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.

Chime high-yield savings account

High interest savings account



Get 2.00% APY1 on all your cash

Boost your earnings with Automatic Savings features

No monthly fees2

high yeild savings account in the chime app

Earn more on every dollar

We offer 2.00% APY¹ on your Savings Account. That’s 11x³ the national average! Learn how we got this rate.

Earn money by saving money

Chime offers 2.00% Annual Percentage Yield (APY) on your high-yield savings account. That’s 4.7x the national average!3

get 2.00% APY with chime high yeild savings account

Kiss bank fees goodbye

The Chime Savings Account has no monthly fees,2 no maximums on interest earned, and no minimum balance requirement.

Grow your savings automatically

Put your savings on autopilot: Round Ups let you save change on every purchase. Save When I Get Paid helps you automatically save a percentage of each paycheck.4

how to use the chime savings account in the app
preview of the chime high yield savings account in the chime app
how to turn on automatic savings feautures for chime savings account

Member testimonials

Chime has liberated me from living check to check by including a savings account… I’ll never go back to any other financial institutions, thanks Chime!

Chris D.

[Chime has] helped me start up a savings on a low budget for the first time in years! I love watching my savings grow, it feels so magical to finally be able to do that after struggling for so long!

Gillian B.

Chime has saved me so many times I’ve lost count! But what has saved me the most is the savings account... I have become so much more fiscally responsible since starting my account.

Phoenixx S.

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Chime Savings Account vs. national banks

Chime1, 2, 4
Bank of America5
Wells Fargo6
Chase7, 8
APY
2.00%
0.01%
0.15%
0.01%
Monthly fees
$0
$8 (can be waived)
$5 (can be waived)
$5 (can be waived)
Minimum opening deposit
$0
$100
$25
$0
APY
Chime1, 2, 4
2.00%
Bank of America5
0.01%
Wells Fargo6
0.15%
Chase7, 8
0.01%
Monthly fees
Chime1, 2, 4
$0
Bank of America5
$8 (can be waived)
Wells Fargo6
$5 (can be waived)
Chase7, 8
$5 (can be waived)
Minimum opening deposit
Chime1, 2, 4
$0
Bank of America5
$100
Wells Fargo6
$25
Chase7, 8
$0

How to open a Chime savings account

Savings resources

what is a high yield savings account

What is a high-yield savings account?

Learn the basics
checking vs. savings account

Checking vs. savings account: What’s the difference?

Find out

FAQs

What is the Chime savings rate?

The APY for a Chime Savings Account is 2.00%.1 That’s 4.7x the national average for savings accounts.3 Plus, Chime offers additional ways to boost your savings, like the Round Ups and Save When I Get Paid4 features that automatically grow your savings each time you swipe your debit card or receive a direct deposit of $500 or more.

Is Chime checking or savings?

Chime offers both a checking and a high-interest savings account. The Chime Checking Account comes with a debit card and has no monthly service fees. You’ll need to open a checking account with Chime before you can open a Chime Savings Account and take advantage of Chime’s Automatic Savings features.

Does Chime have a minimum balance requirement?

Chime doesn’t have a minimum balance requirement. As long as you have a balance of at least $0.01 in your Chime Savings Account, you’ll earn interest.

Many traditional banks require a minimum balance to earn interest or even to open your account.

How much are Chime’s monthly fees?

Chime’s high-yield savings account is a no-fee savings account.2 That means you’ll never pay a monthly fee, no matter your balance.

How do I open a Chime high-yield savings account?

To open a Chime Savings Account, you first need to open a Chime Checking Account online. During the enrollment process, you’ll have the option to open a savings account at the same time. But don’t worry if you miss that step – Chime Checking Account members can launch their mobile app, head to the Savings screen, and open a savings account at any time. No minimum balance required!

How do Chime Round Ups work?

Opt into Round Ups4 when signing up for your Chime Savings Account or at any time in the Chime mobile app. Each time you make a purchase or pay a bill with your Chime Visa® Debit Card, Round Ups will automatically round up transactions to the nearest dollar and transfer the spare change from your Checking Account into your high-yield Savings Account.

Is Chime savings safe?

Chime is a safe option for a savings account. Chime uses encryption and secure processes to ensure your money is protected. Plus, all your funds are held at FDIC-insured banks.9 Learn how the Chime Savings Account works.

How do I put money in my Chime Savings Account?

