Chime offers both, but they work differently than traditional bank accounts
Chime is not a single account type — it's a mobile banking platform that lets you open a checking account, a savings account, or both at the same time. The checking account is what most people use as their primary account, where paychecks land and bills get paid. The savings account is separate, with its own card and its own balance, designed to hold money you're setting aside.
The key difference from a traditional bank: Chime doesn't own a bank charter itself. Instead, Chime partners with Bancorp Bank or Stride Bank (depending on which account you open) to hold your actual deposits. This matters because it means your money is FDIC-insured up to $250,000 per account type, just like at any other bank — but Chime handles the interface and the features you interact with.
When you sign up for Chime, you choose which account or accounts to open. Most people start with the checking account because that's where direct deposit lands. The savings account is optional and comes with a separate debit card if you want one, though most people use it only for transfers from their checking account.
Key Takeaways
- Chime's checking account is where your paycheck deposits and where you spend money using the debit card, just like a traditional checking account.
- Chime's savings account is a separate account with its own balance and its own optional debit card, designed to hold money you want to keep separate from spending.
- You can open a checking account alone, a savings account alone, or both accounts together in the same Chime app.
- Both accounts are FDIC-insured through Chime's partner banks, so your deposits are protected the same way they would be at a traditional bank.
- The checking account charges no monthly fee and offers early direct deposit, while the savings account earns interest at a rate that varies based on your account balance.
How the Chime checking account works
The Chime checking account is a transaction account — it's designed for money coming in and going out. Your paycheck deposits there, your bills come out of there, and you use the debit card to spend from there. There's no monthly fee, no minimum balance requirement, and no overdraft fees, even if you spend more than you have (Chime will decline the transaction instead of charging you).
The checking account comes with a physical debit card and a virtual card number you can use online. You can set up direct deposit from your employer, transfer money to other people using Chime's peer-to-peer feature, and pay bills through the app. The account number and routing number work like any other checking account if you need to provide them to an employer or creditor.
One feature specific to Chime checking: early direct deposit. If your employer uses the ACH network (which most do), Chime deposits your paycheck up to two days early. This is not a loan — it's just Chime processing the deposit before the official payday. If the deposit fails for any reason, Chime reverses it.
How the Chime savings account works
The Chime savings account is a deposit account — it's meant to hold money you're not spending right now. It earns interest, though the rate is low and changes based on how much money you have in the account. The account has no monthly fee and no minimum balance, so you can open it and leave it empty if you want.
The savings account is completely separate from your checking account. Money doesn't automatically move between them. If you want to move money from checking to savings, you initiate a transfer in the app, and it usually lands within minutes. You can also set up automatic transfers — for example, moving $50 from checking to savings every payday.
The savings account comes with an optional debit card, but most people don't use it. The card works the same way as the checking card, but it draws from your savings balance instead. The main reason to have it is if you want a physical way to spend from savings without moving money back to checking first.
The difference between Chime's checking and savings accounts
| Feature | Checking Account | Savings Account |
|---|---|---|
| Purpose | Daily spending and bill payments | Holding money you want to keep separate |
| Monthly fee | None | None |
| Minimum balance | None | None |
| Debit card included | Yes, physical and virtual | Optional physical card |
| Interest earned | No | Yes, rate varies by balance |
| Early direct deposit | Yes, up to 2 days early | No |
| Overdraft fees | None (transactions decline) | None |
Which account should you open first
Start with the checking account. That's where your paycheck will land, where you'll pay bills, and where you'll use the debit card for everyday spending. You can open it in about five minutes using the Chime app on your phone — you'll need your Social Security number, a government ID, and a phone number.
Open the savings account later, only if you want a separate place to hold money. Some people use it to save for a specific goal (a vacation, a car repair fund, an emergency buffer). Others never open it because they prefer to keep all their money in one place. There's no penalty for not opening it, and you can always add it later.
If you're trying to decide between Chime and a traditional bank, the checking account is the main draw — the early direct deposit and lack of fees make it useful for people who get paid frequently or who want to avoid overdraft charges. The savings account is less competitive because the interest rate is typically lower than what you'd get from an online savings account at a bank like Ally or Marcus.
FDIC protection and where your money actually sits
Your Chime checking account is FDIC-insured through Bancorp Bank, and your Chime savings account is FDIC-insured through Stride Bank. This means each account is protected up to $250,000 if the bank fails. Because they're at different banks, you get $250,000 protection on each account — $500,000 total if you have both.
This is important to understand: Chime is not a bank, so it doesn't hold your money directly. Chime is a technology company that partners with banks to offer accounts. When you deposit money into Chime, it goes into an account at Bancorp or Stride, and Chime shows you the balance in its app. You're not taking on any extra risk by using Chime instead of going directly to the bank — the FDIC protection is the same.
Frequently Asked Questions
Can I have both a Chime checking and savings account at the same time?
Yes. You can open both accounts in the same app, and they work independently. Money in your checking account doesn't automatically move to savings, and vice versa. You control when and how much you transfer between them.
Does Chime charge monthly fees?
No. Neither the checking account nor the savings account has a monthly maintenance fee, a minimum balance requirement, or an overdraft fee. The only fees Chime charges are for things like wire transfers or replacement cards.
Can I use Chime as my main bank account?
Yes. Many people use Chime checking as their primary account because there are no fees, no minimum balance, and early direct deposit. The main limitation is that Chime doesn't have physical branches, so if you need to deposit cash or speak to someone in person, you'll need another account or a partner bank's ATM.
What's the interest rate on Chime savings?
Chime's savings rate varies based on your account balance and changes over time. You can see the current rate in the app before you open the account. It's typically lower than rates at online-only banks, so if earning interest is your main goal, compare it to other savings accounts first.
If Chime goes out of business, do I lose my money?
No. Your money is held at Bancorp Bank (checking) or Stride Bank (savings), not at Chime. If Chime shut down, your accounts would continue to exist at those banks, and you'd still have FDIC protection. You might lose access to the Chime app temporarily, but your deposits would be safe.