Chime, America’s #1 Choice for Banking® (see disclosure 1) , today announced the launch of Chime Invest™, bringing investing to the Chime app where members already get paid, spend, and save. Members can buy stocks and ETFs commission-free, or let an expert-managed portfolio do the work for them, with no account minimums. (see disclosure 2)
Chime was built on the idea that financial services should be helpful, easy, and free, and investing is the natural next step to unlocking financial progress. The average member engages with the Chime app five times a day and transacts more than 50 times a month. Now investing lives in the same place, not a separate app or user experience to manage on the side.
Built for Mainstream Americans
About 40% of Americans report not owning any stock, (see disclosure 3) missing out on one of the most reliable ways to build wealth over time. For many, getting started has felt intimidating, time-consuming, or simply easy to put off.
In a recent Chime survey, members pointed to the same barriers: too little time to learn the market, more pressing uses for their money, and the cost of professional advice. (see disclosure 4) With Chime Invest, members can start with as little as $1, and for those short on time or expertise, an expert-managed portfolio handles it for them.
“The hardest part of investing is often getting started and sticking with it,” said Chris Britt, CEO and Co-founder of Chime. “Millions of people already trust Chime with their money every day. By bringing investing into the app they already know and love, we’re making it easier to turn saving into investing and investing into long-term wealth.”
With the addition of Chime Invest, members now have access to wealth building tools in one place, with commission-free investing, Managed Portfolios with no account minimums, and high-yield savings earning up to 3.75% APY. (see disclosure 5)
How Chime Invest Works
Chime Invest offers two ways to invest, both in the same account:
Managed Portfolios. For members who want their investing handled for them, they can choose an expert-built, diversified portfolio personalized to their goals and risk profile, managed by Atomic Invest, an SEC registered investment adviser. Managed Portfolios have no account balance minimums and have no management fees for Chime Prime members, a 0.10% annual management fee for Chime Plus members, and 0.25% for all other Chime members.
Self-directed Investing. For members who want full control, they can choose from a broad selection of U.S. stocks and ETFs, all commission-free.
Securities held in members’ investment accounts are SIPC-protected (see disclosure 6) up to $500,000. General access to Chime Invest rolls out to members over the coming weeks.