You can transfer money into your Chime Savings Account in two ways:

  1. Transfer directly from your Chime Checking Account.
  2. Route 10% of every direct deposit of $500 or more directly into your savings account with Save When I Get Paid.4

If Option 1 looks enticing, you can easily fund your Chime Checking Account through mobile check deposit,10 direct deposit, Pay Anyone, or an external bank transfer. Have cash? Make fee-free deposits11 into your checking account at any Walgreens across the country. For a fee, you can make deposits at more than 75,000 retail stores in the U.S.

The retailer that receives your cash will be responsible to transfer the funds for deposit into your Chime Checking Account.

Is a Chime Savings Account worth it?

The high-yield Chime Savings Account is a great choice for building your savings. The account offers you a competitive variable APY, and there’s no minimum balance requirement. On top of that, Chime’s Automatic Savings features help you grow your savings faster:

Round Ups4

Save money every time you make a purchase or pay a bill with your Chime Visa® Debit Card. Round Ups will automatically round up transactions to the nearest dollar and transfer the spare change from your Checking Account into your Savings Account.

Save When I Get Paid4

Save When I Get Paid makes it easy to automatically start saving money with every paycheck so you can achieve your financial goals faster. Chime will automatically transfer 10% of your direct deposit of $500 or more into your Savings Account when enrolled in this feature.

What is a high-yield savings account?

A high-yield savings account is a savings account that pays interest at a higher rate than traditional savings accounts. While savings accounts are averaging an interest rate of 0.43%, some of the best high-yield savings accounts offer 4 times as much or more. With savings accounts, interest is typically expressed as an APY, which is how much interest you could earn over a year if funds are not added or withdrawn. APY accounts for compound interest, which is essentially making money on your money.

Chime’s high-yield savings account earns 2.00% APY1 – that’s 4.7x the national average.3

What is the best high-interest savings account?

When searching for a savings account, it’s a good idea to prioritize online banking, low monthly fees, and, above all else, a high APY. Because banks and credit unions routinely change their APYs, it’s difficult to name the single best high-interest savings account. But Chime’s Savings Account is certainly a contender. It’s regularly among the best savings accounts, with a high APY and no monthly fees.2

What is the best online savings account?

When looking for the best online savings account, it’s important to research which savings account will earn you the most money. Look for an online savings account with no monthly fees and a high APY. The high-yield Chime Savings Account offers both – absolutely no monthly fees2 and a 2.00% APY.1

What is APY?

The Annual Percentage Yield, or “APY,” is a percentage rate reflecting the total amount of interest paid on an account. This is based on the interest rate and how often interest compounds (interest on the amount you contributed plus any interest you already earned).

APY gives you an idea of what you can earn if you keep a steady balance in your account for a year. What you actually earn will depend on the balance in your account, but the APY can help you compare rates between accounts.

Can I open a savings account online?

Many banks and credit unions allow you to open a savings account online. Online banking has become an important way for people to manage personal finance, with many financial institutions offering a full online suite of services. Chime, for example, makes it easy to manage your savings online and in the mobile app.

What are the best savings account APYs?

High-yield savings account rates are often 4 times higher than the national average (0.43%).3 Before opening a savings account online, compare APYs, fees, balance requirements, and special features online. Chime currently offers 2.00% APY1 on deposits.

Do savings accounts have routing numbers?

Yes, savings accounts have routing numbers, just like checking accounts. The routing number corresponds to the financial institution where you have your account. To find your savings account routing number, look for a 9-digit code on a deposit slip, or just reference your account statement online.

What is a variable rate?

A variable rate is a rate that may change from time to time. It depends on a few factors, including changes in market rates and conditions. Chime does not take rate changes lightly, so we will always do what we can to provide you with the best rate.

Checking vs. savings account: What’s the difference?

The main difference between checking and savings accounts is how you spend and save your money. Because checking accounts make your money more easily accessible – with checks, ATMs, debit cards, and online bill pay – you’ll typically use a checking account to pay for goods and services, like groceries, rent, concert tickets, and streaming services. Savings accounts generally earn interest compared to checking accounts; you should open a savings account to store money you don’t regularly need access to. Instead, the money can stay in the savings account to earn interest over time. Checking and savings accounts typically offer an added benefit over cash: They’re insured by the FDIC (or NCUA at credit unions) for up to $250,0000 for deposits help at FDIC-insured banks.

What is the best high-yield savings account?

