Chime Savings Account Interest Rates: March 2024

Chime offers a high-yield savings account with no monthly fees or minimum deposit

Fact checked by Michael RosenstonReviewed by Samantha Silberstein

Chime Savings Account Rates

Founded in 2013, Chime is a financial services company that partners with two FDIC-insured banks—Bancorp Bank, N.A. and Stride Bank, N.A—to offer online banking products. One of those products is a somewhat high-yield savings account, which doesn’t charge monthly fees or require a minimum deposit. 

Read on to learn about Chime’s savings account’s interest rates and other features. 

Important

The APYs listed below are up to date as of the date of publication of this article. We review the bank’s savings account rates every two weeks and update the information below accordingly.

See the best savings account rates today:

• Best High-Yield Savings Accounts
• Best Banks for Savings Accounts
• Best Free Savings Accounts
• Best Savings Accounts for Kids
• Best Savings Account Bonuses

Chime Savings Account: Key Features

Chime offers a “high-yield” savings account that earns a modest APY across all balances. This rate is significantly higher than the national average savings account rate, which is 0.45% as of September 18, 2023, according to the Federal Deposit Insurance Corporation. However, it’s not competitive with actual high-yield savings accounts, where rates tend to be 10 times higher (or more) than the national average.

Chime’s savings account doesn’t charge monthly fees or require a minimum opening deposit. However, you must open a Chime checking account before you can open a savings account. You can create your savings account at the same time you open your checking account or set one up at a later time. 

This savings account also comes with two unique (optional) features, which Chime calls Round Ups and Save When I Get Paid. With the Round Ups feature, Chime will automatically round up transactions you make with your Chime Visa debit card to the nearest dollar and transfer that amount from your checking to your savings account. 

Let’s say, for example, that you purchase an item for $9.75 with your Chime debit card. The Round Up feature will automatically transfer $0.25 from your Chime checking to your Chime savings account. If you opt in to this feature, you can easily save a little bit at a time with no extra legwork on your part. 

The optional Save When I Get Paid feature also lets you automate your savings. If you opt in, Save When I Get Paid will automatically transfer 10% of every direct deposit of $500 or more from your checking to your savings account. Alternatively, you can always manually transfer money from your checking to your savings account online or via Chime’s mobile app. 

At the time of writing, Chime doesn’t impose transfer limits on its high-yield savings account. 

About Chime: Other Savings Options

Chime is a financial technology company that offers 24/7 online and mobile banking services. Your accounts will be held at one of its partner banks, Bancorp Bank or Stride Bank, both of which are FDIC members. 

Along with its savings account, Chime offers a checking account and credit builder account. The credit builder account helps you improve your credit over time, with no annual fee or minimum security deposit.

With a Chime checking account, you also have the option of receiving direct deposits up to two days early. You’ll have access to a network of more than 60,000 fee-free ATMs (MoneyPass, Allpoint, and Visa Plus Alliance). Withdrawing cash from an out-of-network ATM could incur fees, including a $2.50 fee from Chime. 

Chime offers straightforward, mostly fee-free deposit accounts to customers who are comfortable with digital banking. However, it doesn’t offer other banking products or services at this time, such as certificates of deposit (CDs) or money market accounts. 

Compare Savings Account Rates

Chime offers convenient and inexpensive checking and savings accounts, and while the savings account APY is usually quite a bit higher than the national average, you can likely do better. Browse a variety of high-yield accounts below to find a great rate.

How Does Chime’s Savings Account Work?

You must open a Chime checking account to open a Chime savings account; the savings account offers a mediocre annual percentage yield (APY) on all balances, compared to the best high-yield savings accounts. It doesn’t charge a monthly fee or require an opening minimum deposit. It also comes with two optional features—Round Ups and Save When I Get Paid—that can automate transfers from your Chime checking to your Chime savings account and help you grow your savings.

Is Chime FDIC Insured?

Chime is a financial technology company that provides banking services through Bancorp Bank and Stride Bank, both of which are FDIC insured. In effect, Chime’s deposit accounts are FDIC-insured for up to $250,000.

Is Chime a Good Place to Keep Your Money?

Chime may be a good place to keep your money if you’re comfortable with online and mobile banking. This online financial company doesn’t have brick-and-mortar locations, so you don’t have the option of banking in person. It may also be a good fit for investors who are looking for accounts with no monthly fees or minimum balance requirements. 

However, Chime might not be the right choice if you’re looking for a wide array of banking services, since it only offers checking, savings, and credit builder accounts at this time. You’ll want to look elsewhere for CDs, money market accounts, or other financial services.

Can You Have Multiple Savings Accounts With Chime?

You cannot have multiple savings accounts with Chime. Each Chime member can only open one savings account.

Can You Spend Money From Your Chime Savings Account?

You’ll need to transfer money from your Chime savings account to your Chime checking account to access your cash. Along similar lines, you can’t set up direct deposits into your Chime savings account. Instead, you must make direct deposits into your checking account and then transfer that money from your checking to your savings account.

Read the original article on Investopedia.