Chime Savings Account Costs Nothing to Open or Maintain
Chime's savings account has no monthly fee, no minimum balance requirement, and no charge to open it. You do not pay to deposit money, withdraw money, or transfer between your Chime checking and savings accounts. There is no fee if your account sits unused for months.
The account is linked to your Chime checking account by default. You can move money between the two instantly through the Chime app, and both accounts share the same debit card and routing number. If you close your Chime checking account, your savings account closes too.
Key Takeaways
- Chime's savings account charges no monthly maintenance fee, no minimum balance fee, and no overdraft fees.
- You earn interest on your savings balance, though the rate changes and is typically lower than online banks that specialize in savings.
- Transfers between your Chime checking and savings accounts are instant and free through the app.
- The savings account is not a separate product—it is a feature of your Chime checking account, so closing checking closes savings too.
Interest Rates and How Your Money Grows
Chime pays interest on your savings balance, but the rate is not fixed. Chime sets the rate and can change it at any time without notice. The rate has varied significantly over the past few years and does not always match what online banks focused on savings offer.
Interest is calculated daily and deposited monthly. The amount you earn depends on your balance and the current rate. Because Chime's rate fluctuates, you should check the current rate in the app before deciding whether Chime's savings account meets your needs. If maximizing interest is your priority, dedicated online savings banks often publish fixed rates upfront.
How Chime Savings Fits Into Your Account
Your Chime savings account and checking account are one product. You cannot have a savings account without a checking account, and you cannot keep the savings account if you close checking. Both accounts use the same debit card and the same routing number for transfers.
The app shows your savings balance separately from your checking balance, and you can set savings goals to track progress toward a target amount. Transfers between the two accounts happen instantly and cost nothing. Direct deposits, transfers from other banks, and manual deposits all go into checking by default, but you can move money to savings immediately afterward.
Overdraft Protection and Savings
Chime does not charge overdraft fees on your checking account, even if you spend more than you have. Instead, Chime may decline the transaction or allow it to go through depending on your account history and the type of transaction. This protection applies to your checking account only, not your savings account.
Your savings balance does not automatically cover overdrafts on your checking account. You must manually transfer money from savings to checking if you want to use your savings to cover a shortfall. Chime will not automatically pull from savings to prevent an overdraft.
Comparing Chime Savings to Standalone Savings Accounts
Chime's savings account is convenient if you already use Chime checking, because transfers are instant and free. However, it is not designed to compete on interest rate with banks that focus on savings. Online banks like Marcus, Ally, and American Express Personal Savings often publish higher rates and keep them stable for longer periods.
The trade-off is access. Chime's savings is built into an app you already use, while a separate savings account requires logging into a different bank. If you want the highest interest rate available, a dedicated savings bank may serve you better. If you want simplicity and do not prioritize interest, Chime's savings account costs nothing and works seamlessly with your checking account.
What Happens to Your Savings If You Close Your Account
If you close your Chime checking account, your savings account closes automatically. Chime will return any balance in your savings account to you, typically by direct deposit to the bank account you used to fund Chime, or by check if no other method is available.
The process usually takes five to ten business days. Make sure Chime has your current contact information so you receive notice of the closure and know where your money is going. If you plan to close your account, withdraw or transfer your savings balance first to avoid any delay.
Frequently Asked Questions
Can I have a Chime savings account without a checking account?
No. Chime's savings account is a feature of the checking account, not a standalone product. You must open and maintain a checking account to have a savings account. If you close checking, savings closes too.
Does Chime charge fees if my savings balance is too low?
No. Chime does not charge a minimum balance fee, an inactivity fee, or any other fee based on how much money is in your savings account. You can keep a balance of one dollar or zero dollars without penalty.
How often does Chime change its savings interest rate?
Chime can change the rate at any time and does not commit to a fixed rate for any period. Check the current rate in the app before opening an account or deciding whether to keep your money in Chime savings. Rates have varied significantly year to year.
Can I transfer money from my Chime savings to another bank?
Yes. You can transfer money from Chime savings to an external bank account using the app. Transfers typically take one to three business days, depending on the receiving bank. There is no fee for outgoing transfers.
What if I need to access my savings money right away?
Transfers from Chime savings to your Chime checking account are instant. You can then use your debit card or withdraw cash at an ATM. Transfers to external banks take one to three business days. Chime does not limit how often you transfer or withdraw from savings.