Chime does not offer a traditional savings account

Chime's core product is a checking account with a debit card. The company does not operate a separate savings account product the way banks like Chase or Bank of America do. If you open a Chime account, you get one account with one routing number and one account number — that account functions as your checking account.

This matters because it changes how you save money with Chime. You cannot transfer funds from a Chime checking account into a Chime savings account, because there is no Chime savings account to transfer into. Any money you want to set aside has to stay in the same checking account, or move to a savings account at a different institution.

Key Takeaways

  • Chime offers only a checking account, not a savings account, so all your money sits in one account regardless of how you want to use it.
  • Chime's checking account earns no interest, so money in your Chime account does not grow over time the way it would in a high-yield savings account elsewhere.
  • If you want to save money while using Chime, you can open a savings account at another bank and transfer funds between institutions using your Chime routing number.
  • Chime does offer early direct deposit, which can get your paycheck into your account up to two days before your employer's official payday.

How Chime's checking account works as a spending tool

Chime's checking account comes with a debit card, online access, and the ability to receive direct deposits and make transfers. You can set up automatic bill payments, receive ACH transfers from other accounts, and withdraw cash at ATMs in the Chime network (which includes MoneyLion ATMs and some Allpoint locations). The account has no monthly fee and no minimum balance requirement.

The account is designed for spending and bill payment, not for saving. Chime does not charge overdraft fees if you go negative — instead, the transaction may be declined or you may be able to use Chime's SpotMe feature, which lets you overdraw by a small amount without a fee. But the core function remains: this is a place to hold money for when ready use, not to set it aside and watch it grow.

Why the lack of a savings account matters for your money

A savings account at most banks earns interest — sometimes very little, sometimes more. High-yield savings accounts at online banks currently pay between 4% and 5% annual interest, meaning money sitting there grows without you doing anything. Chime's checking account earns zero interest. If you keep $5,000 in Chime for a year, it will still be $5,000 at the end of that year.

This does not make Chime a bad choice for a checking account — many checking accounts earn no interest. But it does mean that if you want to save money, keeping it in Chime is not the way to do it. You would be better served by moving money you do not plan to spend soon into a savings account at another bank, even if that account is at a different institution from your checking account.

How to save money while using Chime as your checking account

The straightforward approach is to open a savings account at a different bank and transfer money between accounts as needed. You can use your Chime routing number and account number to set up transfers from Chime to another bank, or to have money deposited directly into Chime from your employer and then move it to savings. Most transfers between banks take one to three business days.

Some people use a separate high-yield savings account at an online bank like Marcus, Ally, or American Express Personal Savings for the interest, and keep Chime as their spending account. Others use a credit union savings account if they have access to one. The key is that the savings account does not have to be at the same institution as your checking account — in fact, keeping them separate can make it harder to accidentally spend money you meant to save.

Chime's early direct deposit feature

Chime does offer one feature that can help with cash flow: early direct deposit. If your employer uses direct deposit, Chime can deposit your paycheck up to two days before your official payday. This does not add money to your account — it just moves the timing forward. But if you are paid on the 15th and the 30th, and you need money on the 13th, early direct deposit can bridge that gap without requiring a loan or overdraft.

Early direct deposit is automatic if your employer's payroll system supports it. You do not need to do anything to turn it on. Not all employers participate, so you may not see the early deposit feature available to you — it depends on how your employer's payroll processor connects to Chime's system.

Alternatives if you need both checking and savings in one place

If you want a single institution that offers both checking and savings accounts, you would need to switch from Chime to a traditional bank or credit union. Most banks offer both products, and many allow you to link them so money moves easily between accounts. Some online banks like Ally or Marcus offer both checking and savings, though not all do.

The trade-off is that traditional banks often charge monthly fees, require minimum balances, or offer lower interest rates on savings than specialized high-yield savings accounts. Chime's advantage is that it has no fees and no minimums — but that advantage only applies to the checking account, not to savings.

Frequently Asked Questions

Can I earn interest on money in my Chime account?

No. Chime's checking account earns zero interest. If you want to earn interest on your savings, you need to move money to a savings account at a different bank or credit union.

Can I transfer money from Chime to a savings account at another bank?

Yes. You can set up an ACH transfer from your Chime checking account to a savings account at another institution using your Chime routing and account number. Transfers typically take one to three business days.

Does Chime charge fees for transfers to other banks?

No. Chime does not charge fees for ACH transfers to other banks. The receiving bank may have its own rules, but Chime's side is free.

What happens if I need to save money but do not want to open another account?

You can keep money in your Chime checking account, but it will not earn interest and you may be tempted to spend it. If you want to save without opening another account, you would need to switch to a bank that offers both checking and savings products.

Does Chime offer any other savings features like goal-setting or automatic transfers?

Chime's main features are checking, debit card, and early direct deposit. The company does not offer built-in savings tools like automatic transfers to savings or savings goals. You would need to manage savings transfers yourself or use a separate savings account.