Many new online banks are popping up that, due to low overhead costs, are able to operate with minimal to no overhead costs. One of the top banks taking the industry by storm is Chime. Not only do they have no hidden fees, but they also offer lots of other great features that make Chime an awesome bank to use for those seeking to get a better hold on their finances. Take a look at this list of all the amazing features Chime has to offer.
Cool Reasons to Choose Chime Bank
You heard that right, with Chime bank, you can get paid up to two days early when you chose direct deposit. This feature is one of Chime’s most popular features, because, let’s face it, who doesn’t want to get their paycheck in early?
Chime gets you your paycheck two days early by staying on top of payments from your employer. Once your employer deposits a check (usually on a Tuesday night), Chime immediately processes the check and gets the cash sent directly to your bank account. So at no cost to you, Chime can keep putting money in your account at a rate faster than most conventional banks.
With nearly 80% of American workers claiming they live paycheck-to-paycheck, a feature like getting paid early can drastically reduce financial anxiety in your life. When you don’t need to worry about getting your paycheck in on time, you can start to focus more of your time on managing a budget for your income, putting together an investment portfolio, and watching your finances grow over time!
As we mentioned previously, there are no fees for opening up a checking account with Chime. That includes minimum balances, overdraft fees, and more. Here’s a handy cost guide of Chime compared to other bank accounts.
|Minimum Balance Requirements||$0||$500|
|Monthly Account Service Fee||$0||$12-$23|
|ACH Bank Transfer Fee||$0||$3-$10|
|Card Replacement Fee||$0||$5-$25|
|Foreign Transaction Fee||$0||3%|
|In-Network ATM Fee||$0||$0-$2.50|
So without fees, how does Chime make money? Even though making money with no fees seems like a difficult task to achieve for any bank, Chime’s business model makes this their focus point, and their biggest competitive advantage. Chime makes money off of inter charge fees, meaning the fee that is charged between the banks and the store that swipes your card. This comes at no cost to you, so kiss hidden fees goodbye with a bank account with Chime.
Saving money is very important for achieving financial freedom. Not only do savings such as emergency funds help you prepare for unexpected expenses in your day to day life, but they also allow you to make larger, more profitable investments down the line. Despite the advantages gained by increasing your savings, over 58% of Americans have less than $1000 in savings. This means that a medical emergency or a car breakdown could put many Americans in serious debt.
But saving money is easier said than done. At the end of the day, putting money away to not be used for an emergency or a big purchase requires lots of self-discipline. I mean, who wouldn’t want to spend some money on that sweet pair of headphones or that new farmhouse sink.
Chime realized this and has been working to streamline the process of saving money by implementing an automatic savings feature. This allows you to automatically put a percentage, usually around 10%, of every paycheck directly into your savings account. By doing this, Chime has taken out the extra effort that moving money to a savings account usually takes, and therefore makes it easier for you to put away that extra part of your paycheck for future use.
In addition to that, Chime can also allow you to save money every time you make a purchase! With Chime’s round-up feature, the bank rounds up the change on every purchase you make and automatically puts that into your savings account. For example, if you make a purchase of $1.25, chime automatically takes that extra $.75 and puts that into your savings account. This means you will slowly see your savings grow every time you make a purchase!
We’ve seen this kind of thing through apps like Acorns and Stash. Oh yeah, we’ve found over 70 apps just for saving and earning too. (but that’s a whole other story)
Access From Anywhere
More and more headlines are coming out with news of brick and mortar retail locations closing down. This is due to the ease, and low cost of online shopping. But could the same be said for banks? While it may seem surprising that there is no physical bank holding your money, Chime has managed to perfect this idea, and make your finances easy to access and manage.
Let’s face it, no one likes having to rush to the bank after work just to make a deposit before it closes. After all, most banks are closed around 5:00 PM, the time that most Americans get out of work. But because Chime is an online bank, Chime has a mobile banking app that allows you to access your funds directly from your phone. This gives you the freedom to constantly keep an eye on your finances without having to take a drive down to a brick and mortar bank location.
On top of that, Chime’s mobile app is user-friendly and has a simple and streamlined interface, so you’ll never be confused about how to use it.