What a Chime savings account does

A Chime savings account is a separate account linked to your Chime checking account where you can set money aside and earn interest on it. The account has no monthly fees, no minimum balance requirement, and no penalty for withdrawing your money. You can move money between your Chime checking and savings accounts when ready through the Chime app, and you can see your savings balance alongside your checking balance whenever you log in.

The main difference between a Chime savings account and keeping money in your checking account is that savings accounts pay you interest — a small percentage of your balance each month — while checking accounts typically do not. The interest rate changes over time based on what the Federal Reserve does with interest rates nationwide, so the amount you earn will vary from month to month.

Key Takeaways

  • A Chime savings account earns interest on your balance, while a checking account does not, so money sitting in savings grows slightly over time.
  • You can move money between your Chime checking and savings accounts when ready through the app with no fees or waiting period.
  • There is no minimum balance to open or keep a Chime savings account, and you can withdraw money whenever you need it without penalty.
  • Your Chime savings account is insured by the FDIC up to $250,000, the same protection that covers your checking account.

How to open a Chime savings account

If you already have a Chime checking account, opening a savings account takes just a few taps in the app. Go to the Accounts tab, select "Open a Savings Account," and follow the prompts. Chime will ask you to confirm your identity and review the account terms, but you will not need to provide new documents or wait for approval — the account opens when ready.

If you do not yet have a Chime checking account, you will set up both accounts at the same time when you sign up for Chime. The process is the same: provide your name, date of birth, Social Security number, and address, then verify your identity using your phone. Once that is done, both accounts are ready to use.

Moving money in and out of your savings account

You can move money from your checking account to your savings account anytime through the Chime app — there is no limit on how many transfers you can make per month, and the money appears in your savings account when ready. To transfer, open the app, go to the Accounts tab, select your savings account, tap "Transfer," choose how much to move, and confirm. The money leaves your checking account right away.

Withdrawing money from your savings account works the same way. You can transfer it back to your checking account and then use your Chime debit card to spend it, or you can withdraw cash from an ATM using your Chime card. There is no waiting period and no fee for moving money out, so your savings account is not a place where your money gets locked away — you can access it whenever you need it.

How interest works on your Chime savings account

Chime pays interest on your savings account balance, meaning the bank gives you a small amount of money each month just for keeping your money there. The interest rate is set by Chime and changes based on what happens with interest rates in the broader economy. When the Federal Reserve raises rates, Chime typically raises its savings rate; when rates fall, Chime's rate usually falls too.

Interest is calculated daily based on your account balance and paid monthly. If you have $1,000 in your savings account for a full month, you will earn a small amount of interest on that $1,000. If you add $500 midway through the month, the interest for the rest of that month is calculated on the higher balance. The interest amount is usually small — often just a few dollars per month on a typical balance — but it is real money that grows your account without you doing anything.

You can see how much interest you have earned by checking your account statement in the Chime app. The interest appears as a deposit to your savings account, and you can use it or leave it there to earn interest on top of it.

Keeping your savings account safe

Your Chime savings account is insured by the Federal Deposit Insurance Corporation, or FDIC, which is a government agency that protects customer deposits at banks. The FDIC covers up to $250,000 per account, per bank, so as long as your balance stays under $250,000, your money is fully protected if something goes wrong with Chime.

Because your Chime checking and savings accounts are separate accounts at the same bank, they each have their own $250,000 FDIC protection. This means if you have $200,000 in checking and $200,000 in savings, both amounts are fully covered. You control access to your savings account through the same login and security settings as your checking account, so if you set up a PIN or biometric login on your Chime app, that protects both accounts.

Why you might use a Chime savings account

A Chime savings account makes sense if you want to separate money you are saving from money you spend regularly. Keeping your savings in a different account — even though you can move money between them when ready — creates a mental boundary that can help you stick to your savings goals. You see your checking balance and your savings balance separately in the app, which makes it easier to know how much you have set aside.

The interest you earn is another reason to use it. The amount is small, but it is real money that grows your balance over time without any effort on your part. If you have $5,000 sitting in your savings account for a year, you might earn $50 to $100 in interest depending on Chime's rate that year — that is money you would not have earned if you kept it in checking.

A Chime savings account also works well if you are new to banking and want to learn how savings accounts function before opening one at a traditional bank. There are no fees, no minimum balance, and no complicated rules, so you can experiment with saving without risk.

Frequently Asked Questions

Can I have more than one Chime savings account?

No, Chime allows you to open one savings account per Chime checking account. If you want to separate your savings into different categories — like an emergency fund and a vacation fund — you can use the goals feature in the Chime app, which lets you create separate savings buckets within your one savings account.

What happens to my interest if I withdraw money from my savings account?

Your interest is calculated daily based on your balance, so if you withdraw money, the interest you earn for the rest of that month is calculated on the lower balance. For example, if you have $1,000 for 15 days and then withdraw $500 for the remaining 15 days, you earn interest on both amounts for the days you held them. You do not lose interest you have already earned.

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

There is no limit on how much you can save, as long as your balance stays under $250,000 (the FDIC insurance limit). You can deposit as much as you want, and there is no fee for having a large balance. The only limit is the FDIC protection — amounts over $250,000 would not be insured.

Do I need a separate debit card for my savings account?

No, you use the same Chime debit card for both accounts. When you want to spend money from your savings, you transfer it to your checking account first, then use your card. You cannot swipe your card directly from savings — the transfer step is required.