As you may know, Chime is one of the institutions that offer fully online services; it has partnerships with two popular banks in the country, Stride Bank and The Bancorp Bank. However, among its options, you will not find a business account.
The non-existence of a business account is not a disadvantage because, despite not having a commercial account, it has some alternatives that will help you do what you want with your money and savings. To start being part of the platform, you only have to invest 10 minutes.
Types of accounts you can open with Chime
When you log in to Chime, you can choose to open a checking account or a savings account. As mentioned before, business accounts are not one of the options, something that many users regret.
Chime Checking
Chime Checking offers you free ATM access and no monthly maintenance fees. You have 60,000 ATMs available in different areas of the country to make your claims.
Having your account allows you to set up direct deposits to receive your payroll payments up to two days before the stipulated date. With the account, you can acquire the Visa Chime debit card to purchase wherever you want.
It also works overseas, where you can make purchases without transaction fees. In other words, you get rid of the 1% or 3% fee that other institutions usually charge. Having a Chime checking account is simple; you must go to the Chime online page and click on “get started.”
You will see all the instructions as you go through the process. It does not require a credit check or a lot of financial information.
Chime High-Yield Savings Account
With the Chime High-Yield Savings Account, you have an APY of 0.5% on your total balance, considered eight times higher than other options in the country. You will have access to different savings tools with which you can set aside up to 10% of each paycheck.
To access this account, you must first have a Chime spending account, i.e., a checking account. To change your account, go to Chime settings after logging in with your username and password and follow the directions under “Chime Savings account settings.”
If you want to be part of this account, you must be at least 18 years old, have a valid social security number, and have an active Chime spending account.
Which account should I have?
According to the rules, you must have a checking account before accessing the savings account. However, the savings account is only for people who want to keep good savings by avoiding extra payments and transaction fees.
In this sense, when you first join Chime, the only account you can access from the start is the checking account.
Is it easy to send money to friends and family?
One of Chime’s particularities is the ease with which it can execute transactions. You only need to add people to your account, and you can make transactions whenever you want. In addition, it is easy to link with many banks to make transfers safer and faster.
Benefits of opening a Chime account
The popularity of the platform has been thanks to the multiple benefits it offers to its users. They can make different transactions in less time and without high fees.
No set-up or transaction fees
You will not have to pay transfer fees or open your account for the first time, a great advantage compared to traditional banks that usually charge fees.
Can make direct deposits
Once you adhere to the direct deposit option, you can have your funds available two days before the scheduled date, which will benefit those who rely on a monthly salary or government assistance.
Ease of use
Chime’s platform is simpler than any other. It has a nice interface, and you can access its different options without too many complexities. All the instructions are perfectly detailed to avoid inconveniences in the process.