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Get Up to $500 Before Your Next Paycheck With Chime MyPay

Bridge the gap between paydays with Chime's new cash advance service.

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MyPay, a new take on early paycheck access, is coming to a Chime account near you. Eligible Chime customers living in select states can join the waiting list and be one of the first to gain early access to up to $500 of their paycheck when they need it.

Chris Britt, Chime’s CEO and co-founder, says that the two-week paycheck cycle is outdated. “Chime believes everyone deserves fair and responsible access to their hard earned money when they decide, without the fees and interest associated with other products,” Britt said in a press release.

A survey commissioned by Chime found that nearly three in five Americans (59%) experienced anxiety or fear due to low money between pay cycles. According to the survey, the average person experiences financial stress seven days after receiving their paycheck. Chime’s MyPay feature aims to bridge the gap between paydays for Chime customers who need it.

But is this new service worth signing up for? Here’s what you need to know.

How Chime’s MyPay works

MyPay advances differ from the early direct deposits you’ll find from other banks, credit unions and financial services companies because with MyPay, you can request an advance at any time. Most companies that offer early paycheck access don’t deliver your funds sooner than two days before your scheduled payday.

MyPay advances range from $20 to $500 per paycheck. Your credit limit depends on factors such as your estimated income and Chime account history and can change anytime. Standard advance transfers, which can take up to two days to appear in your checking account, are free. MyPay instant advances cost $2 a transaction.

MyPay is available to people who receive qualifying direct deposits to their Chime checking accounts, including payroll, gig economy payments and government benefits. There’s no monthly subscription fee, and you can sign up without a credit check. Chime will not report your payment history to the credit bureaus.

If you live in an eligible state, you can join the waiting list now. Keep in mind that joining doesn’t guarantee eligibility. To move up on the waiting list, you can:

  • Set up and receive a qualifying direct deposit into your Chime checking account of at least $200.
  • Use the Chime referral link and invite your friends. If they open a Chime checking account and receive a qualifying direct deposit, you can move up on the waiting list -- and you’ll each get a $100 referral bonus.

Chime checking accounts overview

Chime offers a free checking account you can open with no minimum deposit. You won’t pay a monthly service fee, and there’s no minimum balance required to avoid fees. Chime also includes overdraft protection when you qualify for its SpotMe service. 

A Chime checking account includes:

  • Early paycheck direct deposit (up to two days early)
  • Fee-free network of more than 60,000 ATMs
  • Cash deposits accepted at more than 75,000 retail partner locations, including Walmart and CVS
  • Visa debit card with customizable card security

Chime regularly appears on CNET’s best online checking account list because of these perks and its 24/7 live customer service support. That said, the Consumer Financial Protection Bureau ordered Chime Financial, Inc. to pay a $4.5 million penalty for failing to refund people’s remaining balances within 14 days after they closed their checking or savings accounts.

How MyPay stacks up to similar offerings

Checking accounts that provide early paycheck access generally provide the cash two days before your scheduled payday at most. While this can alleviate some stress, MyPay offers up to $500 from your paycheck whenever you need it. The ability to choose when you access an interest- and fee-free advance on your paycheck can help you avoid costly alternatives such as payday lenders, credit cards and cash advances.

Here’s how Chime’s MyPay compares to other early paycheck or cash advance service providers.

ProductEarly accessFeesCash advance feeMax advanceInstant deposit fee
Chime MyPayAnytime$0$0$500$2 per transaction
Capital One 360 CheckingUp to 2 days before payday$0$0Paycheck balanceN/A
Chase Secure BankingUp to 2 days before paydayUp to $4.95/month$0Paycheck balanceN/A
BrigitAnytime$8.99 to $14.99/month$0$250$0.99 – $3.99
Credit cardsAnytime$157 average annual fee (for large issuers)% or $10 (whichever is greater)VariesN/A
Data accurate as of May 28, 2024.

Is Chime’s MyPay worth it?

Chime’s MyPay early paycheck advance will offer Chime checking account customers a cost-effective way to access a portion of their paycheck early for things like emergency expenses. And as long as you choose the standard paycheck advance rather than an instant advance, you won’t incur any fees to use this service. When used sparingly, MyPay can be a useful tool to cover the occasional budget shortfall and avoid costly monthly fees and interest charges.

If you find yourself repeatedly relying on paycheck advance services and living in a constant state of money stress, however, improving your financial literacy skills can help. In the meantime, signing up for Chime’s MyPay waiting list may be worthwhile.

Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
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