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 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. 

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. 

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 chime.com 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.

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. 

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

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.