Chime’s premium banking tier costs nothing if you use direct deposit. The catch: you need at least $200 deposited per month to access the higher savings rate, overdraft coverage, and early pay features.
The fintech rolled out Chime+ on March 31, 2025. Members with qualifying direct deposits now earn 3.50% APY on savings, compared to 1.00% for standard accounts. The national average sits at 0.39%.
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Higher Savings Rate Requires Direct Deposit
Chime+ members earn 3.50% annual percentage yield with no minimum balance requirements. Interest compounds daily. Standard members without direct deposit earn 1.00% APY.
The rate dropped from the initial 3.75% APY offered at launch. Chime adjusts rates based on Federal Reserve policy and market conditions. Members can track their current rate in the mobile app’s savings section.
Automatic savings tools include:
- Round-ups that move spare change to savings
- Percentage-based paycheck splits
- Custom savings goals with progress tracking
MyPay Advances Up to $500 Before Payday
MyPay lets members access $20 to $500 of earned wages before their scheduled payday. No credit check. No interest charges. No mandatory fees.
Free transfers arrive within 24 hours. Instant transfers cost $2 to $5 per advance. The limit depends on direct deposit history and estimated income. Chime debits the advance amount plus any fees from the next paycheck automatically.
Members need two qualifying direct deposits of $200 or more to unlock MyPay. The feature launched in July 2024 and currently operates in select states.
SpotMe Covers Overdrafts Up to $200 With No Fees
SpotMe starts at a $20 limit and can increase to $200 or more based on account activity. The service covers debit card purchases, credit builder transactions, and ATM withdrawals when accounts hit zero.
No fees. No interest. Repayment happens automatically when the next direct deposit arrives.
Limits adjust based on direct deposit frequency, spending habits, and account history. Members can also send $5 SpotMe Boosts to other Chime users to temporarily increase their coverage.
Cashback Deals and Credit Building
Chime+ members get personalized cashback offers beyond the standard deals available to all users. Offers include up to $0.22 per gallon on gas, 11% back on groceries, and 24% back at restaurants. Cash back deposits directly to checking accounts within 10 business days.
The Chime Card, introduced in November 2025, adds 1.5% cash back on rotating categories like groceries, gas, and restaurants. No earnings cap. The secured credit card reports to credit bureaus, building credit history with on-time payments.
Card options include free designs in Classic Black or Evergreen. The Titanium finish costs $50 plus tax.
Qualification and Account Requirements
Opening a Chime Checking Account is the first step. Direct deposits of $200 or more within 34 days activate Chime+ status automatically.
Qualifying deposits include:
- Employer payroll
- Gig economy payments
- Government benefits
- ACH or Original Credit Transaction transfers
Benefits remain active as long as direct deposits continue. Accounts revert to standard Chime if deposits stop. Members can regain premium status by resuming $200+ monthly deposits.
Additional Banking Features
Early direct deposit arrives up to 2 days before the scheduled pay date. No action required after setup.
Instant Loans provide $20 to $500 in three-month installments for pre-approved members. The rate works out to $5 per $100 borrowed, or 29.76% APR. Payments cap at 10% of monthly income. On-time payments report to credit bureaus.
The mobile banking app includes FICO score tracking, credit building tips, and 24/7 customer support. Chime+ members receive priority service with faster response times.
The network includes 47,000 fee-free ATMs at Walgreens, CVS, 7-Eleven, and Circle K locations. Out-of-network withdrawals cost $2.50.
Banking Partners and Insurance
The Bancorp Bank, N.A. and Stride Bank, N.A. provide banking services. Both banks are FDIC members. Deposits receive standard FDIC insurance up to $250,000 per depositor.
Chime operates as a financial technology company, not a chartered bank. The platform went public on Nasdaq in June 2025 under ticker CHYM.
Bottom Line on Premium Features
Free premium banking with a 3.50% savings rate beats most traditional banks. The requirement is simple: direct deposit $200 or more per month. Members get overdraft protection, early pay access, and cashback rewards without monthly fees or minimum balance requirements.
