Chime offers both checking and savings accounts, and they work together as a pair

Chime's main product is a checking account that comes with a debit card. When you open a Chime account, you get a checking account by default. The savings account is separate—you can open one at the same time, but it is a different product with different rules about how you use the money.

The checking account is where your paycheck lands and where you spend money day to day. The savings account is where you can set aside money and earn interest on it. They are linked to the same Chime profile, so you can move money between them when ready through the app, but they are legally and functionally different accounts.

Key Takeaways

  • Chime's checking account comes with a debit card and is designed for everyday spending and bill payments.
  • Chime's savings account is optional and earns interest, but has limits on how many times per month you can withdraw money.
  • Both accounts share the same Chime app and are connected to the same profile, so you can move money between them when ready.
  • The checking account has no monthly fee, and the savings account has no monthly fee either, though interest rates change over time.

How the Chime checking account works

The checking account is a transaction account—it is built for money moving in and out. You can deposit paychecks directly into it, pay bills from it, use the debit card to buy things, and withdraw cash from ATMs. Chime does not charge a monthly maintenance fee for the checking account.

The account comes with early direct deposit, which means your paycheck can land up to two days before your employer's official payday. You also get access to Chime's ATM network, which includes over 60,000 ATMs nationwide through Allpoint and MoneyPass. If you use an out-of-network ATM, Chime reimburses the fee.

The checking account has no minimum balance requirement. You can keep $0 in it and still use it. There is no overdraft fee if you spend more than you have—Chime will decline the transaction instead of charging you.

How the Chime savings account works

The savings account is optional and is built for holding money, not spending it. You earn interest on whatever you keep in the savings account. The interest rate changes based on market conditions, so it is not fixed. You can check the current rate in the Chime app.

The savings account has a withdrawal limit: you can make up to six withdrawals or transfers out per month without penalty. This is a federal rule that applies to most savings accounts, not a Chime-specific rule. If you exceed six withdrawals in a month, Chime charges a fee for each withdrawal over the limit.

Like the checking account, the savings account has no monthly fee and no minimum balance. You can open it with $0 and add money whenever you want.

Moving money between checking and savings

You can transfer money from checking to savings, or from savings to checking, when ready through the Chime app. These transfers do not count toward the six-withdrawal limit on the savings account—the limit applies only to money leaving the savings account entirely (going to another bank or to cash).

This means you can use the savings account as a holding place and move money back to checking whenever you need it, without hitting the withdrawal limit. Many people use this to separate spending money from money they want to keep.

When to use checking versus savings

Use the checking account for money you plan to spend soon: paychecks, bill payments, everyday purchases, and cash withdrawals. The checking account is designed for this and has no limits on how many times you can use it.

Use the savings account for money you want to keep and earn interest on. If you have a goal—an emergency fund, a down payment, a vacation—the savings account lets that money grow. Because of the six-withdrawal limit, it is best for money you do not plan to touch often.

Some people keep most of their paycheck in checking and move a fixed amount to savings each month. Others move money to savings and then transfer it back to checking as needed. The app makes both approaches straightforward.

Fees and costs

Neither account charges a monthly fee. The checking account has no overdraft fees because Chime declines transactions instead of allowing overdrafts. The savings account charges a fee only if you make more than six withdrawals in a calendar month.

Both accounts are free to open. Chime makes money from interchange fees (a small percentage of each debit card transaction), not from account fees.

Frequently Asked Questions

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

No. The savings account is an add-on product that requires an active checking account. You must open the checking account first. If you close the checking account, the savings account closes too.

What happens to my savings account if I close my checking account?

Chime will close both accounts. Before closing your checking account, move any money in savings to another bank or withdraw it in cash. Once the checking account is closed, you lose access to the savings account.

Does the interest rate on the savings account change?

Yes. Chime's savings account interest rate changes based on market conditions and Federal Reserve decisions. You can see the current rate in the app. The rate is not may provide to stay the same month to month.

Can I set up automatic transfers from checking to savings?

Yes. Through the Chime app, you can schedule recurring transfers from checking to savings on a schedule you choose—weekly, biweekly, monthly, or custom. This helps automate saving without thinking about it each time.

What if I need money from savings in an emergency?

You can transfer money from savings to checking when ready through the app, then use your debit card or withdraw cash. Transfers between your own accounts do not count toward the six-withdrawal limit, so you can move money back and forth as much as you need.