Chime does not offer a separate savings account, but it does offer savings tools built into its checking account
Chime's main product is a checking account, not a savings account. However, Chime includes features designed to help you set money aside without opening a second account elsewhere. The most useful of these is Automatic Savings, which moves a portion of each deposit into a separate digital space within your Chime account. This is not a savings account in the traditional sense—it does not earn interest—but it does create a visual and functional separation between money you plan to spend and money you want to keep.
If you are looking for interest-bearing savings, you will need to open an account at a different bank or financial institution. Chime does not pay interest on any balance, whether it sits in your checking space or in the Automatic Savings feature.
Key Takeaways
- Chime's Automatic Savings feature lets you set aside money from each paycheck or deposit, but it does not earn interest.
- Money in Automatic Savings stays in your Chime account and is accessible if you need it, unlike money locked in a certificate of deposit.
- If earning interest on savings is important to you, you will need to move money to a separate savings account at another bank.
- Chime's main strength is fast direct deposit and fee-free checking, not savings growth.
How Chime's Automatic Savings Works
When you set up Automatic Savings, you choose a percentage of each deposit that Chime will move into a separate bucket within your account. For example, you might choose to save 10% of every paycheck. When your paycheck lands, Chime automatically moves that percentage to your savings space before you see the full amount in your spending balance.
The money is still yours and still in your Chime account—you can move it back to your checking space or withdraw it at any time without penalty. There is no lock-in period and no minimum balance requirement. The purpose is behavioral: by moving the money automatically, you are less likely to spend it without thinking.
Chime also offers Round-Ups, a second savings feature. When you make a debit card purchase, Chime rounds the amount up to the nearest dollar and moves the difference to your savings space. If you buy coffee for $3.47, Chime saves $0.53. This happens automatically with every transaction, and the amounts are small enough that most people do not notice them leaving their checking balance.
Why Chime Does Not Offer Interest-Bearing Savings
Chime is a fintech company, not a traditional bank. It partners with banks (currently Stride Bank and Bancorp Bank) to hold customer deposits, but Chime itself does not take deposits or lend money. This business model lets Chime keep fees low and offer fast direct deposit, but it also means Chime does not have the infrastructure to offer interest-bearing accounts.
Banks that offer interest on savings accounts use customer deposits to make loans and investments. The interest they pay you comes from the profit they make on those loans. Chime's partner banks could theoretically offer interest, but Chime has chosen not to include this feature in its product. If interest earnings matter to you, this is a real limitation of Chime.
Where to Move Money If You Want Interest
If you want your savings to earn interest, you have several options. High-yield savings accounts at online banks currently pay between 4% and 5% annual interest, depending on the bank and the current interest rate environment. Banks like Marcus, Ally, and American Express Personal Savings all offer these accounts and allow you to open them online in minutes.
You can keep your Chime checking account for everyday spending and direct deposit, then transfer money to a high-yield savings account at another bank when you want to save. This takes an extra step, but it lets you earn interest on the money you set aside. Transfers between banks typically take one to three business days.
If you want to keep everything in one place, you could switch to a bank that offers both a checking account and an interest-bearing savings account. However, you would lose Chime's main advantages: early direct deposit (usually two days early) and no overdraft fees.
Comparing Chime to Banks With Savings Accounts
| Feature | Chime Checking | Traditional Bank (Checking + Savings) | Online Bank (High-Yield Savings) |
|---|---|---|---|
| Monthly fees | None | Often $0–$15 | None |
| Interest on savings | No | Usually 0.01%–0.05% | Usually 4%–5% |
| Early direct deposit | Yes (usually 2 days early) | No | No |
| Overdraft fees | None | Often $25–$35 per overdraft | None |
| Savings tools built in | Yes (Automatic Savings, Round-Ups) | Yes | No |
The Real Trade-Off: Savings Tools vs. Interest
Chime's Automatic Savings and Round-Ups features are genuinely useful if you struggle to save money. Automating the process removes the decision-making step, and many people find that small, invisible transfers add up faster than they expect. Over a year, Round-Ups alone can accumulate $100 to $300 depending on how often you use your debit card.
However, this is not the same as earning interest. If you save $1,000 using Chime's tools, it will still be $1,000 a year later. At a high-yield savings account paying 4.5%, that same $1,000 would grow to $1,045. The difference is small on modest balances, but it compounds over time.
The choice depends on what matters more to you: the behavioral push to save (which Chime does well) or the growth of your savings through interest (which Chime does not offer). Many people use both—Chime for checking and automatic saving, and a separate high-yield account for larger sums they want to grow.
Frequently Asked Questions
Can I transfer money from Chime to a savings account at another bank?
Yes. You can transfer money from your Chime checking account to any other bank account you own using ACH transfer (usually takes one to three business days) or by linking your Chime account to another bank's app. You can also withdraw cash at ATMs and deposit it elsewhere, though this is slower and less convenient.
Does Chime charge a fee if I move money out of Automatic Savings?
No. You can move money between your Chime checking space and your Automatic Savings space at any time without fees or penalties. There is no lock-in period.
If I use Chime's Round-Ups, where does that money go?
Round-Up savings go into the same Automatic Savings space within your Chime account. You can see the total and move it back to your checking balance whenever you want.
What happens to my Automatic Savings if I close my Chime account?
Any money in your Automatic Savings space will be returned to you as part of your final account balance. Chime will send it to you via direct deposit, check, or transfer to another bank account, depending on what you request.
Can I earn interest if I keep a large balance in Chime?
No. Chime does not pay interest on any balance, regardless of how much money you have in the account. Interest is not a feature Chime offers.