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Chime Gives Users Paychecks Early. It Wants Their Savings, Too

The fintech is hiking its interest rate on savings accounts to 1.6% in a bid to steal even more customers from big banks. 

The Chime app
Source: Chime Inc.
Updated on

In Silicon Valley, entrepreneurs and venture capitalists are making big bets that the future of banking is digital, doesn’t have fees, offers a high savings rate—and might not technically be a bank at all.

Chime Inc. is part of a fast-growing class of well-funded financial technology startups offering debit cards, checking accounts and other financial services. And despite not having a banking license, Chime operates enough like a regular bank that Chief Executive Offer Chris Britt, 46, says it’s stealing away customers from companies like Wells Fargo & Co. and JPMorgan Chase & Co. by the millions.