Chime does not offer a high yield savings account
Chime's savings product is called the Chime Savings Account, and it does not pay interest rates that match what you would find at banks marketing high yield savings accounts. As of now, Chime's savings account earns no interest at all — the rate is 0%. If you are looking for a savings account where your money actually grows through interest, Chime is not the place to put it.
Chime's savings account is designed around a different feature: automatic transfers. When you get paid, Chime can move a portion of your paycheck directly into savings before you spend it. That forced-savings mechanism is the main value Chime offers on the savings side, not interest earnings.
Key Takeaways
- Chime's Savings Account earns 0% interest and is not a high yield product.
- The account's main feature is automatic paycheck splitting, which moves money to savings without you having to think about it.
- High yield savings accounts at other banks currently pay between 4% and 5% annual interest, depending on the bank and current rates.
- If interest earnings matter to you, you will need to open a savings account at a different bank.
How Chime's savings account actually works
When you set up direct deposit with Chime, you can tell the bank to split your paycheck between your checking account and your savings account. You choose the dollar amount or percentage that goes to each one. Chime processes this split on payday, so the money moves automatically without you having to log in and transfer it yourself.
This is useful if you struggle to save because you spend whatever is in your checking account. By moving money out of reach before you see it, you are more likely to leave it alone. But the account itself does nothing with that money — it just holds it at 0% interest.
What high yield savings accounts actually pay
Banks that market high yield savings accounts currently offer rates between 4% and 5% per year, though this changes as the Federal Reserve adjusts interest rates. The exact rate depends on which bank you choose and when you open the account. Some banks raise or lower their rates weekly.
At 5% annual interest, $10,000 in a high yield savings account would earn $500 over a year. In Chime's savings account, that same $10,000 earns $0. Over time, that difference adds up — especially if you are trying to build an emergency fund or save for a goal.
High yield savings accounts are offered by online banks like Marcus, Ally, American Express Personal Savings, and others. Some traditional banks also offer high yield versions of their savings products, though usually at lower rates than online-only banks.
Why Chime does not offer interest on savings
Chime is primarily a checking account and debit card service. The company makes money from interchange fees (small charges when you use your debit card) and from partnerships with employers and payroll services. Chime does not have the deposit base or business model of a traditional bank, so offering competitive interest rates on savings is not part of their strategy.
Chime's value proposition is speed and convenience — getting your paycheck early, splitting it automatically, and managing money through an app. If you want both those features and interest earnings, you would need to use Chime for checking and move your savings elsewhere.
Whether to keep savings at Chime or move it
If you have money sitting in a Chime Savings Account right now, moving it to a high yield savings account at another bank costs you nothing and takes about five minutes. You can transfer the balance out using an external transfer (Chime calls this a "bank transfer"), and the money usually arrives within one to three business days.
The only reason to keep savings at Chime is if the automatic paycheck splitting is so valuable to you that you do not want to break the habit. In that case, you could split your paycheck between Chime checking and a high yield savings account at another bank — your employer's payroll system usually allows multiple direct deposit destinations.
If you are not using the automatic savings feature, there is no reason to keep money in a Chime Savings Account. Moving it to a high yield account means your money actually works for you.
How to move money out of Chime savings
Log into your Chime app, go to your Savings Account, and select "Transfer Money" or "Send Money." Choose "External Transfer" and enter the routing and account number of the bank where you want the money to go. Chime will ask you to verify a small deposit to that account (usually $0.01 to $0.99) before the full transfer goes through. Once verified, the transfer typically takes one to three business days.
You can also withdraw cash at an ATM using your Chime debit card and deposit it at another bank, though this is slower and less reliable than an electronic transfer.
Frequently Asked Questions
Can I earn interest if I keep a high balance in Chime savings?
No. Chime's interest rate is 0% regardless of how much money you have in the account. The rate does not change based on your balance or how long you keep the money there.
Does Chime ever change its savings interest rate?
Chime has not offered interest on savings accounts in the past, and there is no public announcement that this will change. If you need current information about Chime's rates, check their website or contact their support team directly.
What if I want automatic savings and interest earnings?
You can split your paycheck between Chime checking and a high yield savings account at another bank. Most employers allow you to set up multiple direct deposit destinations in their payroll system. This way you get the automatic savings feature and the interest earnings.
Is my money safe in Chime savings if it earns no interest?
Yes. Chime is FDIC-insured through partner banks, so your deposits are protected up to $250,000 per account type. The interest rate has no effect on safety — your money is protected either way.