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

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

• APY – Our 2.00% APY² is 4.4x the national average³, so you can grow your savings at a faster pace.
• Minimum balance – There’s no minimum balance requirement, which means you get the same APY on every dollar in your savings account.
• Monthly maintenance fee – When it comes to monthly maintenance fees, we charge $0. That’s right – it’s free⁴ to maintain your high-yield savings account.
• Automatic Savings features – Chime makes it easy to save on autopilot with two automatic savings options.

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 0.46% as of August 2024, according to the FDIC.³ High-yield savings accounts may offer rates many 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 of deposits, you’d have over $40 in interest alone.

The more you save and the longer you keep up your savings habit, the more your high-yield savings account will grow.

You can also use the Chime high-yield savings account to fund any other big (or small) financial goals, like a vacation or down payment on a house.

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

1. Open a Chime^® Checking Account. Head to chime.com and enter your personal info to open a checking account. It takes less than 2 minutes!
2. Enroll in the Chime Savings Account. You’ll have the option to open a Chime Savings Account while opening your checking account.
3. 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.⁵
4. Download the Chime mobile app. Use the Chime app to connect your existing account and transfer funds, or set up direct deposit to your Chime Checking Account.

Chime offers two helpful features that can help you get into the habit of saving money 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. When you choose to turn on Round Ups, each 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 switching up your spending habits or routine. You can save money automatically whether you’re picking up coffee before work or paying the electric bill.

Save When I Get Paid

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

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

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

Saving money shouldn’t be a headache. Chime’s savings account makes it a breeze to start adding money to your account and taking advantage of a competitive APY.