Chime gives you both a checking account and a savings account, and they work together

Chime is primarily a checking account, but it also includes a linked savings account as part of the same product. When you open a Chime account, you get a debit card tied to your checking balance, direct deposit capability, and bill pay features—all the tools of a standard checking account. The savings account sits alongside it and functions separately, holding money you set aside rather than spend.

The key difference: your checking account is where your paycheck lands and where you swipe your debit card. Your savings account is a second bucket within the same Chime membership, designed to hold money without touching it. Both accounts share one login and one app, but the money in each one stays separate.

Chime does not charge monthly fees on either account, and you do not need a minimum balance to keep either one open. You can move money between your checking and savings instantly through the app.

Key Takeaways

  • Chime's checking account receives direct deposits, lets you spend with a debit card, and handles bill payments and transfers.
  • Chime's savings account is a separate bucket within the same membership where you can set money aside and earn a small amount of interest.
  • Both accounts are fee-free with no minimum balance requirement, and you can move money between them instantly.
  • Your debit card draws from your checking account only, not your savings account, so your savings stay untouched unless you move money deliberately.

How the checking account works

Your Chime checking account is where your paycheck lands when you set up direct deposit. The account comes with a physical debit card that you can use at any ATM or merchant that accepts Visa. You can also pay bills through the app, send money to other people via Chime's peer transfer feature, and set up automatic transfers to your savings account.

Chime reimburses out-of-network ATM fees—meaning if you use an ATM that is not part of Chime's network, Chime will refund the fee the ATM owner charged. This removes one of the usual costs of using a smaller bank. The checking account earns no interest, so money sitting in checking does not grow.

You can overdraft your checking account up to a certain limit without a fee, depending on your account history and direct deposit pattern. Chime calls this feature "SpotMe," and the limit starts at $20 and can grow to $200 or more. If you overdraft beyond your SpotMe limit, Chime charges a $15 overdraft fee per transaction.

How the savings account works

Your Chime savings account earns interest—a small percentage paid on the balance you hold. The rate varies and changes over time; Chime publishes the current rate on its website. Unlike the checking account, your debit card does not draw from savings, so the money there stays put unless you move it deliberately through the app.

You can transfer money from checking to savings instantly, and you can move it back the same way. There is no limit on how many transfers you can make per month, which differs from some traditional banks that cap savings transfers. Chime also offers a feature called "AutoSave" that can round up your debit card purchases to the nearest dollar and move the difference to savings automatically.

The savings account earns interest on your full balance every day, and interest is deposited monthly. The amount is small—typically less than 1% annually—but it is more than you would earn in most checking accounts.

When to use checking versus savings

Use your checking account for money you plan to spend: paychecks, bill payments, everyday purchases with your debit card, and transfers to other people. This is your working account, the one that moves in and out regularly.

Use your savings account for money you want to keep separate and protected from impulse spending. Common reasons include building an emergency fund, saving for a specific goal, or holding money you do not want to accidentally spend. Because your debit card does not touch savings, you have to take an extra step to spend that money—you have to open the app and transfer it first. That friction often makes it easier to leave savings alone.

Some people use AutoSave to build savings without thinking about it. Each time you swipe your debit card, a small amount moves to savings automatically. Over time, these small transfers add up.

What happens to your money if Chime closes or fails

Chime is not a traditional bank; it is a financial technology company that partners with actual banks to hold your money. Your checking and savings balances are held at Chime's partner banks, which are FDIC-insured. This means your money is protected up to $250,000 per account type at each bank partner.

In practice, your Chime checking account and Chime savings account are each insured separately up to $250,000. If Chime itself shut down, your money would remain safe at the partner bank, and you would be able to access it. The FDIC insurance is automatic; you do not have to do anything to activate it.

Fees and costs you should know

Chime charges no monthly account fee, no minimum balance fee, and no fee to transfer money between your checking and savings accounts. There is no fee to receive direct deposits or to use bill pay.

You will be charged a $15 overdraft fee if you overdraft your checking account beyond your SpotMe limit. Out-of-network ATM fees are refunded by Chime, so you can use any ATM without worrying about a charge. If you need a replacement debit card, Chime charges $2.50 for expedited delivery; standard delivery is free.

International transactions and foreign ATM withdrawals may carry fees depending on the transaction type. Chime does not charge a fee to close your account.

Frequently Asked Questions

Can I have multiple savings accounts with Chime?

No. Chime gives you one checking account and one savings account per membership. If you want to separate savings into different goals, you can track them manually in a spreadsheet or use the AutoSave feature to build one savings balance over time.

Does my debit card work with my savings account?

No. Your debit card draws only from your checking account. To spend money from savings, you must transfer it to checking first through the app, which takes a few seconds.

What interest rate does the savings account earn?

Chime's savings rate changes over time and is published on Chime's website. It is typically less than 1% annually. The rate you earn may differ slightly based on your account status and balance.

Is Chime a real bank?

Chime is a financial technology company, not a bank. Your money is held at partner banks that are FDIC-insured, so your deposits are protected the same way they would be at a traditional bank. You have the same protections, but Chime handles the customer service and app.

Can I overdraft my savings account?

No. Your savings account cannot go negative. If you try to transfer more money out than you have in savings, the transfer will be declined. Only your checking account has overdraft protection through SpotMe.