Chime does not offer a separate savings account, but it includes savings features built into its checking account

Chime is primarily a checking account — a place to deposit paychecks, pay bills, and spend money. It does not have a product called "savings account" that you open as a second account the way you might at a traditional bank. Instead, Chime built savings tools directly into the checking account itself.

The main savings feature is called SpotMe Boosts and automatic savings. When you set up automatic savings, Chime moves a portion of each deposit into a separate digital space within your account — not a different account number, but a distinct bucket of money you can see separately. You control how much gets moved and how often.

This matters because it changes how you think about the money. Instead of logging into two different places, you see your spending money and your savings money in one app, but they are visually separated. The savings portion earns no interest — Chime does not pay interest on savings — but it is there and it is yours.

Key Takeaways

  • Chime has automatic savings features built into its checking account, not a separate savings account product.
  • You can set up automatic transfers to move money from each deposit into a savings space within the same account.
  • Chime savings does not earn interest, so it is a tool for separating money you want to keep, not for growing it.
  • If you need interest-bearing savings, you would need to open a savings account at a different bank and transfer money there yourself.

How Chime's automatic savings works

When you set up automatic savings in the Chime app, you tell it what percentage of each direct deposit you want to move aside. For example, you might say "move 10% of every paycheck into savings." When your paycheck lands, Chime automatically moves that amount into the savings space.

You can change the percentage or pause automatic savings at any time through the app. The money stays in your Chime account — it does not go to a separate bank. This means you can move it back to your spending money if you need it, though the point of setting it up is to make that a deliberate choice rather than something that happens automatically.

Chime also offers Round-Ups, a different savings tool. When you make a purchase with your Chime debit card, Round-Ups rounds the amount up to the nearest dollar and moves the difference into savings. A $3.50 coffee becomes a $4 charge, and the 50 cents goes to savings. This happens automatically with every card purchase.

SpotMe Boosts and other Chime features

SpotMe Boosts are not savings tools — they are discounts. Chime partners with retailers and offers cardholders cash back on certain purchases. You might get 5% back at a grocery store or 10% at a gas station. This is a way to keep more of the money you spend, but it is not the same as saving.

Chime also offers early direct deposit, which means your paycheck can land up to two days before your employer officially sends it. This does not create savings, but it gives you access to money sooner, which some people use to manage cash flow.

Why Chime does not offer a traditional savings account

Chime is designed as a mobile-first checking account for people who want simplicity and speed. A separate savings account would require a second account number, a second login, and more complexity. By building savings tools into the checking account, Chime keeps everything in one place.

The trade-off is that Chime savings does not earn interest. A traditional bank savings account typically earns a small percentage of interest on the money you keep there — currently between 4% and 5% at many online banks. Chime savings earns nothing. If earning interest on savings matters to you, you would need to move money to a savings account at a different bank.

When to use Chime savings versus a separate savings account

Chime savings works well if you want a straightforward way to separate spending money from money you are setting aside, without managing multiple accounts. The automatic transfers make it straightforward to save without thinking about it. This is useful for people building an emergency fund or saving toward a specific goal.

A separate savings account at another bank makes more sense if you want your savings to earn interest, or if you want to keep savings completely separate from your checking account. Some people do both — they use Chime for checking and daily spending, and they keep a savings account elsewhere specifically for interest-bearing savings.

You can have a Chime checking account and a savings account at another bank at the same time. Many people do this. You would transfer money from Chime to the other bank's savings account when you want to move money into interest-bearing savings.

Fees and account requirements

Chime checking accounts have no monthly fee and no minimum balance requirement. There are no fees for using automatic savings or Round-Ups. This makes it inexpensive to use Chime's savings features as a way to separate money.

To open a Chime account, you need a Social Security number, a valid ID, and a way to verify your identity through the app. You do not need a credit check. Chime will issue you a debit card that arrives by mail within 7 to 10 days.

Frequently Asked Questions

Can I earn interest on money in Chime savings?

No. Chime savings does not earn interest. If you want your savings to grow through interest, you would need to open a savings account at a different bank — typically an online bank — and transfer money there from Chime.

What happens if I need the money in my savings space?

You can move it back to your spending money anytime through the Chime app. There is no penalty or waiting period. The savings space is just a way to visually separate money, not a locked account.

Can I set up automatic savings if I do not get direct deposit?

Chime's automatic savings feature is tied to direct deposit. If you do not receive direct deposit, you can still use Round-Ups to save automatically on card purchases, or you can manually transfer money to your savings space.

Do I need a separate savings account if I use Chime?

Not necessarily. If you only want to separate spending money from savings money and do not need interest, Chime's built-in savings tools are enough. If you want your savings to earn interest, you would need a savings account elsewhere.

How long does it take to move money from savings back to spending?

It is when ready within the Chime app. You can move money between your savings space and spending money anytime, and it shows up when ready.