Saving Money as a Family With a Bare-Bones Spending Account

If you’re looking for a way to spend and save more effectively, your family may want to consider opening a bare-bones spending account rather than going for a more high-end bank account. These accounts can be an easy way for you to get all the benefits of a bank account without having to deal with fees and other issues. If a Chime spending account or a similar bare-bones option is something you’re interested in, here are four ways it can help you save.

1. Very Few Fees

Spending accounts typically have very few fees. Chime, for example, is an online-only bank that doesn’t have too many offerings. In conjunction with that, it also has very few fees, with no monthly fees, overdraft fees, or ATM fees for in-network ATMs. When you have a Chime account, the only fees you’ll pay are fees for withdrawing money from an out-of-network ATM if you need to do so.

2. Options for High-Yield Savings

A Chime account is a spending account, but when you have a spending account open, you also have the opportunity to open a savings account as well. This savings account is fairly high-yield, with an APY that’s much higher than the national average, and there are no minimum balance requirements and no cap on how much you can earn. If you have money that you’re not really doing anything with, the savings account can be a great option.

3. Online and Mobile Banking Options

Online-only banks have been built from the ground up for easier online and mobile banking. While a brick-and-mortar bank may definitely have a mobile app, especially nowadays as it’s becoming more and more common, it’s common to see mobile apps that are clunky and hard to work with. With a spending account that only operates online, it’s the only way to access your money, which means it has to be intuitive and easy to use.

4. Early Direct Deposit Opportunities

Direct deposit is one of the easiest ways to get paid. With direct deposit, instead of picking up a physical paycheck and depositing it every month, your boss will automatically deposit your money into your bank account. Setting up direct deposit is typically extremely easy, and you may be able to get paid even a few days early when you have direct deposit set up. Online-only banks often make it as easy as possible to set up direct deposit for a paycheck or government stipend.


For some things, it can be very helpful to have a bank account behind you. If you need a mortgage or a loan, for example, you’re probably going to need to go to a physical bank to apply for one. However, if you’re just looking for a bank account that you can put money in and spend money from, a spending account is absolutely your best option. These four benefits should outline why a bare-bones spending account can be so helpful for your family.