Americans deposit 68% of their income into their checking accounts. Only 26% get meaningful rewards from them.1
That's the central finding of The Rewards Gap, a new national study commissioned by Chime and conducted by Talker Research examining how 2,000 Americans with checking accounts experience — and think about — banking rewards today.
The findings point to a system built around accumulated wealth rather than everyday financial behavior.
63% of Americans believe the best banking rewards are reserved for people with high balances.
Nearly one in three don't know that some checking accounts offer rewards with no annual fees at all.
And 55% say traditional banking needs an overhaul.
The demand for something different is clear. 59% of Americans say they'd cancel or downgrade their fee-based credit card if their checking account offered comparable rewards. And when asked how they'd prefer to earn rewards, 38% said through direct deposits — ahead of maintaining a minimum balance or paying a monthly fee.
[Download the full report here.]
Chime launched Chime Prime in April to address exactly this gap — bringing 5% cash back on a category of your choice with Chime Card2, 3.75% APY on savings3, and premium travel perks with Chime Card to members who direct deposit $3,000 or more monthly4, with no subscription fee.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The secured Chime Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank.
