We Are Calling It: This Is The Best Bank Account In 2020

Jennifer Smith
Updated: February 28, 2020
Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks.

We write a lot about how to save here at The Money Manual, and can honestly say that one of the biggest money sucks that a lot of people end up finding themselves in is paying tons of unnecessary banks fees. While it’s trap a lot of people end up falling into, you really don’t have to. Not all banks charge fees.

It’s so important to research the best possible bank.

It’s 2020, and a digital bank is going to be the best choice. And we are just going to call it: Chime is the best bank account. It is the bank of the future, and a game-changer for so many reasons.

Why Chime Is The Best Bank Accountf

The digital bank Chime is doing things completely differently than that “traditional” bank your parents probably suggested you go to by cutting out a huge amount of fees. And that means more money in your wallet every month. Bank with Chime and say good-bye to overdraft fees, foreign transaction fees, and monthly “maintenance” fees.

Chime even has over 30,000 fee-free MoneyPass ATMs.

Just by using Chime, the average person saves $329 a year. Just think about what you could do with the extra cash.

How You Can Save Even More

If you enroll in Chime’s automatic savings feature, every time you pay a bill or swipe your card, Chime rounds up your transaction amount to the nearest dollar and transfers the change to your savings account. If you are trying to build up an emergency fund this is a great way to do it. You won’t even notice that the money is being saved, and before you know it, you’ll have a cushion of money you can spend on the things that really matter to you like spring break or a new iPhone.

Get Paid Up To 2 Days Early

When you receive a direct deposit to your Chime Spending Account, you are eligible to receive your paycheck up to two days early. That’s your money, in your account, two days earlier than your co-workers. When you are really in a pinch, that money will come in seriously handy.

It’s Seriously Safe And Secure

Chime’s top priority is protecting its members. Deposits are insured up to $250,000 by the FDIC. It uses 128-bit AES encryption to further tighten its security.

People Are Obsessed With Chime

Most people hate their bank (like, really hate it), but things are different with Chime: people are obsessed! Here’s what they are saying on Twitter:

 

How To Sign-Up (It Takes 2 Minutes)

It takes less than two minutes to sign up to Chime for free. Once you’ve signed up, you’ll get a Chime Visa debit card, a spending account, and a savings account.

You’ll get your debit card in the mail and then you can link it to your spending account (which is like a checking account).

What are you waiting for? Start saving money immediately when you switch to Chime, seriously the best bank account for college students!