Save more with 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!

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 $1 or more directly into your savings account.⁵

If option one seems right for you, you can easily fund your Chime Checking Account through mobile check deposit,¹³ direct deposit, Pay Anyone,¹⁴ or an external bank transfer. Have cash? Make fee-free cash deposits¹⁵ into your Chime Checking Account at any Walgreens across the country. For a fee, you can make cash deposits at more than 85,000 retail stores in the U.S.

How much money you should have in your savings account depends on your income, monthly expenses, and personal goals.

According to a survey conducted by The Motley Fool Ascent in July 2024, the median transaction account balance among Americans is $8,000–that includes checking, savings, and other accounts.¹⁶

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.

A savings account is a place where you can deposit money, and you can earn interest on the money you deposit over time.

When you deposit money with a bank, they can then use this money to lend to other people for a period of time. However, you can still access the money based on your account limitations. Most savings accounts are insured up to $250,000 through the FDIC, per depositor, per insured bank.⁶

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.

The best high-yield savings account is the one that works for you, but when searching for a savings account, consider prioritizing 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-yield savings account, but online banks have consistently provided higher APYs compared to traditional brick-and-mortar financial institutions. When you choose to bank through Chime, for instance, you gain access to a savings account that’s regularly among the best with a high APY, online banking capabilities, helpful tools to make it easier to save, and no monthly fees.⁴

Many financial institutions and financial technology companies 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.

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.

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 usually insured by the FDIC (or NCUA at credit unions) for up to $250,000 for deposits held at FDIC-insured banks.

Yes, 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.

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 savings account with Chime.⁴

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.