Chime offers savings accounts, but they work differently than traditional bank savings
Chime offers two savings products: Savings Pots and Savings Account. Neither is a traditional savings account with a separate account number. Instead, both are tools that let you set aside money within your Chime checking account and earn interest on it. The money stays linked to your main account, but you can see it separately and watch it grow.
The key difference between them is how you use them. Savings Pots are buckets you create for specific goals—a vacation fund, emergency money, a car down payment. A Savings Account is a single dedicated savings space that earns interest automatically on whatever balance you keep there. Both earn interest, but the rates and features differ.
Key Takeaways
- Chime's Savings Pots let you create multiple goal-based savings buckets within your checking account, each earning interest on its balance.
- Chime's Savings Account is a single savings space that earns interest on whatever you deposit, without a separate account number or routing number.
- Interest rates on both products vary and are set by Chime; you can check the current rate on the Chime website or app before opening.
- Money in either product is FDIC insured up to $250,000 as part of your Chime account, the same way a traditional bank account is protected.
- You can move money between your checking and savings instantly through the Chime app with no transfer fees or waiting periods.
How Savings Pots work and what they cost
Savings Pots are optional buckets you create inside your Chime checking account. You name each one—"Emergency Fund," "Vacation," "New Laptop"—and set a savings goal if you want to. Money you move into a Pot earns interest, and you can see how much you've saved toward each goal separately from your main checking balance.
There is no monthly fee to use Savings Pots. You can create as many as you want, and you can move money in and out instantly through the app. The interest rate Chime pays on Pots changes over time; check the Chime app or website for the current rate before you start saving. Unlike a traditional savings account at a bank, you don't get a separate account number or routing number for each Pot—they're all part of your single Chime account.
The main limitation is that Pots are designed for saving, not for frequent spending. You can withdraw money anytime, but the structure encourages you to leave it alone and watch it grow toward a specific goal.
How Chime's Savings Account works
Chime's Savings Account is simpler than Savings Pots. It's a single savings space within your Chime account where you deposit money and it earns interest automatically. You don't set goals or create separate buckets—you just move money in and let it sit. The interest rate is the same whether you have $50 or $5,000 in there.
Like Savings Pots, there are no monthly fees, no minimum balance requirement, and no penalty for withdrawing money. You can move funds between your checking and Savings Account instantly through the app. The money is FDIC insured as part of your Chime account, so it's protected the same way a traditional bank account is.
The Savings Account works best if you want a simple way to earn interest without managing multiple goals or buckets. If you want to save for several different things at once, Savings Pots might be a better fit.
Interest rates and how they compare
Chime does not publish a fixed interest rate for Savings Pots or Savings Account. The rate changes based on market conditions and Chime's business decisions. You can see the current rate in the Chime app or on the Chime website before you open either product.
Interest rates at online banks and fintech companies like Chime tend to be higher than rates at traditional brick-and-mortar banks, but lower than the highest rates available at some online-only savings banks. The actual difference depends on when you check—rates move frequently. If earning the highest possible interest is your priority, compare Chime's current rate to rates at other online banks before deciding.
Interest is calculated daily and deposited into your account monthly. You earn interest on whatever balance you keep in your Pots or Savings Account, so the longer you leave money there, the more you earn.
FDIC insurance and how your money is protected
Money in Chime Savings Pots and Chime Savings Account is FDIC insured up to $250,000 total across all your Chime accounts. This means if Chime fails, the Federal Deposit Insurance Corporation guarantees your money up to that limit. The insurance covers your checking account, Savings Pots, and Savings Account as one combined balance.
If you have $100,000 in checking, $75,000 in Savings Pots, and $75,000 in Savings Account, your total is $250,000—all protected. If you add another dollar, that dollar is not insured. Most people never reach this limit, but it's important to know the cap if you're saving a large amount.
Chime is not a traditional bank; it's a fintech company that partners with banks to hold your money. The FDIC insurance is provided by the partner banks, not by Chime itself. This protection is the same as you would get at any bank.
Moving money in and out of savings
Transferring money between your Chime checking account and your Savings Pots or Savings Account is instant and free. Open the Chime app, tap the account or Pot you want to move money to, and enter the amount. The transfer completes immediately—there's no waiting period and no fee.
You can also set up automatic transfers. For example, you could have Chime move $50 from checking to a Savings Pot every payday. This helps you save without thinking about it. You can change or cancel automatic transfers anytime through the app.
If you need to move money out of Chime entirely—to another bank, for example—you can link an external bank account and transfer out. This takes one to three business days, the same as any bank transfer. Chime does not charge a fee for outgoing transfers.
When Chime savings products might not be the right choice
Chime savings products work well for people who want to earn interest on money they're setting aside and don't need frequent access to it. But they're not the right choice for everyone.
If you need a separate account number and routing number for a savings account—for example, to set up automatic deposits from an employer or to use the account for business purposes—Chime won't work. Savings Pots and Savings Account don't have their own account numbers; they're part of your main Chime account.
If you want to earn the absolute highest interest rate available, you may find better rates at other online banks. Chime's rates are competitive but not always the highest. If you want to compare, check current rates at several banks before opening an account.
If you need customer service by phone, Chime's support is app-based and chat-based, not phone-based. If you prefer talking to a person on the phone, a traditional bank might be a better fit.
Frequently Asked Questions
Can I have both Savings Pots and a Savings Account at the same time?
Yes. You can use Savings Pots for goal-based saving and a Savings Account for general savings at the same time. Both earn interest, and both are part of your single Chime account. Money in both combined counts toward the $250,000 FDIC insurance limit.
What happens to my interest if I withdraw money from savings?
You keep all the interest you've earned up to the day you withdraw. Interest is calculated daily and added to your account monthly, so you earn interest on whatever balance you have, even if you withdraw part of it partway through the month.
Can I set up direct deposit into my Savings Pots or Savings Account?
No. Direct deposit goes to your Chime checking account only. You can then move money from checking to your Pots or Savings Account instantly through the app, or set up automatic transfers to happen on a schedule.
Is there a minimum balance to earn interest?
No. Chime does not require a minimum balance in Savings Pots or Savings Account. You earn interest on whatever amount you have, even if it's just a few dollars.
How do I close a Savings Pot or Savings Account?
You can delete a Savings Pot anytime through the app—the money moves back to your checking account. Closing a Savings Account works the same way. There's no fee or penalty for closing either one.