You can open a Chime savings account through the Chime mobile app or website in about five minutes, and start saving money the same day

A Chime savings account is a separate pot of money within your Chime account that earns interest — meaning the bank pays you a small amount just for keeping money there. Unlike a checking account (which is for everyday spending), a savings account is meant to hold money you want to keep rather than spend. You can move money between your Chime checking and savings accounts whenever you want, but the savings account earns you a return on what sits there.

The process starts in the app or on chime.com. You do not need to visit a branch, mail anything, or wait for approval. If you already have a Chime checking account, adding a savings account takes just a few taps. If you do not yet have a Chime account at all, you will set up both at the same time.

Key Takeaways

  • You open a Chime savings account through the mobile app or website without visiting a branch or mailing documents.
  • The account earns interest on the money you keep in it, though the rate changes and you should check Chime's current rate before opening.
  • You can transfer money between your Chime checking and savings accounts when ready and as often as you want.
  • Chime savings accounts have no monthly fee and no minimum balance requirement to open or keep the account active.

Opening a savings account if you already have Chime checking

If you use Chime for checking already, adding a savings account is the fastest route. Open the Chime app and tap the menu icon (three horizontal lines) at the bottom right. Look for "Savings" or "Open a savings account" — the exact wording changes, but it will be in the main menu. Tap it, and Chime will show you the current interest rate and account terms.

Review the rate and any terms that matter to you, then tap to confirm. Chime will create the account when ready. You will see both your checking and savings balances in the app from that point forward. No approval process, no waiting period — the account is live as soon as you finish those steps.

Opening Chime checking and savings together

If you do not yet have a Chime account, you will set up checking and savings in one process. Go to chime.com or read the Chime app from your phone's app store. Tap "Sign up" and follow the steps: enter your name, date of birth, email, and phone number. Chime will ask you to create a password.

Next, Chime will ask for your Social Security number and address so it can verify your identity. This is standard for any bank account. You will also choose whether to open just checking or checking plus savings. If you want the savings account, select that option. Chime will show you the current interest rate at this point. Once you confirm, both accounts open at the same time.

You will then link a bank account so Chime can verify your identity by sending two small deposits (usually under $1 each) to that account. You confirm the amounts in the Chime app, and verification takes one to two business days. After that, your Chime accounts are fully active.

Moving money into your savings account

Once your savings account is open, you can move money into it from your Chime checking account. In the app, go to the Savings section and look for "Transfer" or "Add money." Tap it and choose how much to move from checking to savings. The transfer happens when ready — you will see the balance change right away.

You can also move money from an outside bank account into your Chime savings. In the app, tap "Transfer" and select "From another bank." Chime will ask for your other bank's routing number and your account number there. Enter those, choose the amount, and confirm. The transfer usually takes one to three business days, depending on your other bank.

There is no limit on how many times you can transfer money between your Chime checking and savings, and no fee for doing so.

Understanding the interest rate and how it grows

Chime's savings account earns interest, which means the bank pays you money based on how much you have saved and for how long. The rate changes over time — it is not locked in. You can see the current rate in the app under Savings, or on chime.com. Check it before you open the account so you know what to expect.

Interest is usually added to your account monthly. If you have $1,000 in savings and the rate is 2% per year, you would earn roughly $20 over twelve months (the actual amount depends on how the interest is calculated and when it is added). The longer you leave money in the account, the more interest builds up. If you withdraw money, the interest stops building on that amount.

The rate Chime offers changes based on what the Federal Reserve does with interest rates across the economy. When rates go up, Chime's rate usually goes up. When rates go down, Chime's rate usually goes down. This is normal for all banks.

Withdrawing money from your savings account

You can move money out of your Chime savings account just as easily as you put it in. In the app, go to Savings and tap "Transfer." Choose "To checking" and enter the amount. The money moves to your checking account when ready, and you can spend it right away using your Chime debit card or by transferring it to another bank.

There is no penalty for withdrawing from a Chime savings account, and no limit on how many times you can withdraw. This is different from some other banks, which charge a fee or limit withdrawals to a certain number per month. Chime does not do this.

Keeping your savings account find

Your Chime savings account is protected by the same security features as your checking account. Your login is protected by your password, and you can add a PIN or biometric lock (fingerprint or face recognition) to the app so only you can access it. If you lose your phone, you can log into chime.com from another device and freeze your card or change your password.

Your money in the account is also insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000. This means if Chime were to fail, the government would return your money up to that limit. In practice, this almost never happens, but it is a safety net that exists for all bank accounts.

Frequently Asked Questions

Do I need a checking account to open a savings account with Chime?

Yes. Chime's savings account is designed to work alongside a checking account. You can open both at the same time if you are new to Chime, or add a savings account to an existing checking account in just a few taps.

What happens to my interest if I withdraw money before the month ends?

Interest is calculated on the balance in your account, so if you withdraw money, the interest you earn that month will be lower. You do not lose interest you have already earned, but you stop earning interest on the amount you withdraw.

Can I set up automatic transfers to my savings account?

Chime does not currently offer automatic recurring transfers from checking to savings within the app. You can transfer manually as often as you want, but if you want automatic savings, you would need to set up a transfer from an outside bank account instead.

Is there a fee to have a Chime savings account?

No. Chime does not charge a monthly fee, a minimum balance fee, or a fee to open the account. The only costs would be if you transfer money from an outside bank, but that fee (if any) would come from your other bank, not from Chime.

What if I want to close my savings account later?

You can close a Chime savings account anytime through the app. Go to Savings, tap the menu, and look for "Close account." Chime will move any remaining balance to your checking account, and the savings account will be closed. You can reopen one later if you change your mind.