Chime Savings Account Interest Rates: July 2024

Chime Savings Account Rates

Founded in 2013, Chime is a financial services company that partners with two FDIC-insured banks—Bancorp Bank, N.A. and Stride Bank, N.A—to offer online banking products. One of those products is a somewhat high-yield savings account, which doesn’t charge monthly fees or require a minimum deposit. 

Read on to learn about Chime’s savings account’s interest rates and other features. 

Chime Savings Account: Key Features

Chime offers a “high-yield” savings account that earns a modest APY across all balances. This rate is significantly higher than the national average savings account rate, which is 0.45% as of September 18, 2023, according to the Federal Deposit Insurance Corporation. However, it’s not competitive with actual high-yield savings accounts, where rates tend to be 10 times higher (or more) than the national average.

Chime’s savings account doesn’t charge monthly fees or require a minimum opening deposit. However, you must open a Chime checking account before you can open a savings account. You can create your savings account at the same time you open your checking account or set one up at a later time. 

This savings account also comes with two unique (optional) features, which Chime calls Round Ups and Save When I Get Paid. With the Round Ups feature, Chime will automatically round up transactions you make with your Chime Visa debit card to the nearest dollar and transfer that amount from your checking to your savings account. 

Let’s say, for example, that you purchase an item for $9.75 with your Chime debit card. The Round Up feature will automatically transfer $0.25 from your Chime checking to your Chime savings account. If you opt in to this feature, you can easily save a little bit at a time with no extra legwork on your part. 

The optional Save When I Get Paid feature also lets you automate your savings. If you opt in, Save When I Get Paid will automatically transfer 10% of every direct deposit of $500 or more from your checking to your savings account. Alternatively, you can always manually transfer money from your checking to your savings account online or via Chime’s mobile app. 

Pros and Cons of Chime Savings Accounts

Pros

• No monthly fees: Unlike some competitors that charge a monthly maintenance fee for savings accounts, Chime doesn’t have monthly fees. You won’t need to worry about these costs eating away at your balance.
• No initial deposit requirement: There is no initial deposit requirement for a Chime savings account. Many other banking institutions require initial deposits of $50 or $100.
• Low minimum balance to earn interest: Some savings accounts require depositing a relatively large sum to earn the highest possible APY. With Chime, you’ll earn the same rate with a $1 balance as you would with a $1,000 balance.

Cons

• No physical branches: Chime is a financial technology company that operates strictly online. It doesn’t have brick-and-mortar banking locations available.
• APY lower than some competitors: While Chime offers a higher APY than some traditional savings accounts, the APY on its high-yield account is modest compared to the best high-yield savings accounts.
• Need a checking account to open a savings account: Chime doesn’t offer standalone savings accounts. Instead, you’ll need a Chime checking account to open a savings account.

About Chime: Other Savings Options

Chime is a financial technology company that offers 24/7 online and mobile banking services. Your accounts will be held at one of its partner banks, Bancorp Bank or Stride Bank, both of which are FDIC members. 

Along with its savings account, Chime offers a checking account and credit builder account. The credit builder account helps you improve your credit over time, with no annual fee or minimum security deposit.

With a Chime checking account, you also have the option of receiving direct deposits up to two days early. You’ll have access to a network of more than 60,000 fee-free ATMs (MoneyPass, Allpoint, and Visa Plus Alliance). Withdrawing cash from an out-of-network ATM could incur fees, including a $2.50 fee from Chime. 

Chime offers straightforward, mostly fee-free deposit accounts to customers who are comfortable with digital banking. However, it doesn’t offer other banking products or services at this time, such as certificates of deposit (CDs) or money market accounts. 

Alternatives to Chime Savings Accounts

Other High-Yield Savings Accounts

A Chime savings account may be a good option in some cases, but if you want the highest return possible you’ll have to look elsewhere for a high-yield savings account. If you’d like to make the most of your savings, it makes sense to compare options. 

Before opening a new savings account, compare rates, fees, and account requirements. Account features vary depending on the banking institution and account type you choose.

Certificates of Deposit (CD) Accounts

Chime doesn’t offer CD accounts, but many other banking institutions do. You can find high-yield CDs with great rates at various terms, often ranging from a few months to many years. If you can afford to invest your money in a CD for its full term, doing so can be a wise choice. 

Money Market Accounts

Money market accounts offer comparable rates to many high-yield savings accounts, but they often have check-writing privileges and debit cards, as you’d get with a checking account. Monthly withdrawal limits often apply, similar to what you’d see with certain savings accounts.

I Bonds

Series I savings bonds may provide a fairly high rate of return. These bonds are backed by the U.S. government, so they’re a very low-risk investment. While I bonds earn interest for up to 30 years, you can cash them in after five years without penalty.

Brokerage Accounts

Historically, investing in the stock market (in general) has been an effective way to build long-term wealth. If you have money to invest, consider opening a brokerage account. While it’s possible to earn a higher rate of return on your investments than you would with a savings account, it’s also possible to lose money. 

All investments come with some level of risk. If you’re considering a brokerage account, ensure you understand your risk tolerance, research potential investments, and consult with an investment professional if you have questions or concerns. 

Compare Savings Account Rates

Chime offers convenient and inexpensive checking and savings accounts, and while the savings account APY is usually quite a bit higher than the national average, you can likely do better. Browse a variety of high-yield accounts below to find a great rate.

Your Guide to Savings Accounts

• What Is a Savings Account and How Does It Work?
• What Is a High-Yield Savings Account?
• How to Open a High-Yield Savings Account
• How to Close a Savings Account
• Besides a Savings Account, Where Is the Safest Place to Keep My Money?
• How Many Savings Accounts Should I Have?
• How Savings Account Interest Rates Are Determined
• How Interest Works on Savings Accounts
• How Is a Savings Account Taxed?
• Money Market Fund vs. MMA vs. Savings Account: What’s the Difference?
• Certificates of Deposit (CDs) vs. Savings Accounts: Which Is Better for You?
• 4 Savings Accounts for Investors
• Best High-Yield Savings Accounts
• Best Free Savings Accounts
• Best Savings Accounts for Kids and Teens