Nichole Martinez
Chime's savings account pays a base rate of just 0.75% APY, though members who set up a qualifying direct deposit of $200 or more per month can bump that up to 3.75% APY through the company's Chime+ tier. There's no monthly fee and no minimum deposit required to open one.
At a Glance
- Base APY is 0.75%, rising to 3.75% for Chime+ members with qualifying direct deposit
- No monthly service fee and no minimum opening deposit
- You must have a Chime checking account before you can open a savings account
- Deposits sit at partner banks Bancorp Bank and Stride Bank, both FDIC members
- No CDs or money market accounts offered, only checking, savings and a credit builder account
How the Chime Savings Account Actually Works
Chime is a financial technology company, not a bank itself. It routes deposits through two FDIC insured partners, Bancorp Bank, N.A. and Stride Bank, N.A., meaning your money is covered up to $250,000 the same as it would be at a traditional bank. Chime was founded in 2013 and operates entirely online, with no branches to walk into.
The savings account can't stand alone. You need to open a Chime checking account first, though you're free to set up the savings account at the same time or add it later. Once it's open, there's no minimum balance requirement to earn interest, and Chime doesn't cap withdrawals the way some banks limit savers to six transactions a month.
| Account Name | APY | Monthly Fee | Minimum Opening Deposit |
|---|---|---|---|
| High Yield Savings Account | 0.75% (3.75% for Chime+ members) | $0 | $0 |
Two Automated Ways to Save
Chime built in a pair of optional tools meant to make saving passive rather than something you have to remember to do. The first, called Round Ups, rounds every debit card purchase up to the nearest dollar and shifts the difference into savings. Spend $9.75 on something with your Chime Visa debit card, and 25 cents lands in your savings account automatically.
The second tool, Save When I Get Paid, pulls 10% of any direct deposit of $500 or more straight into savings the moment it arrives. Both features are opt in, and you can also just transfer money manually through the app whenever you like. Chime currently places no limit on transfers into or out of the savings account.
Where the Rate Falls Short
Calling this a
Jenny Ellis
