Chime's savings account has no monthly fee, no minimum balance, and no deposit requirement

Chime offers a savings account that charges no monthly maintenance fee. You do not need to keep a minimum balance in it, and you do not need to make a minimum deposit to open one. The account earns interest — the rate changes based on market conditions and Chime's current offerings, so check their website for the current rate before you open.

The savings account is separate from Chime's checking account. You can have both, and many people do. Money in savings earns interest; money in checking does not. You control how much you move between the two accounts.

Chime is not a traditional bank. It is a fintech company — a financial technology company that partners with banks to hold your money. Your deposits are insured the same way a bank's would be, through the FDIC (Federal Deposit Insurance Corporation), up to $250,000 per account type.

Key Takeaways

  • Chime's savings account charges no monthly fee, requires no minimum balance, and requires no minimum deposit to open.
  • The savings account earns interest, though the rate varies and you should check Chime's current rate before opening.
  • Your money is FDIC-insured up to $250,000, the same protection a traditional bank offers.
  • You can move money between your Chime checking and savings accounts whenever you want, with no transfer limits.

How interest works on a Chime savings account

Interest is money the bank pays you for letting them use your deposit. The rate — the percentage they pay — changes over time. Chime's rate is typically higher than what you would earn at a traditional bank, but it is not fixed. When the Federal Reserve raises or lowers interest rates, Chime's rate usually moves with it.

Interest compounds, which means you earn interest on your interest. If you deposit $1,000 and earn $10 in interest the first month, the next month you earn interest on $1,010. The longer money sits in the account, the more this compounds. Chime deposits interest monthly, so you see it added to your balance each month.

You can check Chime's current savings rate on their website. The rate they advertise is the one new accounts receive, though existing accounts may have a different rate depending on when they opened.

What you pay for and what you do not

Chime charges no monthly fee for the savings account itself. You also do not pay fees for moving money between your Chime checking and savings accounts, and there are no limits on how many transfers you can make.

You may pay fees in other situations. If you overdraft your checking account — spend more than you have — Chime charges an overdraft fee. If you use an out-of-network ATM, you may pay a fee (though Chime offers fee-free ATM access at a large network of machines). If you request a wire transfer or cashier's check, those may have fees. But the savings account itself, with no balance requirement, costs nothing.

How to move money in and out

You can deposit money into your Chime savings account by transferring it from another bank account you own. You can also receive direct deposits — paychecks or government payments — and route them to savings instead of checking. Once money is in the account, you can transfer it back to your checking account or to another bank account you own whenever you want.

You cannot withdraw cash directly from the savings account using a debit card or ATM. To access the money as cash, you transfer it to your checking account first, then withdraw from an ATM or use your debit card. This is standard for savings accounts at most banks — the separation between checking and savings is intentional, to encourage you to leave savings alone and let it grow.

When a Chime savings account makes sense

A Chime savings account works well if you want to earn interest with no fees and no minimum balance. It is useful if you already have a Chime checking account and want to keep everything in one place. It is also a reasonable choice if you are new to banking and want to start saving without worrying about monthly charges eating into a small balance.

A Chime savings account may not be the best fit if you need to withdraw cash frequently — the extra step of transferring to checking first is inconvenient. It also may not be ideal if you want the highest possible interest rate; some other online banks offer slightly higher rates, though the difference is usually small. Compare current rates across a few banks before deciding.

How Chime's savings account compares to a traditional bank

The main difference is that Chime is not a bank — it is a fintech company. Your money is held at a partner bank, but you interact with Chime's app and website. This usually means lower fees and higher interest rates, because Chime has lower overhead costs than a physical bank branch.

A traditional bank offers the same FDIC insurance and similar account features. The trade-off is that traditional banks often charge monthly fees unless you keep a minimum balance, and they typically offer lower interest rates. If you prefer to do banking in person at a branch, a traditional bank is a better fit. If you are comfortable with mobile and online banking, Chime's no-fee structure and higher rates often win.

Frequently Asked Questions

Can I have a Chime savings account without a checking account?

No. Chime requires you to open a checking account to use their services. You can have both accounts, but you cannot open savings alone. If you only want a savings account, you would need to look at another bank.

Is my money safe in a Chime savings account?

Yes. Your deposits are FDIC-insured up to $250,000, the same protection a traditional bank offers. FDIC insurance means if Chime's partner bank fails, the federal government guarantees your money back. This protection applies to each account type separately, so you have $250,000 coverage in checking and $250,000 in savings.

How often does Chime change the savings interest rate?

Chime can change the rate whenever it wants, though in practice it usually moves when the Federal Reserve changes rates. You will see the new rate reflected in your account. The rate you earn may differ from the rate Chime advertises to new customers, depending on when you opened your account.

Can I set up automatic transfers from checking to savings?

Yes. Chime's app lets you schedule recurring transfers from checking to savings on whatever schedule you choose — weekly, biweekly, monthly, or custom dates. This is a useful way to build savings automatically without thinking about it.

What happens if I do not use my savings account?

Nothing. Chime does not close inactive accounts or charge fees for inactivity. Your money stays there earning interest, and you can access it whenever you want. There is no penalty for leaving the account untouched.