Chime is now one of the most popular so-called neobanks, which offer a user-friendly experience without fees or barriers to entry. With so many people relying on Chime for their banking, it’s no surprise that a question we see a lot is: “Can you have multiple accounts with Chime?” One of the most popular questions I get is, “Can i have two Chime accounts?”
If you’re looking at opening a total of two accounts with Chime, you’re not tricking anybody. Whether you’re looking to have a backup account for personal use, need an additional account structure, such as one earmarked for budgeting or saving, this guide offers everything you need to know about how to get two Chime accounts well within one.
Understanding Chime Accounts
Chime has two types of accounts:
Chime Spending Account: This is your checking account, which your direct deposits go into. It’s tied to your Chime Visa® Debit Card, which is used for daily purchases.
Chime Savings Account: This account rounds up your purchases and deposits the difference into your savings to help you save money. And you can add to your savings manually, as well.
All three come with specific advantages, including no monthly fees, no minimum balance requirements, and a large ATM network.
Can i Have Two Chime Accounts?
Quick answer: No, Chime usually does not allow more than one Spending Account per person. And although you can have both a Spending and Savings account with Chime, there is no way to open multiple Spending accounts under one set of personal info from their app.
This restriction is due to regulatory and risk management rules. Like most financial services companies, Chime is subject to strict rules designed to prevent fraud, money laundering, and other crimes. Permitting users to establish multiple spending accounts under a single identity would create difficulties for complying with these regulations.
But there are some workarounds you can use if you require individual accounts for different purposes.
Workarounds for Multiple Accounts
You cannot have two Spending accounts, but there are a couple of ways you can theoretically use Chime if you maintain multiple bank accounts like I do:
Connecting Chime to Other Banks
If you require several accounts for different purposes (budgeting, saving, or spending), your Chime Spending Account could be paired with accounts from other banks. Chime enables you to connect External Accounts to your Chime Account. This way, you can move funds between Chime and an external bank account with no hassle.
For instance, you might have a Chime Spending Account for everyday expenses and another account at the bank for saving, or any other purpose. This can help you get around Chime’s limits by maintaining multiple “accounts.”
Utilising Chime’s Features for Budgeting
Rather than open a second Chime Spending Account, you can use some of Chime’s budgeting functions. You can create automatic savings goals with the Chime Savings Account or round up purchases to save small amounts every time you spend, for example, or have separate savings goals for different purposes.
With these features, you are able to divide your money as if it were in multiple accounts; however, without breaking the terms of Chime. By moving funds back and forth between your Spending and Savings accounts, you can easily keep your spending separate from your savings and your money organised.
Opening a Joint Chime Account
The other is to open a joint Chime account with a partner or family member, instead of setting up multiple individual accounts. This enables two people to run one account together and still experience the benefits of Chime’s easy-to-use profile. A joint account can be particularly handy for pooled expenses, such as bills or rent, or savings goals. But it won’t offer the same autonomy as otherwise standalone individual accounts.
Why does Chime limit the number of accounts?
How Chime limits multiple accounts. The main reason Chime doesn’t allow you to have more than one account comes down to simplicity and security. By only allowing one Spending Account per person, Chime also keeps its system more manageable and safer. It also helps to reduce fraud, identity theft, and illicit activities such as money laundering that might result from people trying to exploit the system using multiple accounts for harmful gain.
One other reason they are doing this is that Chime has very good customer service and also makes it easy to access your funds because everything goes through the same spending account. Having more than one account may result in additional work for their customer support, as well as make life harder for the game player in the long run.
Pros of multiple Chime accounts (How many can you have within the Limits?)
Although Chime imposes some restrictions on the number of Spending Accounts you can have, there’s still a good reason to open more than one Chime account — as long as you know what those limitations are.
No Monthly Fees; No minimum Balance.
One of the best features of Chime is that it does not have monthly maintenance charges or require a minimum balance. That makes it a great bank option for managing multiple accounts, assuming you decide to link Chime with external accounts from other banks.
Quick Access to Savings and Budgeting Features
Chime’s service also lets you create automatic savings goals so you won’t have to think about it before sequestering some money for a rainy day. You can also create various savings goals within your Savings Account – e.g., for an emergency fund, for holidays, or even towards a purchase – and emulate the separation that you’d get with another account.
Automatic Savings Feature
Thanks to Chime’s automatic savings features (like round-ups and automatic transfers), you can establish a system that makes it easy to keep your spending and saving separate. This ensures you are keeping your finances organised without having to open several accounts.
Ease of Transfers
Chime makes transferring and moving money between its accounts instant and seamless, so you can easily move around your money from your Spending Account to your Savings Account with the tap of a few buttons. If you need to allocate funds for more than one goal, or keep money separate for a particular reason, Chime makes it easy to do that.
Conclusion
Though you can’t have two Chime Spending Accounts, you do still have a number of ways to manage multiple financial goals using its Spending and Savings accounts. If you need additional accounts for other purposes but don’t want to break them off into separate bank accounts, no worries: Link an external bank account and use features like savings goals and automatic transfers to get all the benefits without worrying about Chime’s restrictions.
Don’t forget, while Chime may have its limits when it comes to Spending Accounts, the bank continues to offer safe, seamless banking at no cost that serves today’s consumer. If you have any other questions about how to manage your Chime accounts or would like more information when it comes to budgeting and saving money, don’t hesitate to contact Chime’s customer support.
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