Chime Debuts Premium Tier and New Banking Features

Mobile banking app Chime launched a premium membership program alongside several new features.

Chime+ is available exclusively to members who direct deposit, the company said in a Monday (March 31) news release. Benefits include a 3.75% APY savings rate, exclusive merchant deals and priority customer support.

“In addition to Chime+, Chime is also rolling out a redesigned app experience that features a variety of new, smarter tools to help all members manage money, build credit and save with confidence…,” the release said.

Members can build credit on purchases from the day they open an account, rather than needing to direct deposit via Chime, per the release. In addition, Chime’s app now allows members to see FICO tracking and view the factors affecting their credit scores.

“With today’s launches, we’re making it even easier for our members to manage their money and grow their credit,” Chime Chief Product Officer Madhu Muthukumar said in the release.

The company is also debuting Chime Workplace, a suite of financial wellness services, according to a separate Monday news release. This gives employees access to Chime products that help with income management, savings, credit, and loyalty and rewards.

Earlier this month, Chime introduced Instant Loans, which lets pre-approved members who receive direct deposits to their Chime Checking Accounts access three-month installment loans of up to $500.

In other mobile banking news, PYMNTS last week examined efforts by credit unions (CUs) to update their banking apps in a conversation with David Durovy, senior vice president of transformation at i2c.

“We’re in a mobile-first and mobile-native world, and we have to be transacting there,” Durovy said. “But that’s one of the key areas where even today, a large number of credit unions still haven’t been provided the capabilities from their existing partners to be able to get there.”

Due to those limitations, CUs cannot fully capitalize on one of their competitive differentiations: the close knowledge of the markets they serve. To fully digitize, CUs must deliver new capabilities, new services and new ways of interacting.

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