The bank account that pays you to save

Stop paying unnecessary bank fees, get your paycheck 2 days early* with direct deposit, save money automatically, and manage your finances from anywhere using the Chime mobile banking app.
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We're thrilled to introduce our new savings account that pays our members to save money.
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Leena Rao at Fortune covers today's launch: "Chime wants to be a well-liked bank for millennials"
I'm curious to learn more about Chime. I've been using Simple for the past year and I love their goal program for saving. It seems like Chime might take the whole saving piece a step further. Something that we all need to get better at doing.
@gaberkovacs Thanks for the comment Gabe. Saving money can be hard and there's lots of ways to help people with it. We believe the best way is through automation. Our latest research explains why so many people will benefit from having a way to automate their savings.
Although I'm not a Bank of America customer, I've always thought their "Keep the Change" savings program was a brilliant way to encourage saving. [] Chime's 10% bonus sounds like a killer differentiator. However, to be fair, I think it should be pointed out that the 10% bonus can never be greater than 9 cents per transaction ($0.99 x 10%). Whereas, a credit card that offers 1% cash back will earn more on all transactions greater than $9. Without signing up, I'm not sure how competitive Chime's cash back rewards are, but if they can match the market standards then Chime's 10% bonus is in fact a killer differentiator. @chrisbritt Is there more specific public information available about the cash back rewards offered? Best of luck Chime!
@busterc I was thinking the same thing - loved that bofa program for teaching savings, and cash rewards could exceed the 9 cents on many transactions, so makes much more sense for small budget or cash living...
@busterc Hi Buster. You're correct there are a ton of cash-back rewards programs on credit cards but there's been a secular shift in payments in the US from credit to debit as the preferred way to pay. While big banks continue to focus on marketing credit cards (because they make more $$ from them), 70% of young consumers would actually prefer to pay with a rewards debit card (and eventually via their phone) linked to their core deposit account. See: We believe the combination of Automatic Savings, other cash-back rewards and lack of fees makes Chime the most rewarding debit card & bank account in the US - and we're just getting started. Our Automatic Savings feature isn't going to make you rich, but can help you save hundreds per year and get you on a steady savings habit. Regarding our other cash back rewards, they vary all the time, are real-time and are personalized based on where you actually shop. And the more you pay with Chime, the more rewards you get. Thanks!
@chrisrbritt @busterc why would people prefer to pay via debit instead of credit, given that credit cards come with lots of protections on your purchases etc? is it because they don't want debt?
@_jacksmith @busterc The primary reason people prefer paying with debit rather than credit is for a feeling of control and knowing that they can't get themselves in to trouble.
@_jacksmith @busterc Yes, the top reason debit is preferred is that many people feel a greater sense of control of their finances versus paying with credit and want to avoid debt. Also, it's a myth that credit cards are safer than debit. The most important thing is letting your bank know that fraud has occurred and you'll get your money back. We provide real-time alerts to your phone on every transaction so you don't have to wait for your bank to try to figure out whether unusual activity is happening. You can also immediately put a temporary block on your Chime card from the app and call/chat with us to resolve the problem - we're here to help!
@chrisrbritt will applying for an account cause me to have a hard-pull credit check?
@_jacksmith Hi Jack. Nope. Like SoFi & others, we don't use any of the traditional scoring models (FICO, Chexsystems, etc) that most of the big banks use ( They're just not relevant to our risk assessment and often prevent young consumers from getting accounts. Thanks for checking us out!
@chrisrbritt cool. thanks! signed up