Chime does not offer a traditional savings account, but it does offer savings features built into its checking account

Chime's main product is a checking account with an attached savings feature, not a separate savings account. When you open a Chime account, you get a single debit card that accesses both your checking balance and a linked savings space. The savings portion earns a small amount of interest — the rate varies and changes over time, but Chime publishes the current rate on its website. You can move money between checking and savings instantly through the Chime app.

If you are looking for a dedicated savings account with a higher interest rate, you will not find that at Chime. Banks like Marcus, Ally, or American Express offer savings accounts with rates that are often higher than what Chime provides. Chime's strength is convenience and automatic savings tools, not competitive interest rates.

Key Takeaways

  • Chime offers a savings feature attached to its checking account, not a separate savings account product.
  • The savings portion earns interest, though the rate is typically lower than online-only savings banks.
  • You can transfer money between Chime checking and savings instantly through the app with no transfer limits.
  • Chime's automatic savings tools — like rounding up purchases or splitting direct deposits — are designed to help you save without thinking about it.

How Chime's savings feature works

When you open a Chime checking account, a savings space is created automatically. You do not need to open a separate account or fill out additional paperwork. Both spaces share the same debit card, and you can see balances for both in the Chime app.

Money moves between checking and savings instantly. You can transfer funds whenever you want through the app, and there are no monthly transfer limits or fees for moving money between your own spaces. The savings portion is FDIC insured up to $250,000, the same as any bank account.

Automatic savings tools Chime provides

Chime's main appeal for savers is its automatic savings features. The most common is Round-Ups: when you make a purchase with your Chime debit card, the transaction rounds up to the nearest dollar and the difference moves to savings. A $3.50 coffee purchase rounds to $4.00, and $0.50 goes to savings automatically.

Chime also offers Direct Deposit Split, which lets you direct a portion of your paycheck straight to savings before it hits checking. You set the amount or percentage, and the split happens automatically with each paycheck. This is useful if you want to save without having to remember to transfer money yourself.

A third tool is Savings Goals, which lets you create separate savings buckets within your savings space and name them — "Emergency Fund," "Vacation," or "Car Repair." The buckets are all part of the same savings space and earn the same interest rate, but they help you organize money mentally and track progress toward specific targets.

Interest rates and how they compare

Chime's savings feature earns interest, but the rate is typically lower than what you would find at online-only banks. The exact rate changes based on market conditions and Chime's business decisions. You can find the current rate on Chime's website or in the app.

For comparison: online savings banks like Ally, Marcus, and American Express often offer rates that are two to three times higher than Chime's rate. If your goal is to maximize interest earnings on a large balance, a dedicated high-yield savings account at another bank may serve you better. If your goal is to save small amounts automatically and have easy access to your money, Chime's built-in savings feature may be more convenient.

Fees and account requirements

Chime does not charge monthly fees for its checking account or savings feature. There are no fees for transferring money between checking and savings, no overdraft fees (Chime does not allow overdrafts), and no minimum balance requirement. You do need to maintain a Chime checking account to use the savings feature — you cannot open savings alone.

Chime does charge fees in specific situations: if you use an out-of-network ATM, you pay a fee (though Chime reimburses some ATM fees depending on your account type). If you request a paper check or wire transfer, those carry fees as well. The most common use case — debit card purchases and in-network ATM withdrawals — costs nothing.

When Chime's savings feature makes sense

Chime works well if you want automatic savings without thinking about it, value convenience over interest rates, and plan to keep your balance under $10,000. The Round-Ups and Direct Deposit Split features help people save money they might otherwise spend, and the instant transfers between checking and savings mean your money is never locked away.

Chime is less ideal if you have a large amount to save and want the highest possible interest rate, or if you want a completely separate savings account that is not tied to a checking account. In those cases, opening a savings account at an online bank alongside your Chime checking account is a common approach.

Frequently Asked Questions

Can I earn interest on my Chime checking balance?

No. Only the savings portion of your Chime account earns interest. Money in checking earns nothing. This is why the automatic savings tools are useful — they move money to the interest-earning space without you having to think about it.

What happens to my savings if Chime goes out of business?

Your savings are FDIC insured up to $250,000, which means the federal government guarantees the money even if Chime fails. This protection is the same as any traditional bank. Amounts over $250,000 would not be covered.

Can I use Chime savings as an emergency fund?

Yes. Money in Chime savings is accessible instantly through the app, and you can transfer it to checking and withdraw cash at an ATM within minutes. There are no withdrawal limits or waiting periods. The trade-off is that the interest rate is lower than some other savings options.

Do I have to use the automatic savings tools?

No. Round-Ups, Direct Deposit Split, and Savings Goals are all optional. You can open a Chime account and simply transfer money to savings manually whenever you want. The automatic tools are there if you find them helpful, but they are not required.

Can I open a Chime savings account without a checking account?

No. Chime only offers savings as a feature attached to its checking account. You must have an active checking account to access the savings space. If you want a standalone savings account, you would need to open one at a different bank.