Enough was enough. After my traditional bank charged me hundreds in overdraft and minimum balance fees, I hopped on Google. In minutes, I'd opened an account with my current banking app. Since making the switch, I haven't paid a single overdraft fee -- in four years.
The app is Chime, a vanilla banking app. In fact, it's exactly what comes to mind when you think of a "banking app" -- a clean interface, simple features, and savings and checking accounts.
I switched to Chime for the following reasons:
- Few fees
- Simple to use
- Made for mobile banking
Here's a little more on each point, plus whether Chime lived up to my expectations. (I'm still using the banking app, and I'd recommend it, but yeah, it has downsides.)
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1. Few fees
Chime charges few fees. Since opening a combined checking and savings account, I haven't paid the banking app a single fee. That alone made switching worth it.
Traditional, brick-and-mortar banks typically charge the following fees:
- Monthly maintenance fee (generally $5 to $35)
- Overdraft fee (generally $35)
- Minimum balance fee (generally $5 to $15)
Chime charges none of these. According to its fee schedule, it charges the following:
- $2.50 cash withdrawal fee for withdrawing from an out-of-network ATM
- $2 fee to instantly receive a cash advance (as opposed to waiting 24 hours)
It's uncommon for a banking app to charge so few fees. Between this and the app's simple interface, Chime is one of the best places to bank affordably. (Rival banking apps with few fees include SoFi® and some Capital One accounts.)
2. Simple to use
Opening a Chime account and navigating it is dead simple. You can open a new account in two minutes from your phone.
Here's how to open a combined checking and savings account with Chime:
- Download the Chime app.
- Type your name, email, password, and SSN.
- Set up direct deposits (optional).
You can navigate the interface easily. The home screen shows you checking and savings account balances; tap these to unfold your balance histories. Scroll through the home screen to request a payment advance, send money, track your credit score, and so on.
Tip: Set up savings account auto-contributions. You can do so by navigating to "Account settings" and turning on "Save when I get paid." This will send 10% of each of your direct deposits straight into your Chime savings account.
3. Made for mobile banking
There are banks with apps, and then there are banking apps. Chime is the latter, a mobile-native banking app that feels built for your phone screen.
You can tell it's built for mobile because the interface is accessible. The app opens in seconds, and so does every tab you navigate. The font is large and easily visible (no squinting at PDFs). You can even switch between Light and Dark mode.
One tradeoff here is that you won't find Chime bank branches anywhere. The banking app is online only. Technically, it's not even a bank. It partners with banks to offer banking services and insure your deposits with the Federal Deposit Insurance Corporation (FDIC).
What to expect from switching to Chime
Expect a clean banking app with few fees and an intuitive interface. Things you can do on Chime include:
- View and manage account balances
- Transfer money between internal and linked accounts
- Find the nearest fee-free ATMs
One downside of Chime is you need to open both a checking and savings account. You can't just open one or the other. The savings account lacks a competitive APY, so you may want to open a high-yield savings account with another banking platform, too.
I'm happy I switched because I prefer simplicity and affordability to in-person help. Consider switching to Chime if you pay too many bank fees and want the modern mobile banking experience. It's not perfect, but Chime does the basics well.
