Megan Lee is a writer and editor who specializes in travel, personal finance, education, and healthcare. She has been published in U.S. News & World Report, REI, USA Today, and elsewhere, and has spoken at conferences like NAFSA’s Annual Conference & Expo. Megan has built and directed remote content teams and editorial strategies for several websites, including NerdWallet, GoAbroad, and Ramp. When she's not crafting her next piece of content, Megan adventures around her Midwest home base, where she likes to drink cortados (it’s research for her coffee blog, she swears), attend theme parties, ride her bike, and cook Asian food.
Key takeaways
A high-yield savings account earns significantly more interest than a traditional savings account, helping your money grow faster over time.
Chime offers a tiered APY: 3.75% with Chime Prime™, 3.00% with Chime Plus™, or 0.75% on all savings balances.1
Automatic savings tools like Round Ups and Save When I Get Paid make it easy to save without thinking about it.2
There are no monthly fees, no minimum balance requirements, and no account opening fees.3
You work hard for your money, and it should work just as hard for you. A high-yield savings account can help you earn more on every dollar you save – without taking on any risk. Here's how Chime® makes it easy to grow your savings faster.
What is a high-yield savings account?
A high-yield savings account is a savings account that earns a higher annual percentage yield (APY) than atraditional savings account. The national average savings rate is just 0.38% as of May 2026, according to the FDIC.4 High-yield savings accounts can offer rates several times higher, helping your money grow faster with no added risk.
These accounts work just like regular savings accounts – you deposit money, earn interest on your balance, and can withdraw funds when you need them. The key difference is the rate. A higher APY means more compound interest, which means your balance grows more quickly over time.
Some apps also make saving easier with spare-change automation. Chime's Round Ups feature automatically rounds up every debit card purchase to the nearest dollar and moves the difference into your savings account.5 The Save When I Get Paid feature deposits a percentage of each paycheck directly into savings.6
Benefits of a high-yield savings account
A high-yield savings account can be a smart addition to yourfinancial plan. Here are the biggest advantages.
Higher interest earnings – Your money earns more compared to a traditional savings account. Even a small difference in APY can add up to hundreds of dollars over time.
Compound growth – Interestcompounds on both your deposits and previously earned interest. Your balance can grow exponentially the longer you save.
Safety – Deposits in Chime's savings account are held at partner banks that areFDIC-insured up to $250,000.§
No-risk growth – Unlike investments, a high-yield savings account won't lose value. Your principal stays safe while earning a competitive return.
Easy access – You can transfer funds to your checking account whenever you need them.
How does Chime APY work?
APY stands forannual percentage yield. It measures how much you can earn with a savings account over a year when interest is compounded – meaning you earn interest on both your deposits and previously earned interest.
Chime offers a tiered APY structure that rewards you for setting updirect deposit:
Chime Prime™ members earn 3.75% APY1 on savings balances
Chime Plus™ members earn 3.00% APY1 on savings balances
All Chime members earn 0.75% APY1 on savings balances
Chime Plus is free with qualifying direct deposits.7 Even Chime's base rate beats the national average, and the Chime Prime rate is more than nine times higher.4
Here's what that looks like in practice: if you save $10,000 at 3.75% APY, you could earn approximately $375 in interest a year. At the national average of 0.38%, that same $10,000 would earn just $38.
Chime tip: Use asavings goal calculator to see how long it might take you to hit your savings target.
Chime savings account features
The Chime high-yield savings account is designed to help you reach your money goals with useful features and no hidden costs.
Earn interest
With Chime Prime, you can earn 3.75% APY1 on your savings balance. Even without a premium membership, all Chime savings balances earn 0.75% APY.1
Chime Prime also unlocks additional benefits beyond a higher APY, including:
MyPay®, which lets eligible members access up to $500 before payday8
Up to $200 in fee-free coverage with SpotMe® on debit card purchases and cash withdrawals9
24/7 priority support
Cash back on personalized deals through Chime Deals®10
Get paid up to two days early with direct deposit11
Set up savings goals
The Savings Goals feature lets you turn small savings habits into big results. Create personalized goals for any expense – whether it's anemergency fund, a down payment, or a vacation.
To get started, tap Savings Account on the app's home screen, then tap Set your goal to create your first goal. Move funds from your savings account to that specific goal and track your progress over time.
Automatically save
One of the biggest challenges of saving is remembering to move money from your checking account to savings. Chime solves this with two automatic savings features:
Round Ups – Every purchase made with your Chime Card™ gets rounded up to the nearest dollar, and the spare change goes straight into your savings account.5
Save When I Get Paid – A portion of each eligible direct deposit is automatically routed to your savings account each payday.6
How to open a Chime high-yield savings account
Getting started with a Chime high-yield savings account takes just a few minutes. Here's the step-by-step process.
Open a Chime Checking Account. Head tochime.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 Chime Savings Account while opening your checking account.
Download the Chime mobile app. Use the Chime app to connect your existing account and transfer funds. It's available for free in the App Store and Google Play Store.
Set up a qualifying direct deposit. A direct deposit of $200 or more enrolls you in Chime Plus and gives you access to Save When I Get Paid and a higher APY.§
Turn on automatic savings. Let Chime help you save by turning on Round Ups and Save When I Get Paid.
You don't need a minimum balance to open a Chime Checking or Savings account. You can also add money through mobile check deposits,12 transfers from an external bank account, orcash deposits at more than 75,000 retail stores nationwide.13
Grow your savings with Chime
A high-yield savings account is one of the simplest ways to make your money work harder. With Chime, you get a competitive APY, automatic savings tools, and no fees – all in one place.
Frequently Asked Questions
What is the interest rate on a Chime savings account?
Chime offers up to 3.75% APY on its high-yield savings account. Chime Prime members earn 3.75% APY,1 Chime Plus members earn 3.00% APY,1 and all members earn 0.75% APY.1 Chime Plus is free with qualifying direct deposits.9
How much will $10,000 make in a high-yield savings account?
At Chime's top rate of 3.75% APY with Chime Prime, $10,000 could earn approximately $375 in one year. At the base rate of 0.75% APY, that same amount would earn about $75.
Can I spend money from my Chime savings account?
You can't withdraw money directly from your Chime savings account. However, you can transfer funds to your Chime Checking Account and make withdrawals for free at one of 47,000+ fee-free ATMs.14
How do I move money into my Chime high-yield savings account?
You can transfer funds from your Chime Checking Account, use Round Ups to save spare change from purchases,5 or set up Save When I Get Paid to route a portion of each direct deposit into savings.6
Chime® is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Chime is not FDIC-insured. The Bancorp Bank, N.A. and Stride Bank, N.A. are the FDIC-insured members. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. FDIC deposit insurance limit is $250,000 per depositor, per insured bank, per ownership category.
Chime Checkbook: 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.
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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).
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