Chime is one of many fully online banks that have emerged in the last few years. They offer attractive personal finance options for individuals who don’t like (or can’t bank with) traditional banks or credit unions. They’re unlike traditional financial institutions in many ways, most notably that they don’t have a physical banking location. Chime also proudly leads with the fact that they don’t have any hidden fees or minimums for your personal bank accounts. But if you’re a small business owner or entrepreneur, is Chime a good choice for your business accounts?
What is a Chime Bank Account?
Technically, Chime is a financial technology company that offers online-only financial services by partnering with two banks: The Bancorp Bank or Stride Bank. Both banks are members FDIC, which means the Chime accounts are safe for personal banking. Their main selling point is that they offer simplicity through limited options: one checking account, one savings account, and one credit card. They’re also proud to say they offer mobile banking with no monthly fees, no minimum deposit, and no minimum balance requirements.
Chime offers a highly functional mobile app that allows you to make mobile check deposits as well as check your account balances. They offer a SpotMe service, which won’t charge you overdraft fees for as much as $200.
Compare the best business checking accounts
Opening a business checking account can increase your chances of getting financing and simplify your cash flow management. Use our research to quickly and easily find the right account for your business.
What Are Some Benefits of Chime Checking Accounts?
Chime checking accounts include a Visa debit card for ATM withdrawals that you can use at over 60,000 fee-free ATMs, including Moneypass ATMs, Allpoint ATMs, or Visa Plus ATMs. You can also create and send paper checks through the mail using the banking app, so you don’t need a checkbook. Plus they don’t charge a foreign transaction fee if you use the debit card while traveling internationally, although there are a few places where you can’t use the card.
What Are Some Benefits of Chime Savings Accounts?
Their savings accounts are attractive for people who like hands-off automatic savings options to help build savings. Chime offers two easy automated savings programs:
- Save When You Spend, which rounds up transactions from your checking account to the nearest dollar and transfers the difference to your savings account.
- Save When You Get Paid, which allows you to set up a recurring transfer of 10% of your direct deposit ACH paycheck from checking to savings each time you’re paid.
They also offer a competitive high-interest savings account interest rate at 0.50% APY, and there’s no cap on the interest you can earn.
What Are Some Other Benefits of Chime for Personal Banking?
For folks who want to build their credit, there’s the Chime Credit Builder Card. This is a Chime Visa card with 0% APR that reports to all three major credit bureaus and doesn’t require a hard credit check, so it won’t ding your credit report. You can preload the Chime Credit Builder Card with funds from your checking account, and then use it as a credit card. This can be a game changer for individuals who want to build their credit but may not qualify for a more traditional personal credit card.
What Are Some Cons of Chime for Personal Banking?
The biggest difficulty that Chime account holders have found is that it’s hard to make cash deposits easily. Another issue is in-person service, because they don’t have a bank where you can visit with a human being. There have also been some issues with access to funds and accounts on Chime, but this may just be the growing pains of a startup. Overall, Chime is a great option if you’re just starting out on your financial journey.
Can You Create a Chime Account For Your Business?
In spite of all Chime’s perks for personal banking services, Chime does not offer a business checking account or a business savings account. If you’re a sole proprietor, you may choose to use Chime for your personal banking and business banking combined. However, Nav generally recommends that you keep your business accounts separate from your personal accounts, especially for tax purposes.
Alternative Options to a Chime Business Bank Account
If you’re a small business owner and want to find a business bank account that best suits your needs, there are many options that may come close to what Chime offers for personal accounts.
Here are some of our favorites.
Small Business Checking by Bank of America
While they can’t boast no fees like Chime, Bank of America’s Small Business Checking option is a good place to start. You can earn several bonuses for signing up and statement credits, and they offer a business credit card. Plus, Bank of America has convenient locations all over the U.S. so you can find an ATM or physical bank easily.
Great For High Cash Deposit Limit
Bank of America® Business Advantage Banking
Bank of America® Business Advantage Banking is a checking account with 2 options. Pick the 1 that works best for you. $200 bonus offer. Click Get Started for more details Easy, anytime access. Visit Bank of America at thousands of financial centers and ATMs. 24/7 security. Total Security Protection® and fraud monitoring. Secure sign-in, card locking features and more. Convenient ways to pay. Use your debit card immediately for in-store and digital purchases. Digital account management tools when enrolled in Business Advantage 360. Access to Small Business specialists to help find solutions that fit your goals. Our $0 Liability Guarantee means that you’re not liable for unauthorized transactions made using your business debit card, as long as you report them promptly. Eligible Preferred Rewards for Business members can access a wide range of rewards, benefits and savings. Bank of America, N.A. Member FDIC
Minimum Balance
$100
Monthly Cost
$16-$29.95 or $0 if requirement is met
Monthly Free Transactions
20-500
Noteworthy Perks
High Cash Deposit Limit
Axos Basic Business Checking
Axos Basic Business Checking may be right for you if you care less about a physical location and more about saving on monthly fees and minimums (as you may with Chime). Axos offers new businesses a $200 welcome bonus with a promo code, plus four free months of ADP payroll services. Like Chime, they lean into a few aspects of the no-fee model: zero monthly maintenance fees, unlimited transactions, unlimited domestic ATM reimbursements, no minimum opening deposit requirement. Plus, they offer cash deposit capabilities at MoneyPass and AllPoint ATMs.
