Chime offers both, but they work differently than traditional bank accounts

Chime is a financial technology company that offers two separate accounts: a checking account and a savings account. They are not the same product, and understanding which one you need depends on what you want to do with your money.

The checking account is where your paycheck lands and where you spend money daily — it comes with a debit card, direct deposit, and bill pay. The savings account is separate and designed to hold money you want to set aside rather than spend right away. Both accounts are held at banks that partner with Chime, which is why your money is protected the same way it would be at any other bank.

Many people use both accounts together: paychecks go into checking, and they move money to savings when they want to keep it out of reach. But you can open just one if that fits your situation better.

Key Takeaways

  • Chime's checking account is for daily spending and comes with a debit card and direct deposit, while the savings account is for money you want to set aside.
  • Both accounts are held at partner banks, so your money is insured the same way it would be at a traditional bank.
  • You can open a checking account, a savings account, or both depending on what you need.
  • Chime charges no monthly fees on either account, though the savings account earns interest at a rate that changes over time.

How the Chime checking account works

The Chime checking account is designed for everyday banking. Your employer can deposit your paycheck directly into it, and you can spend money using the debit card that comes with the account. You can also pay bills, transfer money to other people, and withdraw cash at ATMs.

There is no monthly maintenance fee, and Chime does not charge overdraft fees if you spend more than you have in the account. Instead, if you overdraw, Chime may decline the transaction or allow it to go through depending on your account history and the amount. This is different from traditional banks, which charge a fee each time you overdraw.

The checking account does not earn interest on the money sitting in it. Interest is what a bank pays you for letting them hold your money — it is usually a small percentage of your balance. If earning interest matters to you, that is what the savings account is for.

How the Chime savings account works

The Chime savings account is a separate place to hold money. You move money into it from your checking account when you want to set it aside. The main reason to use it is that it earns interest — meaning Chime pays you a small amount for keeping your money there.

The interest rate changes over time based on what the Federal Reserve does with interest rates nationwide. Chime's savings rate is typically higher than what you would earn at a traditional bank, though the exact amount varies. You can check the current rate on Chime's website.

Like the checking account, there is no monthly fee. You can move money between your Chime checking and savings accounts whenever you want, with no penalty. The savings account does not come with a debit card — it is purely for holding money, not for spending.

When to use checking versus savings

Use your checking account for money you need to spend soon: groceries, rent, utilities, gas. This is where your paycheck should land, and this is where you draw from for daily life. The checking account is built for movement — money flowing in and out regularly.

Use your savings account for money you want to keep separate from spending: an emergency fund, money for a goal a few months away, or a buffer you do not want to touch. Because it earns interest and is not connected to a debit card, it creates a small friction that can help you avoid spending the money on impulse.

Many people keep a small amount in checking (enough for a week or two of expenses) and move the rest to savings. This way, if they overspend in checking, they have not wiped out their entire balance. Others keep most of their money in checking and use savings only for long-term goals.

How Chime accounts are protected

Both Chime checking and savings accounts are held at banks that are insured by the Federal Deposit Insurance Corporation, or FDIC. This means that if the bank fails, the government protects your money up to $250,000 per account type per bank.

Because Chime checking and savings are technically different account types, they are each insured separately. So if you have $200,000 in checking and $200,000 in savings, both are fully protected — you are not at risk of losing money if something goes wrong with Chime or its partner bank.

This protection is the same as you would have at any traditional bank. Chime is not a bank itself — it is a technology company that partners with banks to offer these accounts. But from a safety standpoint, your money is treated the same way.

Opening a Chime account

You can open a Chime checking account, a savings account, or both through the Chime mobile app or website. The process takes a few minutes and requires basic information: your name, address, date of birth, and Social Security number. Chime will verify your identity and run a check to make sure you are not on a banking exclusion list.

Once your account is open, you can set up direct deposit right away. Your employer will need your account number and routing number, which Chime provides in the app. Direct deposit usually takes one to two pay cycles to start working.

If you want to add a savings account later, you can do that anytime. There is no penalty for opening just checking first and adding savings later, or vice versa.

Fees and costs

Chime charges no monthly maintenance fee on either the checking or savings account. There are no overdraft fees, no minimum balance requirements, and no fees for transferring money between your accounts.

You may be charged a fee if you use an out-of-network ATM — meaning an ATM that is not part of Chime's network. Chime has a large network of ATMs you can use for free, but if you use someone else's ATM, there may be a small fee. You can check which ATMs are free in the Chime app.

The only cost that varies is the interest rate on your savings account, which is set by Chime and changes over time. This is not a fee — it is money Chime pays you. The rate is always displayed in the app so you know exactly what you are earning.

Frequently Asked Questions

Can I have both a Chime checking and savings account at the same time?

Yes. Most people open both and use them together — checking for daily spending and savings for money they want to set aside. You can move money between them when ready through the app, and both are protected by FDIC insurance.

Does Chime checking earn interest?

No. The checking account does not earn interest. Only the savings account does. If you want your money to earn interest, you need to move it to the savings account, though you can move it back to checking anytime you need to spend it.

What happens if I overdraw my Chime checking account?

Chime does not charge overdraft fees like traditional banks do. Instead, the transaction may be declined, or it may go through depending on your account history. You will not be charged a fee either way. If you do overdraw, you should move money back into checking as soon as you can.

Can I use my Chime savings account to spend money?

No. The savings account does not come with a debit card and is not designed for spending. It is purely for holding money. If you need to spend money from savings, you move it to your checking account first, then use your debit card.

Is my money safe in a Chime account?

Yes. Both accounts are held at FDIC-insured banks, which means your money is protected up to $250,000 per account type. Chime checking and savings are separate account types, so you have $250,000 protection in each.