How Chime Savings Accounts Hold and Grow Your Money

A Chime savings account is a deposit account held at a bank partner (currently Stride Bank or Chime Bank, depending on your account type) where you can store money separately from your checking account. Money you deposit into savings earns interest — a small percentage that the bank pays you for letting them hold your funds. The interest rate varies and changes over time; Chime publishes current rates on its website and in your app.

When you move money into Chime savings, it sits there until you withdraw it or transfer it back to checking. The account is FDIC insured up to $250,000, which means if the bank fails, the government guarantees your deposits are protected. You can see your balance, transaction history, and interest earned in the Chime mobile app or online dashboard at any time.

Unlike a checking account, savings accounts are designed for money you want to keep rather than spend regularly. Chime's savings account has no monthly fees, no minimum balance requirement, and no limit on how much you can deposit — though federal rules once limited how many withdrawals you could make per month (that rule has since been suspended, but some banks still enforce limits).

Key Takeaways

  • Money in Chime savings earns interest at a rate Chime sets and can change, and the account is FDIC insured up to $250,000.
  • You can transfer money between Chime checking and savings instantly through the app, with no fees for moving money in or out.
  • Interest is calculated daily on your balance and deposited monthly, so the longer your money sits, the more interest you earn.
  • Chime savings is meant for money you want to hold rather than spend; frequent transfers may trigger review by the bank.

How Interest Is Calculated and When You Receive It

Chime calculates interest daily based on your account balance. That means every day your money sits in savings, Chime figures out what you've earned that day and adds it to a running total. At the end of each month, Chime deposits the full month's interest into your savings account as a single deposit.

The interest rate Chime offers changes based on market conditions and Chime's business decisions. A higher balance earns more interest in dollar terms, but the percentage rate stays the same. For example, if Chime's rate is 2% annually and you have $1,000 in savings, you earn roughly $20 per year (about $1.67 per month). If you have $10,000, you earn roughly $200 per year (about $16.67 per month).

Interest is not may provide to stay the same. Chime can lower the rate at any time and will notify you before the change takes effect. You can check your current rate in the app under savings account details.

Moving Money Between Chime Checking and Savings

Transferring money between your Chime checking and savings accounts happens instantly in the app with no fee. Open the Chime app, tap the account you want to transfer from, select "Transfer," choose the destination account, enter the amount, and confirm. The money appears in the other account immediately.

You can also set up automatic transfers on a schedule — for example, moving $50 from checking to savings every payday. This helps you build savings without having to remember to transfer manually. You can pause or cancel automatic transfers at any time in the app.

There is no limit on how many transfers you can make between your own Chime accounts. However, if you transfer money out of savings to an external bank account (not your Chime checking), that counts as a withdrawal and may be subject to limits depending on current banking rules and Chime's policies.

Withdrawing Money and Transferring to Other Banks

To move money from Chime savings to an external bank account, go to the app, select your savings account, tap "Transfer," choose "External Transfer," enter the receiving bank's details, and specify the amount. The transfer typically takes one to three business days to arrive at the other bank, depending on that bank's processing speed.

You can also withdraw cash from your Chime savings by transferring to your Chime checking account first (instant), then using your Chime debit card at an ATM or in a store. Chime offers fee-free ATM withdrawals at over 60,000 ATMs nationwide through the MoneyPass and Allpoint networks.

If you need cash immediately and do not have a nearby fee-free ATM, you can use any ATM, but out-of-network ATMs typically charge a fee (usually $2 to $3) that the ATM operator deducts from your withdrawal. Chime does not charge you for using out-of-network ATMs, but the operator does.

What Happens If You Close Your Chime Account

If you close your Chime account, any money in savings is returned to you. Chime will ask how you want to receive it — typically by transferring to an external bank account or mailing a check. The process usually takes five to ten business days after you request closure.

Any interest earned up to the date of closure is included in the final balance. If you close mid-month, you receive interest calculated through the day you close, not a full month's interest.

Chime Savings Goals and Automatic Saving Features

Chime offers a feature called Savings Goals that lets you set a target amount and a deadline, then automatically move money from checking to savings toward that goal. For example, you could set a goal to save $500 by the end of the year and have Chime move $10 from checking to savings each week. This is purely organizational — the money still earns the same interest rate and sits in your savings account.

Chime also offers Round-Ups, a feature that rounds up debit card purchases to the nearest dollar and moves the difference to savings. If you buy coffee for $3.50, Chime moves $0.50 to savings. This happens automatically with each purchase and can add up over time without requiring you to think about it.

Both features are optional. You can turn them on or off in the app at any time. Using these features does not change your interest rate or account terms.

Frequently Asked Questions

Can I earn interest on my Chime checking account?

No. Chime checking accounts do not earn interest. Only money in your Chime savings account earns interest. If you want to earn interest, you must transfer money from checking to savings.

What happens if my Chime bank partner fails?

Your deposits are protected by FDIC insurance up to $250,000. If Stride Bank or Chime Bank fails, the FDIC guarantees your money and typically transfers your account to another bank or returns your funds within a few business days.

Can I set up direct deposit into my Chime savings account?

No. Direct deposit goes to your Chime checking account. You can then transfer money from checking to savings manually or set up an automatic transfer to move a portion of each paycheck to savings.

Does Chime charge fees to open or maintain a savings account?

No. There are no monthly fees, no minimum balance fees, and no fees to open or close a Chime savings account. Transfers between your Chime accounts are also free.

What is the current interest rate on Chime savings?

Chime's interest rate changes over time and varies based on market conditions. Check your Chime app or website for the current rate, which is displayed when you view your savings account details.