Chime offers a savings account, but it works differently than a traditional bank savings account

Chime's savings product is called a Savings Account, and it is a real savings account — but it is held at a bank partner, not at Chime itself. Chime is a financial technology company, which means it does not hold deposits the way a traditional bank does. Instead, Chime partners with banks like Stride Bank and Bancorp Bank to actually hold your money. Your savings account sits at one of these partner banks, and Chime provides the app and tools you use to manage it.

The account works like a standard savings account in most ways: you deposit money, it sits there earning interest, and you can withdraw it when you need it. The main difference is how you interact with it — through Chime's mobile app rather than walking into a branch. Your deposits are insured the same way they would be at any bank, up to $250,000 per account holder through the Federal Deposit Insurance Corporation (FDIC).

Key Takeaways

  • Chime's Savings Account is held at partner banks like Stride Bank or Bancorp Bank, not at Chime itself, and is FDIC-insured up to $250,000.
  • You manage the account entirely through Chime's mobile app — there are no branches, no paper statements, and no minimum balance requirement.
  • The account earns interest, though the rate varies and changes over time depending on what Chime's partner banks are offering.
  • You can link your Chime Savings Account to your Chime checking account to move money between them when ready within the app.
  • Withdrawals are free when you use Chime's network of ATMs, but out-of-network ATM fees may explore depending on your account type.

How interest works on a Chime savings account

Your Chime Savings Account earns Annual Percentage Yield (APY), which is the amount of interest the bank pays you on your balance over one year. The APY rate is not set by Chime — it is set by the partner bank holding your money, and it changes based on what that bank decides to offer. This means the rate you earn today may be different from the rate you earn next month.

Interest is calculated daily and deposited into your account monthly. That means if you have $1,000 in your savings account, the bank calculates how much interest that $1,000 earns each day, and at the end of the month, that interest is added to your balance. The more money you keep in the account and the higher the APY, the more interest you earn.

To see what APY Chime is currently offering, you need to check the Chime app or website directly, because rates change frequently. The rate you receive may also depend on which Chime account type you have — Chime offers different account tiers with different features.

Moving money between your Chime checking and savings accounts

If you have both a Chime checking account and a Chime Savings Account, you can move money between them when ready through the app. This is useful if you want to keep some money separate for savings but still have quick access to it. There is no fee to transfer money between your own accounts, and the transfer happens right away — you do not have to wait for it to process.

You can also set up automatic transfers from your checking account to your savings account. For example, you could tell Chime to move $25 from checking to savings every time you get paid. This helps you save without having to remember to do it manually.

Accessing your money: ATMs and withdrawals

You can withdraw money from your Chime Savings Account at ATMs, but how much it costs depends on which ATM you use. Chime has a network of ATMs where withdrawals are free. If you use an ATM outside Chime's network, you may be charged a fee by that ATM's operator — Chime does not charge you, but the ATM owner does.

You can also transfer money from your savings account to your checking account through the app and then use your Chime debit card to spend it. This is free and when ready. Some account types include cash back at stores, which lets you withdraw cash when you make a purchase without paying an ATM fee.

No minimum balance and no monthly fees

Chime's Savings Account has no minimum balance requirement, which means you can open it and keep any amount in it — even $1. You also do not pay a monthly maintenance fee just for having the account open. This makes it a low-barrier way to start saving if you are new to banking or working with a tight budget.

However, some features or account upgrades may have associated costs. For example, Chime offers a paid membership tier called Chime Premium that includes additional benefits. Check the Chime app to see what account options are available and what, if anything, costs money.

How Chime's savings account compares to a traditional bank savings account

The main practical difference is access: with Chime, everything happens on your phone through the app. There is no branch to visit, no teller to talk to in person, and no paper statements mailed to your home. All your account information, transfers, and settings are in the app.

A traditional bank savings account at a brick-and-mortar bank gives you the option to visit a branch and speak with someone face-to-face. It may also offer a physical savings book or paper statements. Both types of accounts are FDIC-insured and earn interest, so the core function is the same — the difference is mainly how you interact with your money.

Chime's savings account may also offer different interest rates than your local bank, depending on what each institution is offering at any given time. Online banks and fintech companies like Chime sometimes offer higher APY rates than traditional banks because they have lower operating costs.

What happens if Chime shuts down or goes out of business

Your money is safe because it is held at a real bank, not at Chime. If Chime went out of business tomorrow, your savings account would still exist at the partner bank (Stride Bank or Bancorp Bank) that actually holds it. You would still own your money, and you could still access it — you might just need to contact the partner bank directly instead of using Chime's app.

Your deposits are also protected by FDIC insurance, which means if the partner bank itself failed, the federal government would reimburse you up to $250,000. This protection exists whether you bank with Chime or with any other bank.

Frequently Asked Questions

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

Yes. You can open a Chime Savings Account on its own without opening a checking account. However, many of Chime's features and benefits are designed to work best when you have both accounts linked together.

How much interest will I earn?

The amount of interest depends on the APY rate Chime is offering and how much money you keep in the account. Check the Chime app for the current rate, which changes over time. For example, if the APY is 2% and you have $1,000 in the account, you would earn roughly $20 in interest over one year.

Can I withdraw money from my savings account anytime?

Yes. Unlike some savings accounts that limit how many withdrawals you can make per month, Chime's Savings Account allows unlimited withdrawals. You can take money out whenever you need it without penalty.

Is my money safe in a Chime savings account?

Yes. Your money is held at a real bank partner and is FDIC-insured up to $250,000. FDIC insurance means the federal government guarantees your deposits even if the bank fails.

What is the difference between Chime and the bank that actually holds my money?

Chime is the company that provides the app and customer service. The partner bank (Stride Bank or Bancorp Bank) is the institution that legally holds your deposits and earns interest on them. You interact with Chime, but your money is at the bank.