Chime offers both, but the checking account is the main product
Chime is primarily a checking account
Chime also offers a savings account, but it is a separate product you open in addition to the checking account, not instead of it. Most people who use Chime start with checking and add savings later if they want a place to set money aside with a higher interest rate. The distinction matters because the two accounts work differently, have different features, and earn different interest rates. Understanding which one you need—or whether you need both—depends on how you plan to use your money. Chime Checking is a demand deposit account designed to replace a traditional bank checking account. You get a Visa debit card, can receive direct deposits, write checks (through mobile deposit or by requesting physical checks), and transfer money to other accounts. The account has no monthly maintenance fee, no overdraft fees, and no minimum balance. The checking account does earn interest, though the rate is typically lower than the savings account. Interest accrues daily and is deposited monthly. The exact rate changes over time and depends on the Federal Reserve's rate environment, so it varies from month to month. Chime Checking is FDIC-insured through partner banks (Chime is not itself a bank), which means your money up to $250,000 is protected if the partner bank fails. This is the same protection you would have at a traditional bank. Chime Savings is a separate high-yield savings account you can open once you have a Chime Checking account. It has no monthly fee, no minimum balance, and no withdrawal limits. The main purpose is to earn a higher interest rate than checking while keeping your money in the same app. Interest rates on Chime Savings are higher than checking rates, but they fluctuate based on market conditions. You can move money between your checking and savings accounts instantly through the Chime app, so there is no waiting period to access your savings if you need it. Chime Savings is also FDIC-insured through the same partner banks, so your savings are protected up to $250,000 separately from your checking balance. This means if you have $200,000 in checking and $200,000 in savings, both amounts are fully protected. Use your Chime Checking account for everyday spending: paying bills, making purchases with your debit card, receiving paychecks, and managing your regular cash flow. This is where your money lands when you get paid, and where you draw from to cover expenses. Use your Chime Savings account if you want to set money aside and earn a higher interest rate without moving it to a different bank or app. Common reasons to use savings include building an emergency fund, saving for a specific goal (a car, a vacation, a down payment), or simply separating spending money from money you want to keep untouched. Many people keep a small amount in checking for immediate expenses and move the rest to savings each month. Others keep most of their money in checking and use savings only when they have a specific goal. There is no rule—it depends on your habits and how much you want to earn on your money. Both Chime Checking and Chime Savings earn interest, but the savings rate is higher. The exact rates are not fixed and change based on what the Federal Reserve does with interest rates. When the Fed raises rates, Chime's rates typically rise; when the Fed cuts rates, Chime's rates fall. You can check your current rates in the Chime app or on the Chime website. The rates are the same for all Chime customers—there is no tiered system based on how much money you have. Interest is calculated daily and deposited to your account each month. If you are comparing Chime to other banks, note that interest rates vary widely. Some online banks offer higher savings rates than Chime; others offer lower ones. The rate environment changes frequently, so what is highest today may not be highest next month. Neither Chime Checking nor Chime Savings charges a monthly maintenance fee. There are no overdraft fees, no minimum balance requirements, and no inactivity fees. This is one of Chime's main advantages over traditional banks, which often charge monthly fees if your balance falls below a threshold. Chime does charge fees for certain actions: requesting a physical checkbook, wire transfers, and expedited transfers all have costs. International transactions and ATM withdrawals outside the Chime network may also incur fees. But for basic checking and savings use, there are no charges. To open an account, you need to be at least 18 years old, have a valid Social Security number, and pass Chime's identity verification process. You do not need a credit check or existing bank account. Transfers between your Chime Checking and Chime Savings accounts are instant and free. You can move money in either direction through the app anytime, with no waiting period. This makes it easy to shift money from checking to savings when you want to earn more interest, or from savings to checking when you need to spend. You can also set up automatic transfers if you want to move a fixed amount each payday or each month. For example, you could have $200 automatically moved to savings every time you get paid, without having to remember to do it manually. Transfers to accounts outside Chime (at other banks) take one to three business days and are also free. Expedited transfers to external accounts cost a fee and arrive faster, but most people do not need them. No. You must open a Chime Checking account first. The savings account is an add-on product, not a standalone option. Once your checking account is open, you can add savings whenever you want. Your direct deposit goes to your Chime Checking account. That is where your paycheck lands. You can then move money to savings if you want, but the initial deposit is always to checking. Yes. Interest earned on both checking and savings is taxable income. Chime will send you a 1099-INT form at the end of the year if you earned $10 or more in interest, and you report it on your tax return. You can close your Chime Savings account anytime without penalty. Any money in the account is transferred to your checking account, and you keep your checking account open. Closing savings does not affect your checking account or debit card. Yes. Both accounts are FDIC-insured up to $250,000 each through Chime's partner banks. Your checking and savings are insured separately, so you have up to $500,000 in total protection if you max out both accounts.Key Takeaways
How Chime Checking works
How Chime Savings works
When to use checking versus savings
Interest rates and how they compare
Fees and account requirements
Moving money between checking and savings
Frequently Asked Questions
Can I have a Chime Savings account without a checking account?
Which account should I use for my direct deposit?
Do I pay taxes on the interest I earn?
What happens if I close my savings account?
Is my money safe in both accounts?