Why College Graduates Need a Chime Account

black woman chime bank, chime bank, mobile banking

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Hi All,

Grad season is starting to wind down and reality is starting to set in. You are no longer giving your blood, sweat, and tears to an institution that never loved you. If you’re lucky you’re off backpacking and enjoying the down time before you start your new job. Perhaps you’re like me, submitting 10 applications a day and emailing several recruiters on LinkedIn. However, you are spending your newfound postgrad freedom, there is something you should be doing. Getting your finances in order. Now is the time to think about your savings account, fees from your bank, and the optimal banking experience to fit your needs. That’s where Chime comes in.

 

Banking with Chime is Free 99

If you’re like me, you likely signed up for a student account when you got to college. My university offered a Wells Fargo account linked to our OneCard. It was awesome during college. I could leave the house with one card and it would act as an ID and debit card. Unfortunately, college is over and I’ll soon be receiving a $10 monthly maintenance fee for not having a minimum balance of $1,500 or direct deposit linked to this account.

black woman chime bank, chime bank, mobile banking

Luckily for me, moving my funds to Chime meant I wouldn’t have to worry about those pesky fees while I’m in between jobs. What sense does it make to pay to have my money sitting around when there’s a free option right at my fingertips. Most of us will be paying Uncle Sam and Aunt Sallie thousands of dollars back. It may not seem like a deal now, but you’ll be glad you kept that $10 in your virtual wallet when you click that payment each month. On top of that, Chime accounts don’t have overdraft fees, foreign transaction fees, or ATM fees across 24,000 MoneyPass ATMs in the US. 

Mobile Future is Now

In 2015 when I was looking to switch banks, banking with Chime was on the top of my list. No fees, user-friendly interface, and Apple pay compatible. The only thing stopping me was the lack of mobile deposit. Occasionally I would receive checks from older family members, and it is such a hassle going to an ATM or uploading something to a computer. As of this year, Chime is now offering mobile deposit, and I’ve switched over to the green side. Having an app that will let you deposit checks, transfer funds, pay bills and manage your account inconvenient for someone who may be travelling from city to city. In addition to the app, Chime comes with a Spending Account (DDA), a Chime Visa debit card and a Savings Account.

Paid to Save

Nothing screams financial wellness like a healthy savings account. One never knows what life may throw at you, so it is nice to have a cash cushion to help prevent your credit cards from being your crutch. Unfortunately, as of 2016, nearly 69% of Americans had less than $1,000 in their savings account according to a GoBankingRates survey. Thankfully Chime has created a way for members to effortless save as they earn. 

Simple actions with @Chime lead to better long-term savings habits Click To Tweet

 Chime members can automatically transfer 10% of every paycheck over $500 directly into their savings account.  When that direct deposit hits that account, your funds will go to your savings. You’ll be paying yourself in your sleep. If you also sign up for the Save When You Spend feature, every Friday Chime will pay members a 10% bonus on their round ups for the week to reward them for saving. Like I said, you’re getting paid to save. I cannot think of any other giving a 10% bonus on anything. These simple actions lead to better long-term savings habits.

We’re all just trying to live our best lives to match the shiny degrees hanging on our walls, so why not pursue financial wellness and make our pockets a little fatter!

 

For a limited time, Chime is giving Petitely Packaged readers a $5 bonus when opening an account. Don’t miss out and join today!

 

Comments

  1. Amy Agur

    This article was great! Thanks for taking the time to walk through exactly what you like about it. This will really help my decision as I also detest ATMs. Also, your description of giving your blood and tears to an institution that never loved you are bang on and warmed my heart a little. Thanks for that!

  2. Amrita

    Having good saving habits is very important. There’s simply no other way .Glad this is such a good thing available.

  3. Roxy

    Chime sounds pretty simple. I love the effortless saving features. I’m always rather hesitant about these types of banks because of the ATM fees, but I do suppose the effort I put in to go to my bank now could go into finding one of the 24,000 ATMs that Chime allows me to use for free.

  4. Nadalie

    This is such an amazing app! I’ve never heard of Chime before but it would sure be useful. Learning to save is sooo important too.

    Thanks for sharing,

    Nadalie

    1. Post
      Author
      Aitza B

      You should just go ahead and open an account, you have nothing to lose. If for some reason you aren’t a fan, it costs nothing to close it out. Customer service has been top notch, and I haven’t had any issues so far.

      xx,
      Aitza B

  5. Sondra

    Thank you for introducing me to a new service period I’m always looking for new apps and products when it comes to managing my finances and the fact that you can automate your savings is awesome.

    1. Post
      Author
      Aitza B

      I hope you find it to be helpful if you do decide to open an account. The automated savings feature is one of my favourites. So far I’ve had no issues with it.

      xx,
      Aitza B

    1. Post
      Author
      Aitza B

      It’s really neat. I’m really trying to get my friends on board so they can save some money at least short term.

      xx,
      Aitza B

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