Chime is introducing a new investment product called Chime Invest, which allows users to buy stocks and exchange-traded funds without commission fees through their app. Customers can choose to manage their investments themselves or have a tailored portfolio created by Chime’s partner, Atomic Invest, with no minimum account balance or fees for Chime Prime members.
Chime recently implemented a tiered membership structure, with different annual management fees for its portfolio options: 0.10% for Chime Plus members and 0.25% for others. CEO Chris Britt emphasized the ease of transitioning from saving to investing through Chime’s platform, which has garnered the trust of millions.
The general release of Chime Invest is expected soon, positioning Chime in a competitive market alongside platforms like Robinhood. A recent Gallup survey indicates that about 40% of Americans do not invest in stocks, while many of Chime’s customers cited time constraints and costs associated with professional advice as significant barriers to investing.
Chime users can begin investing with as little as $1, and investment accounts are protected up to $500,000 through the Securities Investor Protection Corporation (SIPC).
