You can withdraw from Chime savings anytime with no penalty

Chime savings accounts have no withdrawal limits, no waiting periods, and no fees for taking your money out. You can move money from savings to your checking account instantly through the Chime app, transfer it to an external bank account (which takes one to three business days), or withdraw cash at an ATM using your debit card if you have one linked to the account.

The main thing to know: Chime savings is not a restricted account. You own the money completely and can access it whenever you need it. There is no minimum balance to keep, no penalty for dropping to zero, and no lock-in period.

Key Takeaways

  • Withdrawals from Chime savings are instant when you transfer to your Chime checking account, and take one to three business days when you send money to another bank.
  • You can withdraw cash at any ATM that accepts Visa debit cards, though Chime charges a fee if you use an out-of-network ATM.
  • There are no limits on how much you can withdraw or how often, and no fees charged by Chime for the withdrawal itself.
  • If you close your Chime account, you must withdraw or transfer all remaining savings balance within a set timeframe or Chime may return it to you by check.

Moving money from savings to checking instantly

The fastest way to access your savings is to transfer it to your Chime checking account. Open the Chime app, go to your savings account, and select "Transfer" or "Move Money". Choose your checking account as the destination and enter the amount. The transfer completes immediately and the money appears in checking right away.

Once the money is in checking, you can spend it with your debit card, withdraw it at an ATM, or send it to someone else. This route is free and takes seconds.

Sending savings to a bank outside Chime

If you want to move your savings to a different bank entirely, you can set up an external transfer in the Chime app. Go to your savings account, select "Transfer", and choose "External Account" or "Add Bank Account". You will need the routing number and account number of the bank you are sending to.

External transfers take one to three business days to complete. Chime does not charge a fee for this, but the receiving bank may have its own rules about incoming transfers. Once the money arrives at the other bank, it is yours to use however you want.

Withdrawing cash at ATMs

If your Chime account includes a debit card, you can withdraw cash from ATMs. Chime's network includes over 60,000 ATMs nationwide through the Allpoint network, and withdrawals at those machines are free. Find an Allpoint ATM using the Chime app's ATM locator, insert your card, and withdraw up to your available balance.

If you use an ATM outside the Allpoint network, Chime charges a fee (typically $2.50 per transaction, though this varies). To avoid the fee, stick to Allpoint machines or withdraw cash back when you make a debit card purchase at a store.

What happens if you close your account

When you close a Chime account, you need to withdraw or transfer your savings balance before the account closes. If you do not, Chime will attempt to return the money to you. The exact process depends on your account type and Chime's current policy, so contact Chime support before closing to confirm what happens to your remaining balance.

The safest approach is to transfer all savings to your checking account or to an external bank, then close the account once you have confirmed the money arrived where you wanted it.

Limits and restrictions that do not apply

Chime savings accounts are not subject to the federal six-withdrawal limit that used to apply to traditional savings accounts at banks. You can withdraw as often as you want, in any amount, without triggering fees or account restrictions. There is also no minimum balance requirement—you can withdraw everything and leave the account at zero.

The only real limit is your available balance. You cannot withdraw more than you have in the account. If you try to transfer more than your balance, the transaction will fail.

Frequently Asked Questions

How long does it take to withdraw money from Chime savings?

Transfers to your Chime checking account are instant. Transfers to another bank take one to three business days. ATM withdrawals are immediate if you have a debit card.

Are there fees for withdrawing from Chime savings?

Chime does not charge fees for withdrawals or transfers. However, if you use an out-of-network ATM, Chime charges a fee (usually $2.50). External banks may also charge fees on their end.

Can I withdraw my entire savings balance at once?

Yes. There is no limit on withdrawal amount or frequency. You can take out everything in your savings account whenever you want.

What if my transfer to another bank fails?

Check that you entered the correct routing and account number. If the information is wrong, the transfer will be rejected and the money stays in your Chime account. Contact Chime support if you are unsure whether the transfer went through.

Do I lose interest if I withdraw from savings early?

Chime savings accounts typically offer a small interest rate, but there is no penalty for early withdrawal. You earn interest on your balance for the time the money sits in the account, regardless of when you withdraw.