The best high-yield savings accounts offer competitive rates, low (or no) monthly fees, and an intuitive mobile app. If you’re looking for a high-yield savings account with an easy online banking experience, consider Chime, the #1 most loved banking app.12

Do savings accounts have interest?

Savings accounts earn interest, though some may have minimum balance requirements to earn that interest. With most savings accounts, you earn interest every day, but the financial institution may not pay it until the end of the month.

How much should I have in savings?

How much money you should have in your savings account depends on your income, monthly expenses, and personal goals. It’s a good idea to build an emergency savings fund as soon as you can; experts recommend that an emergency savings fund should be able to cover three to six months’ worth of expenses for you and your family. After you’ve built your emergency savings, you can decide the best path for you: paying down debt; saving for other things, like a house, wedding, or vacation; or even investing.

How does a savings account work?

A savings account is a common financial product that allows you to safely store your money and access it when you need it. Unlike most checking accounts, a savings account offers an APY, but the funds may be slightly more difficult to access. Most savings accounts are insured up to $250,000 through the FDIC, per depositor, per insured bank.

What is the highest APY savings account?

Savings account APYs can be quite dynamic, but online banks have consistently provided higher APYs compared to traditional brick-and-mortar financial institutions. For instance, when you choose to bank through Chime, you can expect a competitive APY along with helpful tools that make it easier to save.

Where can I find a no-fee savings account?

Many savings accounts tout themselves as fee-free, but when you read the fine print, you’ll see that there are strings attached. Some banks might require regular deposits to avoid fees, while others might charge a fee if your average account balance dips below a certain threshold. Read all fine print carefully before signing up for any no-fee savings account. If you’re looking for a savings account that truly charges no monthly fees, check out the high-yield Chime Savings Account: It has a 2.00% APY1 and has no monthly fees,2 minimum balance requirements, or even maximums on interest earned.

What is an online savings account’s typical APY?

Right now, the average savings account interest rate is 0.43%.3 Online banks usually offer better-than-average APYs. The high-yield Chime Savings Account stands out with an attractive 2.00% APY1 on deposits.

How much interest does a savings account earn?

The national average interest rate for savings accounts is 0.43%3. Search for a high-yield savings account like the Chime Savings Account, which has a 2.00% APY.1

What is the highest savings APY?

Banks and credit unions regularly update their savings rates, but you’ll generally find the highest rates at online banks and financial institutions. The Chime Savings Account, for example, offers a competitive APY on all deposits with no maximums on interest earned.

How much money does the average person have in savings accounts?

The average savings account balance varies widely by source, income level, and other factors. According to the Federal Reserve’s Survey of Consumer Finances, the median savings account balance for American families was $5,300 in 2019. According to a survey conducted by The Motley Fool Ascent in July 2023, the median savings account balance among Americans is just $1,200. Experts typically recommend having three months’ worth of expenses saved in an emergency fund if you are able to.

How much money should I keep in checking vs savings?

Some experts recommend having enough money in your checking account to cover one or two months of expenses, plus a 30% buffer for additional expenses. The amount you need to put in your savings account depends on your lifestyle and what you can realistically save. Some experts recommend saving three to six months’ worth of expenses for an emergency fund.

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.

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).

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

1 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 September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

2 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.

3 The national average rate can be found on the FDIC's National Rates and Rate Caps website here.

4 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.

5 Data pulled from Bank of America Advantage Savings as of September 20, 2023: https://www.bankofamerica.com/deposits/savings/savings-accounts/

6 Data pulled from Wells Fargo: Savings Accounts and CD (Time Account) Rates as of September 20, 2023: https://www.wellsfargo.com/savings-cds/rates/

7 Data pulled from Chase Savings Interest Rates as of September 20, 2023: https://www.chase.com/personal/savings/savings-account/interest-rates

8 Data pulled from Chase Additional Banking Services and Fees for Personal Accounts as of September 20, 2023: https://www.chase.com/content/dam/chase-ux/documents/personal/checking/ABSF-en.pdf

9 FDIC deposit insurance limit is $250,000 per depositor, per insured bank, per ownership category. For Savings Account depositors, funds are eligible for FDIC insurance when it arrives at the bank. See details at Chime Savings Annual Percentage Yield (APY) and Program banks

10 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.

11 Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.

12 #1 Most Loved Banking App Source: Chime received the highest 2022 Qualtrics® NPS score.

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