Chime offers two savings products: Savings Account and Safety Account
Chime's Savings Account is a basic savings product linked to your Chime checking account. It earns interest (the rate varies and changes over time), has no monthly fees, and no minimum balance requirement. You can move money between your checking and savings accounts instantly through the Chime app.
The Safety Account is Chime's second savings option. It works similarly to the Savings Account but is designed as a separate savings goal tool. Both accounts are held at banks that are FDIC-insured, meaning deposits up to $250,000 are protected by federal insurance.
Neither account charges overdraft fees, maintenance fees, or requires you to keep a minimum balance. Both let you set up automatic transfers from your paycheck or checking account to build savings without manual effort.
Key Takeaways
- Chime's Savings Account and Safety Account both earn interest, though rates change and are not may provide to stay the same.
- Both accounts have no monthly fees, no minimum balance, and no overdraft charges.
- You can transfer money between your Chime checking and savings accounts instantly through the app.
- Deposits in both accounts are FDIC-insured up to $250,000, protecting your money if the bank fails.
- Automatic transfers from your paycheck or checking account help you save without remembering to move money manually.
How interest rates work on Chime savings accounts
Chime's savings accounts earn interest, but the rate is not fixed. Interest rates on savings products change based on the broader economy and the decisions of the Federal Reserve. Chime may raise or lower its rate at any time, and the rate you see today may not be the rate you earn next month.
Interest is calculated daily and deposited monthly. This means Chime looks at your balance every day, adds up the interest earned, and pays it to your account once a month. The more money you keep in savings and the longer you keep it there, the more interest you earn over time.
You can check your current interest rate in the Chime app or on Chime's website. If you want to know what rate you will earn before opening an account, contact Chime directly—rates are not always listed publicly and may vary by region or account type.
Differences between Savings Account and Safety Account
The main difference is purpose and psychology. The Savings Account is a straightforward place to store money and earn interest. The Safety Account is designed to feel like a separate goal—Chime markets it as a way to set aside money for emergencies or specific purposes without the temptation to spend it.
Both accounts earn the same interest rate and have the same fee structure. Both are FDIC-insured. The choice between them comes down to whether you want one savings bucket or two. Some people use both: one for everyday savings and one for an emergency fund they do not want to touch.
You can open both accounts at the same time, and you can transfer money between them instantly. There is no penalty for moving money out of either account, so the separation is mental rather than financial.
How to set up automatic transfers to savings
Chime lets you send a portion of your paycheck directly to savings before it hits your checking account. This is called direct deposit splitting. You set it up by giving your employer (or the payroll service your employer uses) your Chime account and routing number, then specifying how much of each paycheck goes to savings.
You can also set up automatic transfers from your checking account to savings on a schedule you choose—weekly, biweekly, monthly, or on a specific date. Open the Chime app, go to your savings account, and select "Transfer" or "Set Up Auto Transfer." You choose the amount and frequency.
If you receive a tax refund, bonus, or other lump sum, you can manually transfer it to savings in seconds through the app. There is no waiting period and no limit on how many transfers you can make per month (unlike some traditional banks, which cap savings transfers).
FDIC insurance and what it protects
Both Chime savings accounts are held at banks that carry FDIC insurance. This means if the bank fails, the federal government guarantees your deposits up to $250,000 per account, per depositor, per bank. In practice, this protects nearly all Chime customers because most people do not have $250,000 in a single account.
FDIC insurance covers the money itself, not the interest you earn. If you have $10,000 in a Chime savings account and earn $50 in interest, both the $10,000 and the $50 are insured. The insurance does not cover fraud or theft—if someone gains unauthorized access to your account, you will need to report it to Chime and work through their fraud process.
If you have multiple Chime accounts (for example, a joint account and an individual account), each one is insured separately up to $250,000. The insurance is automatic; you do not need to do anything to activate it.
When Chime savings might not be the right fit
Chime's savings accounts are designed for people who want a simple, fee-free place to save with a linked checking account. If you are looking for the highest possible interest rate, traditional online banks sometimes offer higher rates than Chime. Rates change frequently, so compare current rates before deciding.
If you need a savings account that is completely separate from checking (for example, at a different bank), Chime will not work because the savings account must be linked to a Chime checking account. You cannot open a Chime savings account without also having a Chime checking account.
If you want to save for a specific goal with restrictions—like a certificate of deposit (CD) that locks your money away for a set time in exchange for higher interest—Chime does not offer that product. Chime's savings accounts let you withdraw money anytime without penalty.
Frequently Asked Questions
Can I withdraw money from my Chime savings account anytime?
Yes. Unlike some savings products, Chime does not restrict withdrawals or charge a penalty for taking money out. You can move money from savings to checking instantly through the app and spend it immediately. There is no waiting period.
What happens if my Chime account gets hacked?
Report the unauthorized activity to Chime immediately through the app or by calling their support line. Chime has fraud protection and will investigate. FDIC insurance protects your deposits if the bank fails, but fraud protection is separate—Chime's terms cover unauthorized transactions, though the exact process and timeline depend on the type of fraud.
Do I have to keep a minimum balance in savings?
No. Chime's savings accounts have no minimum balance requirement. You can open an account with $0 and start with whatever amount you want. Interest is calculated on whatever balance you have, so even small amounts earn something.
Can I have both a Savings Account and a Safety Account at the same time?
Yes. You can open both accounts and use them for different purposes. Both earn interest at the same rate, and you can move money between them instantly. There is no fee for having two accounts.
How often does Chime change its interest rate?
Chime can change its rate at any time without notice. The rate is not may provide and will move up or down based on market conditions. Check the Chime app or website to see your current rate, and sign up for notifications if Chime offers them so you know when rates change.