Business owners get up to $400 welcome bonus!*
Axos Basic Business Checking
Business owners get up to $400 welcome bonus!* Open a business checking account by September 30 and get up to $400 when you use promo code NEW400 on your application.* No initial deposit requirement. No minimum balance requirement. No monthly maintenance fees. Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month. Free domestic and international incoming wires. Cash deposits via MoneyPass and AllPoint networks. See disclosures here: https://www.axosbank.com/business/business-checking-accounts/basic-business-checking
Minimum Balance
None
Monthly Cost
$0
Monthly Free Transactions
Unlimited
Noteworthy Perks
Great welcome bonus
BlueVine Business Banking
With a focus on small businesses, BlueVine Business Banking is another online-first banking option that offers a quick application process. They have a BlueVine Business Debit Mastercard as well as services through digital wallets or mobile payment platforms. The service also offers several no-fee perks: no monthly fees, no insufficient funds fees, and no minimum balances. Plus, you can earn 1.2% interest back on balances if you spend $500 per month on your debit card or get $2,500 in customer payments.
Great For High Interest Rate
Bluevine Business Banking
Earn 4.0% APY on Bluevine Premier and 2.0% APY on Bluevine Standard when you meet a monthly activity goal. Save time and pay vendors with unlimited transactions via ACH, same day ACH, domestic wires, and international payments. Add up to 5 sub-accounts, each with designated account numbers. $95 (waivable) monthly fee for Premier, $0 for standard. No overdraft fees, no minimum balance requirements. To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding: Deposit at least $5,000 from eligible merchant services to your Bluevine account Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
Minimum Balance
None
Monthly Cost
$0-$95 (Waivable)
Monthly Free Transactions
Unlimited
Noteworthy Perks
Up to 3.7% APY
Chase Business Complete Banking
Like Bank of America, Chase Business Complete Banking is backed by a big financial institution – Chase Bank – that has plenty of physical locations and ATMs throughout the U.S. While they do charge monthly fees, they will waive them with minimum daily balances or purchases on the Chase Ink Business credit card. They also offer a mobile app where you can get notifications on how your accounts are doing, plus easy account management.
Great For Digital Banking
Chase Business Complete Banking®
Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card. Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions. Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments. Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account. Get support you can rely on. Get access to our customer support team, plus a wide array of solutions that carter to every stage of your business Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology. Associate Debit and Employee Deposit Cards available upon request
Minimum Balance
None
Monthly Cost
$15 with ways to waive
Monthly Free Transactions
Unlimited
Noteworthy Perks
$500 Sign Up Bonus
Lili – Banking Designed for Your Business
Lili is specifically designed for sole proprietors and single-member LLCs. They offer built-in tools to simplify accounting and help you save money on taxes, like a write-off tracker and tax bucket capability. Lili also offers no fees and overdraft coverage, plus a Visa debit card and a fee-free ATM network.
One Platform to Manage All Your Business Finances
Lili - Banking designed for your business
Lili empowers business owners by combining business banking, accounting, invoicing, and tax preparation in one platform. For business owners, centralizing all aspects of their business finances streamlines their business operations and provides clarity about their financial position. Lili accepts S-Corps, Partnerships, and LLCs (both single and multi-member). Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.
Minimum Balance
None
Monthly Cost
$0
Monthly Free Transactions
Unlimited
Noteworthy Perks
Fee-Free Overdraft
Online & Mobile Small Business Checking by Bank Novo
Bank Novo also aims to be as simple as possible for small business owners, and offers a free checking account with a debit card, no fees, and no minimum balance requirements. It also offers integrations with other business tools and a financial health dashboard.
Great For Integrations
Online & Mobile Small Business Checking by Novo
Save up to $150/month in banking fees and subscription payments*. An award-winning business checking account without the sneaky fees or minimum balance. Rest easy knowing that banking won't be an obstacle to starting or running your business. Access your business finances from anywhere, anytime, all online. Every Novo checking account comes with a physical and virtual debit card, so you always have access in the palm of your hand. Spend securely and ditch the fees with a free business debit card. Transact internationally and access your funds from ATMs with fee reimbursement up to $7/month. Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC. Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC; virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated. Mastercard can be used everywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Incorporated. Value of savings is based on market research of fees and subscription pricing as of March 2024.
Minimum Balance
None
Monthly Cost
$0
Monthly Free Transactions
Unlimited
Noteworthy Perks
Deep integrations with the tools small businesses already love
Whatever your needs, there are several business banking options available for small businesses and entrepreneurs that look similar to what Chime offers for personal accounts. Whether you’d prefer a large bank with physical locations to visit or a mobile-first business account with fewer fees, you can find any option to suit your needs. You can even keep your Chime personal bank account to use for non-business purposes.
Compare the best business checking accounts
Opening a business checking account can increase your chances of getting financing and simplify your cash flow management. Use our research to quickly and easily find the right account for your business.
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Kat Cox
Kat Cox works to provide answers to the questions small business owners have about how to set up, run, or fund their businesses. When she’s not writing blogs, articles, short fiction, or (kind of bad) French poetry, Kat can be found lacing up her tennis shoes for a run or walk with her pup or scouting for the best karaoke spot in Austin, Texas.