Beginner-friendly mobile banking solution

With banking services provided by The Bancorp Bank or Stride Bank, Chime – Mobile Banking is a free fintech solution that takes banking convenience to the next level. Creating an account comes with no charge and hassle-free, and once you do, you will get access to a plethora of user-friendly financial tools.

Another thing that sets the business app Chime apart is the lack of fees. Users can rest assured that their account balance will stay the same even when stagnant, as there are no monthly maintenance or minimum balance fees. Transactions with people from other countries don’t incur any fees, too.

How does it work?

If you’re looking for a completely online and super accessible financial solution, this app is one of your best bets. It offers two bank account options, namely checking account and high-yield savings account. The former has automated savings features, while the latter offers a competitive annual percentage yield rate. Both accounts incur no monthly maintenance fees and have no minimum balance requirements.

While you can have a checking account without a savings account, you can’t open the latter without the former. Although, you can enjoy the benefits of the checking account alone, as there are plenty of them. You won’t need to undergo a credit check to open an account and you will receive a debit card for free. The replacement of said debit card once stolen or lost is free, too.

Through your checking account, you can send funds to friends and family for free—although this has a monthly limit cap. On the other hand, the savings account doesn’t require a minimum deposit amount. There’s also no limit to the interest your account can accrue. Furthermore, you can use the credit builder feature to establish yours. This mobile banking app is similar to Varo and Ally.

Is it worth using?

For those about to venture into wiser financial decisions, equipping themselves with apps like Chime – Mobile Banking can be beneficial. This app in particular is highly recommended especially to first-timers, thanks to its simplicity and lack of extra fees. There are two kinds of accounts you can create with this fintech solution and both of them have no maintenance or minimum balance fees.