on.

After everything is setup, you’ll have the ability to link your account up and transfer money into your Chime Spending Account.

The sooner you do this, the better because you’ll be able to start spending on your normal purchases and earning your Friday bonus:)

Learn more about Chime today!

 

Join the LAAB Email List

Roadmap_screenshot

Subscribe to our email list and receive a free copy of our e-book, Your Roadmap to Becoming Financially Carefree.

We don't do spam. Powered by ConvertKit
Latoya Scott
CFEI/Social Entrepreneur
Latoya Scott is a Certified Financial Education Instructor and personal finance writer with a mission to help millennials learn how to stop living paycheck to paycheck so they can become financially carefree.

You Might Also Like

  • Kemkem May 8, 2017 at 11:17 am

    I think it’s awesome about the no foreign transaction fees. I have to look into this an an alternative. Thanks for sharing.

  • Terri May 8, 2017 at 11:52 am

    I’m not exactly understand how this bank can pay you before your job does, but it’s definitely intriguing. And I’m loving the 10% savings incentive. As of now, I’m really happy with my beloved Ally bank but Chime is certainly worth looking into.
    Terri recently posted…How to Put an Extra $500 Towards Debt on a Modest IncomeMy Profile

    • Latoya @ Life and a Budget May 8, 2017 at 12:01 pm

      Hey Terri, Its only if you sign up with direct deposit. My husband’s pay goes into our account a day early sometimes and Ive concluded this is common with a lot of bamks for folks who have direct deposit. However, Ive never heard of two days early. I think this is definitely a perk.
      Latoya @ Life and a Budget recently posted…Chime Bank: Get Paid Early and Get Paid to SaveMy Profile

  • erinlivelovelaugh May 8, 2017 at 12:59 pm

    I haven’t had any issues with my online bank so I would give Chime a chance. I like the sound of the savings feature, especially the round up bonus.

  • Ngumabi May 8, 2017 at 1:23 pm

    Don’t know much about online banks but this sound interesting
    Nice review

  • Jay Colby May 8, 2017 at 3:45 pm

    I’ve never heard of Chime bank before, but it sounds interesting though. I like the idea of getting paid early.

  • Stacie May 8, 2017 at 9:29 pm

    Interesting! I’ve never heard of Chime. I prefer getting my funds the old fashion way. It keeps me disciplined.
    Stacie recently posted…Easy Homemade GuacamoleMy Profile

  • Adeola May 9, 2017 at 10:41 pm

    I have never heard of Chime but I am using a similar service here in the U.K.
    I might need to look into this one here to see if we have them.
    Thank you for sharing.

  • Kim May 9, 2017 at 11:18 pm

    I’ve never heard of Chime! It sounds great. I wish I had this instead of my Capitalone360 when I was saving for my house.
    Kim recently posted…Hilton Grand Vacations Club at SeaWorld – Studio ReviewMy Profile

  • LaQuisha May 10, 2017 at 6:05 am

    I am intrigued and interested. However, I can’t help to think about the job loss of bankers as this expands. My hubby and some friends work at a bank. I’m going to warn them, lol.
    LaQuisha recently posted…7 Fierce Spring\Summer 2017 TrendsMy Profile

    • Latoya @ Life and a Budget May 10, 2017 at 10:49 am

      You know, Ive never thought about that! I guess this is proof that we should always learn and evolve in our jobs because you will never know how or when you will need to put new skillsets to use. However, I couldnt imagine online banking completely replacing traditional banks. Banks will probably find ways to recouo losses, if any.
      Latoya @ Life and a Budget recently posted…LAAB EBA Success Series Update 3My Profile

  • Lia World Traveler May 10, 2017 at 3:08 pm

    I’ve never heard of Chime either, but living overseas makes the lack of foreign transactions fees very appealing. Thank you for sharing.

  • Walk One Day In Our Shoes May 15, 2017 at 8:10 am

    I’ve never heard of Chime but this post has got me interested. I rarely make an appearance in my banking institution (and I work for one) and I see that online banks are taking over.
    Walk One Day In Our Shoes recently posted…Our TV Segment: Autism in the Barber Shop / Beauty SalonMy Profile

  • Top