Opening a Chime Savings Account

You open a Chime savings account through the Chime mobile app or website, and the process takes about five minutes. You will need a valid Social Security number, a government-issued ID, and a way to verify your identity — usually a photo of your ID taken through the app. Chime will also ask for your date of birth and current address.

Once you download the Chime app and tap "Sign Up," you will create a username and password, then answer security questions. Chime verifies your identity using Socure, a third-party verification service, which checks your information against public records. If verification succeeds immediately, your account opens right away. If it does not, Chime may ask you to upload additional documents or call you to confirm details — this can add a day or two.

Your Chime savings account comes paired with a Chime checking account automatically. Both accounts share the same debit card and routing number, so you do not need to set up anything separately. The savings account is FDIC-insured up to $250,000 through Chime's partner banks (currently Stride Bank and Chime Financial).

Key Takeaways

  • You can open a Chime savings account in the mobile app or on the website using your Social Security number, government ID, and a photo of that ID for verification.
  • The savings account opens automatically when you create a Chime checking account — you do not set them up separately.
  • Your Chime savings account earns interest at a rate that changes monthly, and Chime rounds up purchases on your debit card to move the difference into savings automatically.
  • You can transfer money between your Chime checking and savings accounts instantly through the app, and you can also receive direct deposits into savings.
  • Chime charges no monthly fees, no minimum balance, and no overdraft fees on either account.

Moving Money Into Your Savings Account

Once your account is open, you can move money into savings in three ways: direct deposit, transfers from your checking account, or the automatic round-up feature called SpotMe Boosts.

To set up direct deposit into your savings account, you will need your Chime routing number and your account number. You can find both in the app under "Account Details" or "Transfers." Give these numbers to your employer's payroll department and specify that the deposit should go to your savings account. Direct deposits typically arrive within one to two business days of your employer sending them.

To transfer money from your checking account to savings, open the Chime app, tap "Transfers," and select "Move Money." Choose the amount and confirm. The transfer happens instantly — the money appears in your savings account right away. You can also set up recurring transfers if you want to move a fixed amount every week or month.

The round-up feature works differently. When you use your Chime debit card to make a purchase, Chime rounds the amount up to the nearest dollar and moves the difference into your savings account. For example, if you spend $3.50, Chime moves $0.50 to savings. This happens automatically and does not cost you anything — you are just redirecting money you would have spent anyway.

Interest Rates and How Money Grows

Chime savings accounts earn interest, and the rate changes monthly based on market conditions. Chime publishes the current rate on its website and in the app under "Savings Account Details." The rate has varied over time — it was higher during periods of rising interest rates and lower during other periods. You earn interest on your full balance, and Chime deposits it into your account monthly.

Interest is calculated daily and paid monthly, which means your balance grows slightly each month even if you do not add new money. The interest you earn is taxable income, and Chime will send you a 1099-INT form at tax time if your interest exceeds $10 for the year.

There is no minimum balance required to earn interest, and there is no cap on how much you can save. Your money is FDIC-insured, so even if Chime's partner bank fails, your deposits up to $250,000 are protected by federal insurance.

Accessing Your Money When You Need It

You can withdraw money from your Chime savings account in several ways. The fastest is to transfer it to your Chime checking account through the app — this takes seconds. You can then use your debit card to spend it or withdraw cash from an ATM.

Chime offers surcharge-free ATM access at over 60,000 ATMs nationwide through the Allpoint network. You can also withdraw cash at any bank or credit union that is part of the CO-OP or Allpoint networks. If you use an ATM outside these networks, Chime charges a fee (usually $2.50 per withdrawal), though some ATM operators may charge their own fee on top of that.

There is no limit on how many times you can withdraw from your savings account per month. Unlike some traditional savings accounts, Chime does not restrict withdrawals, so you can move money out whenever you need it.

Fees and Account Costs

Chime charges no monthly maintenance fee, no minimum balance requirement, and no overdraft fees. You will not be charged for transferring money between your checking and savings accounts, and you will not be charged for setting up direct deposit.

The only fees you might encounter are ATM fees if you withdraw cash from an out-of-network ATM, or fees charged by the ATM operator themselves. Chime also does not charge fees for closing your account if you decide to move your money elsewhere.

Some Chime features, like SpotMe Boosts (which gives you cash back on certain purchases), are free. Other premium features, like Chime Credit Builder (a secured credit card), have their own costs, but the basic savings account itself has no fees.

Security and Fraud Protection

Chime uses encryption to protect your account information and requires a password and optional biometric login (fingerprint or face recognition) to access your account. If someone gains access to your account without permission, Chime's fraud protection covers unauthorized transactions on your debit card.

If you notice a fraudulent transaction, report it to Chime through the app or by calling customer service. Chime will investigate and typically refund the money within one to three business days if the transaction is confirmed as fraud. You are not liable for unauthorized charges if you report them promptly.

Your savings account is also FDIC-insured, which means your deposits are protected even if Chime's partner bank fails. This insurance covers up to $250,000 per account holder per bank.

Frequently Asked Questions

Can I have more than one Chime savings account?

No. Chime allows one savings account per person, paired with one checking account. If you need to save for multiple goals, you can use sub-savings features or separate buckets within your single savings account if Chime offers them, but you cannot open a second savings account with the same Social Security number.

What happens if I close my Chime account?

When you close your Chime account, any money in your savings account remains yours. Chime will transfer it to the bank account you specify, or you can withdraw it as cash. Closing takes a few business days to process, and you should make sure you have moved all your money before requesting closure.

Can I set up automatic savings transfers?

Yes. In the Chime app, go to "Transfers," select "Move Money," and choose "Set Up Recurring Transfer." You can schedule weekly, bi-weekly, or monthly transfers from checking to savings for a fixed amount. This is useful if you want to save a portion of each paycheck automatically.

Does Chime report my savings account to credit bureaus?

No. Chime does not report your savings account activity to credit bureaus, so it does not build credit history. Only Chime Credit Builder (a separate secured credit card product) reports to credit bureaus and helps build credit.

What is the difference between Chime savings and a traditional bank savings account?

Chime savings accounts have no monthly fees, no minimum balance, and no withdrawal limits — traditional banks often charge fees or restrict withdrawals. However, Chime's interest rates change monthly and may be lower than some online banks. Chime is best for people who want low fees and easy access; traditional banks may offer higher rates if you can maintain a large balance.