Chime gives you both a checking account and a savings account, and they work together
Chime is not one or the other — it is both. When you open a Chime account, you get a checking account (called a Spending Account) and a savings account (called a Savings Account) at the same time. They are linked to the same debit card and the same login, but they serve different purposes. Your checking account is where your paycheck lands and where you pay bills. Your savings account is a separate pot of money that earns a small amount of interest and is meant to stay untouched.
The reason Chime bundles them together is convenience. Instead of opening accounts at two different banks, you manage everything in one place. Money moves between the two accounts when ready, and you can see both balances on the same screen. This setup is common at online banks, though traditional banks often make you open checking and savings separately.
Key Takeaways
- Chime's Spending Account is a checking account where paychecks deposit and bills get paid, with a debit card included.
- Chime's Savings Account is a separate savings account that earns interest and is designed to hold money you do not spend regularly.
- Both accounts are linked to the same debit card and login, so you manage them together but keep the money separate.
- You can move money between your Spending Account and Savings Account when ready through the Chime app.
- Chime does not charge monthly fees on either account, and there is no minimum balance requirement to open or maintain them.
How the Spending Account (checking) works
Your Chime Spending Account is the account you use for daily money. This is where your paycheck deposits, where you swipe your debit card to buy groceries, and where you set up automatic payments for rent or utilities. It functions exactly like a checking account at a traditional bank — you can spend the money freely, and there is no limit on how many transactions you make per month.
The Spending Account comes with a debit card that arrives in the mail within 7 to 10 business days after you open the account. You can use this card at any ATM, any store, and any online retailer that takes Visa. Chime reimburses you for out-of-network ATM fees (fees charged by ATMs that are not Chime's), so you do not pay extra to withdraw cash.
One feature unique to Chime is early direct deposit. If your employer sends your paycheck to Chime, it usually lands up to two days before the official payday. This is not a loan — it is straightforward Chime processing the deposit faster than traditional banks do.
How the Savings Account works
Your Chime Savings Account is a separate account designed to hold money you want to keep rather than spend. The main reason to use it is that it earns interest — a small percentage that Chime pays you on the balance you keep there. The interest rate changes over time and varies depending on market conditions, so check the Chime website or app to see the current rate.
The Savings Account has no monthly transaction limit, no minimum balance, and no fees. You can move money into it from your Spending Account whenever you want, and move it back out just as quickly. Many people use it as an emergency fund or to save toward a specific goal, because the interest (though small) is better than keeping cash under a mattress, and the money stays separate from everyday spending.
The Savings Account does not come with a debit card. To spend money from savings, you have to transfer it to your Spending Account first, then use that card. This built-in friction is intentional — it makes you pause before dipping into savings for something you do not really need.
The difference between them, side by side
| Feature | Spending Account (Checking) | Savings Account |
|---|---|---|
| Purpose | Daily spending and bill payments | Holding money and earning interest |
| Debit card | Yes, included | No |
| Interest earned | No | Yes, varies by rate |
| Transaction limit | None | None |
| Monthly fee | No | No |
| Minimum balance | No | No |
Why Chime combines them instead of making you choose
Traditional banks often require you to open a checking account and a savings account as two separate products, sometimes at different branches. Chime combines them because most people need both, and keeping them linked makes life simpler. You do not have to remember two passwords, two account numbers, or two different apps.
The linked setup also encourages saving. Because your savings account is visible right next to your spending account in the app, you are more likely to move money into it and watch it grow. If savings were hidden in a separate bank, you might forget about it entirely.
What to know before you open a Chime account
Chime is an online bank, which means there are no physical branches to walk into. All your banking happens through the mobile app or the website. If you need to deposit a check, you can photograph it with your phone and upload it through the app — Chime calls this mobile check deposit.
Chime is not a traditional bank. It is a financial technology company that partners with banks to hold your money. Your deposits are insured up to $250,000 by the FDIC (Federal Deposit Insurance Corporation), the same government agency that insures deposits at brick-and-mortar banks. This means your money is protected even if Chime goes out of business.
You do not need a credit history or a perfect credit score to open a Chime account. Chime does a soft credit check (which does not affect your credit score) and checks ChexSystems, a database of banking history. Most people are approved within minutes.
Moving money between the two accounts
Transferring money between your Spending Account and Savings Account is when ready and free. Open the Chime app, tap the account you want to transfer from, select the amount, choose the account you want to transfer to, and confirm. The money appears in the other account when ready — there is no waiting period.
This when ready transfer is useful if you get paid and want to move some of that paycheck into savings right away, or if you need to pull money from savings back into spending because an unexpected expense came up. Because there is no friction or delay, you can manage both accounts fluidly.
Frequently Asked Questions
Can I use my Chime debit card to withdraw from my savings account?
No. The debit card is linked only to your Spending Account. To spend money from savings, you must transfer it to your Spending Account first, then use the card. This design prevents you from accidentally spending your savings.
Does Chime charge fees for having both accounts?
No. Chime does not charge a monthly fee for either account, and there is no fee for transferring money between them. The only fees you might encounter are overdraft fees if you spend more than you have in your Spending Account, though Chime offers overdraft protection features to help you avoid them.
What happens to my savings account interest if I do not have much money in it?
You still earn interest, but the amount is small because interest is calculated on your balance. If you have $100 in savings and the rate is 2%, you earn about $2 per year. The interest compounds daily, so it grows slightly faster the longer you leave the money untouched.
Can I have multiple savings accounts with Chime?
Chime gives you one Spending Account and one Savings Account per person. You cannot create multiple savings accounts to separate different savings goals. If you want to track separate goals, you would need to use a spreadsheet or notebook to keep track of how much of your savings balance is earmarked for each purpose.
Is my money safe in a Chime savings account?
Yes. Chime partners with banks that are FDIC-insured, so your deposits are protected up to $250,000. This is the same protection you get at any traditional bank. Your money is not at risk if Chime closes or has technical problems.