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

Chime's main product is a checking account, not a separate savings account. However, Chime includes savings tools directly within that checking account — specifically, a feature called SpotMe Boost and automatic savings options that let you set money aside without opening a second account elsewhere.

If you are looking for a place to keep money separate from your everyday spending, Chime's built-in savings features may work for you. But if you want a standalone savings account with a higher interest rate, you would need to open one at a different bank and link it to your Chime checking account.

Key Takeaways

  • Chime offers savings features within its checking account, not a separate savings account product.
  • Chime's automatic savings tools let you round up purchases or set aside a percentage of direct deposits without a second account.
  • Chime's checking account earns no interest, so money in it does not grow over time.
  • If you want higher interest on savings, you would need to open a savings account at another bank and transfer money there from Chime.

How Chime's savings features work within checking

Chime's savings tools are designed to help you set money aside automatically, without requiring you to manage a separate account. The main feature is automatic round-ups: when you make a purchase with your Chime debit card, the transaction rounds up to the nearest dollar, and the difference moves into a savings pocket within your account.

For example, if you buy coffee for $3.50, Chime rounds it to $4.00 and moves $0.50 into savings. Over time, these small amounts add up. You can also set up automatic transfers from each paycheck — a percentage or a fixed dollar amount — that moves directly into your savings pocket when your direct deposit arrives.

These savings stay in your Chime account and are accessible to you, but they are separated from the money you spend daily. You can move the money back to your main checking balance whenever you need it.

Interest rates and how your savings grow

Chime's checking account, including the savings pocket within it, earns no interest. This means money you set aside does not grow on its own — it straightforward sits there until you spend it or move it elsewhere.

If earning interest on savings is important to you, you would need to open a high-yield savings account at another bank. Many online banks offer savings accounts that earn interest rates significantly higher than zero. You could keep your Chime checking account for daily spending and bills, then transfer money you want to save to a higher-yield account at another institution.

When Chime's savings features make sense

Chime's built-in savings tools work best if you want a straightforward way to separate spending money from savings money without managing multiple accounts. The automatic round-up feature is useful if you make frequent small purchases and want those tiny amounts to accumulate without thinking about it.

Chime's approach also works if you do not have much money to save yet and are building the habit of setting money aside. Since there is no minimum balance requirement and no monthly fee, you can start with whatever amount you can afford.

However, if you already have a substantial amount to save or if you want your money to earn interest, Chime alone is not the right tool. In that case, you would use Chime for checking and everyday spending, then move savings to an account that pays interest.

How to set up savings features in Chime

Once you have a Chime checking account, you can turn on savings features through the Chime mobile app. The app shows you your main checking balance and your savings pocket side by side, and you can adjust your automatic savings settings — round-up percentage, automatic transfer amounts, or both — at any time.

You do not need to open anything new or provide additional information. The savings pocket is part of your existing account. If you decide you do not want to use the savings features, you can turn them off just as easily.

Linking a separate savings account to Chime

If you want to save money at a higher interest rate, you can open a savings account at another bank and link it to your Chime checking account. Many online banks let you link external accounts and transfer money between them in one or two business days.

This approach gives you the best of both: Chime for checking and daily spending, and a separate high-yield savings account where your money actually earns interest. You would manually transfer money from Chime to savings when you want to move it, or set up automatic transfers on a schedule that works for you.

Frequently Asked Questions

Can I earn interest on money in my Chime account?

No. Chime's checking account and its built-in savings pocket earn no interest. If you want your savings to grow through interest, you would need to open a savings account at a different bank that offers interest-bearing accounts.

Is there a limit to how much I can save in my Chime savings pocket?

Chime does not publish a specific limit on the savings pocket balance. However, like all bank accounts, there are federal insurance limits — the FDIC insures up to $250,000 per account holder per bank. For most people saving smaller amounts, this is not a practical concern.

What happens if I need to withdraw money from my savings pocket?

You can move money from your savings pocket back to your main checking balance anytime through the Chime app. The transfer is when ready, and there is no fee or penalty for doing so.

Can I have a Chime savings account without a checking account?

No. Chime only offers savings features as part of its checking account product. You cannot open a savings account with Chime on its own.