Chime's savings account is a digital-only account with no monthly fees, but it works best if you already have a Chime checking account and can meet its savings goals
Chime offers a savings account that pairs with its checking account. There is no monthly maintenance fee, no minimum balance requirement, and no overdraft fees. The account earns interest, though the rate changes and is not may provide. The main trade-off: you cannot open a Chime savings account without also having a Chime checking account, and the account is only accessible through the Chime app or website—there are no physical branches or ATMs for savings withdrawals.
Whether it makes sense for you depends on what you need the account to do. If you want a place to set money aside without fees eating into it, and you are comfortable managing everything through an app, it can work. If you need a traditional savings account you can walk into a branch to access, or if you want to compare interest rates across banks, you should look elsewhere.
Key Takeaways
- Chime's savings account has no monthly fees, no minimum balance, and no overdraft charges, which means your money is not eaten away by account maintenance.
- You must have a Chime checking account to open savings, so if you do not already use Chime for checking, you would be opening two accounts at once.
- The interest rate Chime pays on savings changes over time and is not locked in, so you should check the current rate before deciding to move money there.
- All transactions happen through the Chime app or website; there are no physical branches, ATMs for savings access, or paper statements mailed to your home.
- Chime's savings account works best if you are already using Chime checking and want a straightforward way to separate spending money from savings without paying fees.
How the account structure works
When you open a Chime savings account, it is linked to your Chime checking account. Money moves between the two through the app. You can transfer funds from checking to savings, and vice versa, when ready with no fee. Chime does not charge you to move money in or out, to keep the account open, or to maintain a balance below any threshold.
The account is FDIC-insured up to $250,000, which means your money is protected if Chime fails. The insurance covers your savings account separately from your checking account, so if you have $100,000 in each, both are fully covered.
Deposits into the savings account come from your Chime checking account, transfers from external banks, or direct deposit. You cannot deposit cash directly into a Chime savings account because there are no branches. If you need to deposit cash, you would deposit it into your Chime checking account first (using a partner retailer or ATM), then transfer it to savings.
Interest rates and how they compare
Chime pays interest on savings balances, but the rate is variable—it changes when Chime decides to change it. The rate is not locked in for any period. As of the time this guide was written, Chime's savings rate was lower than what many online banks offer, but rates shift frequently and depend on the broader interest rate environment.
To know whether Chime's current rate is competitive, you need to check it against other online savings accounts at the time you are deciding. Banks like Marcus, Ally, and American Express all publish their rates publicly and update them regularly. If earning the highest possible interest is your priority, compare the current rates before moving money to Chime.
The interest compounds daily and is deposited into your account monthly. Even at a modest rate, having interest accrue with no fees is better than keeping money in a checking account that pays nothing.
Strengths of using Chime's savings account
The biggest strength is simplicity if you already use Chime checking. You can move money between accounts when ready through the app, see both balances in one place, and never pay a fee for maintaining the account. This matters because traditional banks often charge monthly fees ($5 to $15) if your balance drops below a threshold, which erodes savings over time.
Chime also makes it straightforward to automate savings. You can set up recurring transfers from checking to savings on a schedule—weekly, biweekly, or monthly—so money moves without you having to remember. This works well if you want to build a habit of saving a fixed amount each paycheck.
There is no waiting period to withdraw money. If you need to move funds from savings back to checking, it happens when ready, so your money is not locked away. This is different from some savings products that penalize early withdrawal.
Limitations and what to watch for
The account is app-only, which means you cannot call a branch, visit in person, or get a paper statement mailed to you. If you prefer talking to a human or need a physical record, Chime is not set up for that. You can read statements from the app, but there is no option for traditional customer service channels.
The interest rate is not competitive with the best online savings accounts. If you are saving a large amount and want to maximize interest earned, you may come out ahead with a different bank. The difference matters more the larger your balance and the longer your money sits there.
Chime's savings account is not a good fit if you need to deposit cash frequently. You would have to use a retail partner or ATM to deposit into checking first, then transfer to savings—an extra step that defeats the purpose of a streamlined savings tool.
When Chime savings makes sense
Chime savings works well if you are already using Chime checking and want to separate your spending money from your savings without paying fees. The zero-fee structure means every dollar you save stays in the account; nothing is deducted for maintenance. If you are building an emergency fund or saving for a specific goal and want to automate the process, the recurring transfer feature is useful.
It also makes sense if you value simplicity and do not want to manage accounts at multiple banks. Having checking and savings in one app, with when ready transfers between them, reduces friction. You see your full picture in one place and do not have to log into different websites.
The account is less suitable if you are comparing it to a traditional bank savings account at the same institution, or if you are trying to maximize interest on a large balance. In those cases, the interest rate difference and the lack of in-person service become more relevant.
How Chime savings compares to alternatives
| Feature | Chime Savings | Online Bank (Marcus, Ally) | Traditional Bank Savings |
|---|---|---|---|
| Monthly fee | None | None | $5–$15 (varies) |
| Minimum balance | None | None | $500–$2,500 (varies) |
| Interest rate | Variable, lower | Variable, higher | Variable, lower |
| In-person access | No | No | Yes |
| when ready transfers | Yes (to/from checking) | 1–2 business days | 1–2 business days |
| Requires checking account | Yes, at Chime | No | No |
If you do not already have a Chime checking account, opening one just for the savings account may not be worth it. You would be committing to using Chime for checking as well, which is a bigger decision than choosing a savings account alone. In that case, an online bank like Marcus or Ally lets you open a savings account without opening a checking account, and their interest rates are typically higher.
If you already bank with a traditional institution and want to keep everything in one place, your bank's savings account might be simpler even if it charges a fee—because you can walk into a branch and talk to someone. The fee is a trade-off for that convenience.
Frequently Asked Questions
Can I open a Chime savings account without a checking account?
No. Chime requires you to have a checking account to open savings. If you do not already use Chime for checking, you would need to open both accounts. If you want a savings account without opening a checking account elsewhere, an online bank like Marcus or Ally is a better option.
What happens to my money if Chime goes out of business?
Your savings account is FDIC-insured up to $250,000, separate from your checking account insurance. If Chime fails, the FDIC protects your balance. You would be able to move your money to another bank, though the process takes time.
Can I withdraw money from my Chime savings account at an ATM?
No. Chime savings withdrawals only happen through the app or website. You can transfer money to your Chime checking account when ready, then withdraw from a Chime ATM or partner retailer. If you need frequent cash access from savings, this extra step may be inconvenient.
How often does the interest rate change?
Chime does not publish a schedule for rate changes. The rate is variable and can change at any time. You should check the current rate on Chime's website before moving money there, and monitor it periodically if you keep a large balance.
Is Chime savings better than keeping money in my checking account?
Yes, if your checking account earns no interest. Chime savings earns interest and has no fees, so your money grows instead of staying flat. If your checking account also earns interest, compare the rates to decide which account makes more sense for each purpose.