Chime Offers Competitive Interest Rates as It Prepares for IPO

Chime Offers Competitive Interest Rates as It Prepares for IPO
Chime is ramping up its offerings ahead of its public debut by providing an attractive 3.75% APY for customers who set up direct deposit into their accounts. This rate significantly surpasses the national average of 0.61% APY. The digital bank, which has 7 million customers, aims to enhance customer retention with new features like a redesigned app and cashback offers. Chime, valued at $25 billion, has raised $2.65 billion from notable investors. Its latest enhancements reflect a broader trend in fintech, where companies are innovating to attract users.