Open a Chime Bank Account

How to Open a Chime Bank Account and What You Need to Know

Chime is a mobile banking service that offers a variety of features for managing your finances, from checking your account balances to transferring funds from one account to another.

It’s the first mobile-only bank in the US, and it just launched its latest version of its app. Chime has lots of features that make it easier for people to save money, send money more securely, or pay bills on their phones.

Why do I still bank with Chime?

Since using Chime it has been one of the best online banks I’ve ever used. And, I have enjoyed the ease of a mobile banking experience for years.

To this day, I have no complaints. When it comes to reaching my financial goals it happens automatically. When my directed deposit shows up my savings are

Over time mobile banking has become more popular. Now that I’m an account holder, I wanted to share some tips.

In this article, we’re focusing on the basics and benefits of opening a Chime bank account. So if you’re thinking about signing up, keep reading.

The Process of Opening a Chime Account

Opening an account is easy. All you need to do is fill out an application, which only takes about 10 minutes, and then link it to your bank account.

Keep in mind you will need to provide your first and last name, a social security number, your email, and create a password. Like many other banks providing this personal information might feel familiar. It could be a little nerving but the verification process only protects you from fraudulent risks.

You can open an account in the United States or Canada. And you need to be 18 years or older to apply for a Chime account.

Next comes the easy part, download the Chime app. Chime is a mobile bank so most of its features are best used in an app versus on the desktop. After your application is approved you can download the app from your app store, it’s available on ios and Android.

Chime offers a spending account which is a checking account and a savings account. Once your account is open it also comes with a free debit Visa card in the mail. I remember how excited I was to see a green envelope in my mailbox.

Open a Chime Bank Account: setting up direct deposit: a couple trying to upload a check to their bank account

Set up Direct Deposit

The next thing, you would want to do is connect your direct deposit from your employer with your Chime account. You can easily obtain your routing checking and account number in settings.

After this is complete you won’t be surprised if you receive your paycheck 1 to 2 days earlier than before.

When I signed up for direct deposit I’ve noticed that I would receive my paycheck a day earlier than others. Although I can’t guarantee this will happen to you but it doesn’t hurt to try.

The second feature of having a direct deposit with Chime is that it helps you save automatically. In the setting tool, you have the option to have money transferred to your savings account instantly.

This happens at a percent of your choice when you receive your paycheck.

What are other Benefits of Using Chime?

There are many benefits to using Chime. One of the biggest benefits is the ability to access your bank account anywhere, anytime.

You can also use the app for free, which is a great way to save money on bank fees.

With Chime, you are able to have all of your accounts in one easy-to-manage location. If you have multiple credit cards or checking accounts, you can log in and check them with just one app. All you would need to do is link each account with Chime.

The app is also very secure so your information is safe with chime’s banking features.

Besides saving when receiving deposits, Chime created a feature called “The Save When You Spend”. This feature will automatically save small amounts to your saving account when you make small purchases.

So if you spent $15.50 at the grocery store, Chime will round it to 16 dollars by transferring the 50 cents to savings. Think of it as a secret savings ninja.

For those that find it hard to save this tool can be helpful if you make alot of purchases.

Chime eliminates all the costs and extra fees associated with traditional banks – including monthly service charges, overdraft fees, ATM fees, etc.

Open a Chime Bank Account: a woman holding a phone with a mobile banking app

Why should you choose a mobile bank?

The Mobile-friendly apps make it super easy to keep track of your balance and transactions at any moment. There’s also an option to turn on balance notifications to get transaction alerts.

My balance notifications help me keep up with knowing when alot of my monthly bills are paid. It makes me feel more at ease knowing exactly what’s coming in and out of my bank account.

Lastly similar to Venmo and Cashapp, Chime lets you send money instantly to friends in your contact list. Even if they don’t bank with Chime.

How Can I Deposit Money in My Chime Account?

Depositing money into a mobile bank account is similar but slightly different than your traditional bank.

First, you can’t walk into a physical bank to cash a check or deposit cash.

When depositing cash into your Chime account, you can use any of the following methods:

1. You can go to Walmart, CVS, or Walgreens to use deposit cash into your account as a prepaid card. Just to note you will pay a fee of around 5 dollars.

2. Send a money transfer from another bank account to your Chime account through the mobile app.

3. You can sign up for direct deposit which makes it easy to have your paycheck loaded into your account.

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Summary

Chime is a mobile banking app that is all about simplicity and transparency. It’s one of the best banking apps for people who don’t want to go into a branch to check their accounts.

When you bank with Chime, they provide a checking account, savings account, and debit card all in one. Chime has low fees and does not charge any associated monthly or overdraft fees.

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