Chime is a popular online bank that offers a variety of financial services. The company has an excellent mobile app and a huge network of fee-free ATMs.
One of the best things about Chime is that they don’t charge overdraft fees. Plus, they don’t charge any foreign transaction fees or bounced check charges.
Checking
A business account is a vital tool for small businesses, and it’s important to open one if you don’t already have one. Unlike personal accounts, business checking accounts are regulated and taxed separately from the owner’s personal finances. This makes it critical to use separate business bank accounts to avoid any potential hefty fees and liabilities from the IRS.
Chime is a mobile banking fintech company that offers checking and savings accounts, along with a secured credit card that can help build credit. Its “member-first” online banking experience is simple and fee-friendly.
The basic checking account at Chime is free, but it’s a good idea to open a savings account as well, especially if you want a high-interest rate. There’s no minimum balance or monthly fee for a Chime savings account, and it’s one of the best ways to save money without incurring a lot of fees.
There’s also a feature called SpotMe that lets you overdraw your account by up to $200 per month on debit card purchases without paying any fees. That’s a nice bonus if you frequently overdraw your business checking account.
In addition, Chime members can earn up to 10% APY on their savings account when they set up recurring transfers from their checking account to their savings account every time they get paid. Those transfers can be made via direct deposit or the Chime Spending Account.
Savings
If you’re looking for a high-interest savings account, Chime offers an excellent option. It’s also partnered with two well-known banks, The Bancorp Bank and Stride Bank, so you get the benefit of FDIC insurance.
These accounts offer a higher interest rate than your standard savings or business checking account so you can put money aside for future goals. This could include securing a small business loan or paying for a major expansion.
The Chime Savings Account is free to open and does not come with monthly maintenance fees or minimum balance requirements. It also has no foreign transaction fees or overdraft fees.
You can deposit funds into this account by direct deposit, mobile check deposits, or fee-free cash deposits at over 60,000 ATMs across the country. You can also save money automatically through a feature called Save When You Spend. When you make a purchase with your debit card, the amount is rounded up to the nearest dollar and the difference gets transferred into your savings account.
Aside from the savings account, Chime also offers a credit builder card that is great for people who are struggling to establish a good credit score. The card has no minimum monthly balance, and you can use it to pay for things online and in person.
Chime’s banking services are provided by The Bancorp Bank or Stride Bank, and both banks offer a $250,000 FDIC insurance level. These banks also provide a variety of other services, including loans, mortgages, and credit cards.
Business Credit Card
If you own a business, a business credit card can help you smooth out cash flow fluctuations and provide ready financing in case of emergencies. In addition, some cards offer rewards programs that can earn you money, points or miles on every purchase you make with the card.
Chime is a financial technology company that has created a new Visa credit card designed to help users build their credit. The card enables users to control their spending by moving money into a Credit Builder account that’s linked to their checking account. The money in the Credit Builder accounts can then be used to pay off their credit card balances on time, which is important for building credit history.
The Credit Builder Card does not carry fees, charge interest, or require a minimum security deposit, which can be a boon to consumers who are underbanked and have poor credit scores. It also reports your payments to the major credit bureaus, so on-time payments will boost your credit score.
Getting a Chime Credit Builder Visa credit card is easy and can be managed from the Chime mobile app. In order to qualify, you must have an active and unblemished Chime checking account and receive a qualifying direct deposit into the account within the last 45 days.
One of the biggest advantages to this card is that it doesn’t have a pre-set credit limit, which means that your spending limit will vary each month depending on how much you transfer into the Credit Builder account. This makes it easier to budget and ensure that you don’t spend more than 30% of your available credit or less than the amount you actually have in your account.
Business Loans
Business loans are a great way to fund the expansion of your company. They can be used to purchase equipment, inventory, and other assets needed for your business. They can also be used to pay off debt or cover unexpected expenses.
Before you decide to get a loan, make sure that you understand the different types of loans available and how they work. A financial adviser can help you navigate these options and find one that meets your needs.
Most business loans are secured–meaning they require collateral–like real estate, equipment or cash. This helps protect the lender if you don’t repay your debt.
Some business lenders also offer unsecured–or no-collateral–loans. These are a good option for newer businesses with poor credit or if you don’t have the required collateral to secure a loan. However, these loans usually have higher interest rates than secured loans.
For this reason, it is a good idea to shop around for the best business loan for your company. You can also ask for advice from a trusted friend or family member.
When applying for a business loan, it is important to have a clear budget and understand how much money you need. This will help you determine how much to borrow, as well as how long it will take to repay the loan.