Chime® is a financial technology company, not a bank. Banking services, credit, and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

Grow Your Money Faster With a Chime High-Yield Savings Account

Saving money might be at the top of your financial to-do list. But where’s the best place to keep your hard-earned cash?

A high-yield savings account can deliver a stellar rate to grow your money faster. With a  Chime High-Yield Savings Account, you can get a competitive annual percentage yield (APY) without the higher maintenance fees1 associated with traditional high-yield savings accounts. 

Curious about how Chime high-yield savings works? You’re in the right place! We’re breaking down the details of our high-yield savings account. 

Chime Savings Account fast facts

What makes the Chime Savings Account special? Here’s a quick rundown:

  • APY – Our 2.00% APY² beats the national average, so you can grow your savings at a faster pace.³
  • Minimum balance – There’s no minimum balance requirement, which means you get the same APY on all the cash in your savings account.
  • Monthly maintenance fee – When it comes to monthly maintenance fees, we charge $0.4 Zilch. Zero. Zip. It costs nothing to maintain your high-yield savings account. 
  • Automatic Savings features – Chime makes it easy to save on autopilot with not one but two automatic savings options. 

Grow your savings automatically with Round Ups and Save When I Get Paid5 to reach your financial goals faster.

Chime Savings APY: how does it work?

APY stands for annual percentage yield. It’s how much you can earn with a savings account over a year when the interest rate is compounded. In other words, you earn interest on your initial cash deposit and any interest accrued over time.

High-yield savings accounts offer a higher-than-average APY. For perspective, the national savings rate was 0.30% as of December 2022, according to the FDIC.³ High-yield savings accounts may offer rates up to 15 times higher. 

So how much could your money grow with a Chime Savings Account APY of 2.00%? 

Let’s say you deposit $1,000 into your account to start, then save another $200 per month. After 12 months, you’d have $3,441.91. If you’d gone with the 0.30% APY savings account instead, you’d have $3,406.30.

An extra $35 might not seem like much. But the more you save and the longer you keep up your savings habit, the more your high-yield savings account will grow. 

How to open a Chime high-yield savings account

If an unforeseen expense comes along, you can rest easy knowing you’ve got the money you need to cover it. You can also use the Chime high-yield savings account to fund any other big (or small) financial goals you’ve got in mind. 

Here’s how to open a Chime high-yield savings account, step by step:

  • Open a Chime Checking Account. Head to and enter your personal info to open a checking account. It takes less than 2 minutes!
  • Enroll in the Chime Savings Account. You’ll have the option to open a high-yield Chime Savings Account while opening your checking account. 
  • Turn on Automatic Savings. You can opt-in to Round Ups and Save When I Get Paid to start growing your savings on autopilot right away. 
  • Download the Chime mobile app. Use the Chime app to connect your existing bank account and transfer funds, or set up direct deposit to your Chime Checking Account.

Grow your savings with Automatic Savings features

Saving money automatically can remove the temptation to spend it. Out of sight, out of mind, right? 

Chime offers two helpful features that can help you get into the savings groove and boost your balance automatically. 

Round Ups

Round Ups transfer money from your checking account to your savings each time you make a purchase or pay a bill with your Chime Visa® Debit Card. The transaction is rounded up to the next dollar, and the difference gets moved to your Chime Savings Account automatically.5 

The Round Up feature is a simple, hassle-free way to save your spare change without having to switch up your spending habits or routine. You can save money automatically whether you’re picking up coffee before work or paying the light bill at the end of the month. 

Save When I Get Paid

The Save When I Get Paid feature makes it easy to save money from your paychecks every month. All you need to do is sign up for direct deposit with Chime. When you get paid, Chime automatically transfers 10% of your deposit of $500 or more into your Savings Account.5

You can use Save When I Get Paid to automatically build savings into your budget. It’s predictable, so there’s no guessing about how much you’ll end up saving each month

Get money into your Savings Account

Chime makes it easy to get money into your Savings Account. Here’s how to do it:

  • Use Save When I Get Paid to deposit 10% of eligible direct deposits into savings each payday5
  • Transfer funds from your linked Chime Checking Account

Signing up for direct deposit with Chime can help you get paid up to two days early.6 You just need to have direct deposits of at least $500 to use the Save When I Get Paid feature.

You can set up direct deposit in the Chime mobile app under Move Money. You’ll need your bank account number and routing number to complete the setup process. 

Besides direct deposit, there are several other ways to add money to your Chime Checking Account, including mobile check deposits7 and transfers from an external bank account. You can even add cash to your Chime Checking Account at more than 75,000 retail stores nationwide.8


How much does Chime charge for a savings account?

Chime does not charge any monthly maintenance fees for its high-yield savings account. There is never a monthly fee, regardless of your balance. 

Can I withdraw money from my Chime savings account?

You can’t withdraw money directly from your Chime Savings Account. You can, however, transfer money from your savings to your Chime Checking Account to make withdrawals using your Chime Visa® Debit Card at fee-free ATMs.9

How do I move money into my Chime high-yield savings account?

You can move money into your Chime high-yield savings account by enrolling in direct deposit to take advantage of the Save When I Get Paid feature. You can also transfer funds from your Chime Checking Account to your savings. 

Saving has never been easier

Saving money shouldn’t be a headache. Chime’s savings account stands out thanks to its competitive APY and how simple it is to get started. 

Ready to put your savings to work? Open a Chime high-yield savings account to watch your money grow.

Chime® is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card and the Chime Credit Builder Visa® Credit Card are issued by The Bancorp Bank, N.A. or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit and credit cards are accepted. Please see the back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

Third-party trademarks referenced for informational purposes only; no endorsements implied.

Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank, N.A. and Stride Bank, N.A. (“Banks”). Banks are not responsible for the accuracy of any content provided by author(s) or contributor(s).

1 Information from ValuePenguin’s “Savings Account Fees: What They Are and How Much They Cost” as of January 20, 2023:

2 The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of January 12, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

3 The average national savings account interest rate of 0.30% is determined by FDIC as of January 5, 2023, based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more.

4 There’s no fee for Chime Savings Accounts. Cash Withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

5 Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your Savings Account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your Savings Account.

6 Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

7 Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.

8 The retailer that receives your cash will be responsible for transferring the funds for deposit into your Chime Checking Account.
Cash deposit fees may apply if using a retailer other than Walgreens.

9 Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

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