Chime bank is one of the fin-tech startups, that is well known due to its benefits and free services. It is an online only bank that appeals to younger customers that prefer to do things online or even using their mobile phone. Chime bank has a website and an application for a smartphone.

It charges no monthly or annual fee and has a signup bonus of $100. All you have to do it receive $200 direct deposit within 45 days after account opening. That is a very good deal!

Chime bank has a very nice debit card. Benefits of Chime debit card include free deposits of cash at Walgreens. These instant deposits of cash are something that big banks cannot compete with. Large network of fee free ATMs gives an advantage over big banks, that often have few thousands ATMs. Sending paper checks is often under appreciated feature.

It is easy to withdraw money from Chime account and it is easy to add money to your Chime account. Mobile check deposit allows you to deposit paper check to Chime bank without ATM or visiting a bank branch. All you need is your phone with Chime mobile app. Unlike Ingo, where it can take 10 days to release your money, Chime makes deposit available in 2 business days.

Transfers from Chime to Cash App maybe more challenging, but it is due to Cash App specific and not Chime’s fault. Cash App is not presented on Plaid that is often the only wait to link and external account to mobile or online only banks.

Other benefits of Chime include free overdrafts with a regular direct deposit.

Savings account of Chime bank pays 1% interest. It is not very impressive, since other banks often pay higher APY. For example, Current Bank’s savings pod pays 4%. Netspend’s savings account, on the other hand pays a rare 5% interest on up to $5,000. That is 5 times more than Chime!

You may appreciate opportunity to build credit score with Chime credit card.