Your Chime savings account works for storing money and earning interest, but not for paying bills or making purchases directly
Your Chime savings account is a separate account from your checking account. You can deposit money into it, watch it earn interest, and transfer money out of it—but you cannot use a debit card, write checks, or set up automatic bill payments from savings. If you need to pay a bill or make a purchase, you move money from savings to your Chime checking account first, then use your checking debit card or the payment method tied to checking.
The account exists to hold money you want to keep separate from your everyday spending. Chime's savings account currently earns interest on your balance, which means the longer money sits there, the more you earn. The rate changes over time and depends on what Chime's current rate is, so check your account or the Chime app to see what you're earning right now.
Key Takeaways
- You can deposit money into your Chime savings account and transfer it to checking whenever you need it, but you cannot spend directly from savings.
- Your Chime savings account earns interest on the balance you hold, though the rate varies and you should check the app to see the current rate.
- To pay a bill from savings, transfer the money to your checking account first, then use your checking debit card or set up the payment from checking.
- Transfers between your Chime checking and savings accounts happen instantly and do not cost anything.
- Your savings account is FDIC-insured up to $250,000, the same protection that covers your checking account.
How to move money from savings to checking
Open the Chime app and go to your savings account. You will see a "Transfer" button or option. Tap it and select how much you want to move to checking. The money arrives in your checking account right away—there is no waiting period. You can then use your checking debit card or set up a payment from checking as usual.
You can transfer money back to savings the same way. There is no limit on how many transfers you make between your own accounts, and Chime does not charge a fee for moving money between checking and savings.
When you might want to use your savings account
A savings account makes sense if you have money you do not plan to spend right away. Because it earns interest, your balance grows slightly over time without you doing anything. If you keep $1,000 in savings for a year, you will earn some interest on that $1,000—the exact amount depends on Chime's current rate and how long the money stays there.
Some people use savings as a way to separate "money I need for bills" from "money I am saving for something." Moving money to savings makes it slightly less tempting to spend, and the interest is a small bonus. Others use it to hold an emergency fund or money set aside for a specific goal.
What happens if you need the money in a hurry
Transfers from savings to checking happen instantly, so you can access the money right away if an unexpected expense comes up. There is no waiting period and no penalty for withdrawing money from your savings account. Chime does not restrict how often you move money out or charge you for doing so.
This is different from some other savings accounts at traditional banks, which used to limit how many times per month you could withdraw. Chime has no such limit on transfers between your own accounts.
How interest works on your Chime savings account
Chime pays interest on the money in your savings account. The rate is set by Chime and changes over time based on market conditions. You earn interest on your entire balance every day, and it is added to your account automatically. The more money you keep in savings and the longer it stays there, the more interest you earn.
Interest is not much—if you have $500 in savings, you might earn a few dollars per year depending on the rate. But it is real money, and it costs you nothing. Check your Chime app to see what the current rate is and how much interest you have earned so far.
Protection if something goes wrong with your savings account
Your Chime savings account is FDIC-insured, which means if Chime fails or your account is compromised, the federal government protects your money up to $250,000. This is the same protection that covers your checking account. If you have $10,000 in savings and $5,000 in checking, both are protected.
If you notice unauthorized transfers or suspect fraud, report it to Chime through the app or by calling the number on the back of your debit card. Chime will investigate and reverse fraudulent transfers. The sooner you report it, the faster Chime can act.
Frequently Asked Questions
Can I use my savings account debit card to make purchases?
No. Your Chime debit card is linked to your checking account, not your savings account. If you want to spend money from savings, transfer it to checking first, then use your debit card as usual.
Does Chime charge me to transfer money between checking and savings?
No. Transfers between your Chime checking and savings accounts are free and happen instantly. You can move money as often as you want without paying a fee.
What is the interest rate on Chime savings right now?
Chime's interest rate changes over time. Open the Chime app and look at your savings account details to see the current rate and how much interest you have earned. You can also contact Chime directly for the most up-to-date rate.
Can I set up automatic transfers from savings to checking?
Yes. In the Chime app, you can schedule recurring transfers from savings to checking on a weekly, biweekly, or monthly basis. This is useful if you want to move a set amount to checking on payday or before your bills are due.
What happens to my savings if I close my Chime account?
When you close your Chime account, you need to withdraw or transfer any money in your savings account before the account closes. Chime will tell you how to do this. Once the account is closed, you cannot access the savings account anymore.