You can open a Chime savings account in minutes using the Chime mobile app or website, with no minimum balance required
Chime's savings account is a separate account from your checking account, though both live in the same app. You start the account through the Chime app or at chime.com, provide your Social Security number and basic identity information, and the account opens immediately. There is no monthly fee, no minimum balance to open or maintain, and no overdraft fees.
The account comes with an optional debit card, though most people use it as a savings tool rather than for spending. Money moves between your Chime checking and savings accounts instantly within the app, and you can set up automatic transfers or use the "round-ups" feature to move spare change into savings.
Key Takeaways
- Opening takes about five minutes through the Chime app or website, and your account is active the same day.
- You need a valid Social Security number, a government-issued ID, and a phone number to complete the setup.
- The savings account has no monthly maintenance fee, no minimum balance requirement, and no penalty for withdrawals.
- Transfers between your Chime checking and savings accounts happen instantly, with no waiting period.
- You can automate savings through direct deposit splits, round-ups on purchases, or manual transfers.
What you need before you start
Have your Social Security number, a government-issued photo ID (driver's license, passport, or state ID), and your phone number ready. Chime will verify your identity during signup using information from your ID and Social Security number. If you already have a Chime checking account, you can add the savings account without re-entering everything—just open the app and select the option to add a savings account.
You do not need a minimum deposit to open the account. Some people open it with zero dollars and add money later through transfers or direct deposit.
Step-by-step: opening through the app
Download the Chime app from the Apple App Store or Google Play Store if you do not already have it. If you are a new Chime customer, tap "Sign Up" and follow the prompts to create your checking account first—the savings account option appears once your checking account is set up. If you already have Chime, open the app and log in.
Once logged in, look for the option to add a savings account (usually labeled "Add Savings Account" or similar in the Accounts section). Tap it and confirm your identity using the information Chime already has on file. The savings account opens instantly and appears as a separate tab in your app alongside your checking account.
Opening through the website
Go to chime.com and click "Sign Up" if you are new to Chime, or log in if you already have an account. New customers will create a checking account first; existing customers can navigate to their account settings and select "Add Savings Account." The process is the same as the app—you verify your identity and the account opens immediately.
Most people find the app faster and easier because you can use your phone's camera to photograph your ID. The website works the same way but may require you to type more information manually.
What happens after your account opens
Your savings account is ready to use right away. You can transfer money from your checking account to savings instantly by opening the app, selecting the savings account, and tapping "Transfer." You can also set up automatic transfers—for example, moving $25 every payday into savings without having to remember to do it manually.
If you receive direct deposit paychecks, you can split your deposit between checking and savings. During setup or later in your account settings, you can tell Chime to send a percentage or fixed dollar amount of each paycheck straight to savings. This is one of the fastest ways to build savings without thinking about it.
Using round-ups to save automatically
Chime offers a feature called "Round-Ups" that moves spare change into your savings account. When you make a purchase with your Chime debit card, the app rounds the amount up to the nearest dollar and transfers the difference to savings. For example, a $3.50 coffee purchase rounds up to $4, and $0.50 goes to savings.
You can turn round-ups on or off in your app settings. Some people find this a painless way to save; others prefer to control their transfers manually. Either way, the money stays in your savings account and does not earn interest—Chime savings accounts do not currently pay interest on balances.
Withdrawing money and closing the account
You can move money from savings back to checking instantly through the app with no penalty or waiting period. There is no limit on how many times you can transfer. If you want to close the savings account, you can do so in your app settings—Chime will move any remaining balance to your checking account and close the savings account.
Money in your Chime savings account is held by Chime's banking partners (currently Stride Bank and Chime Financial Technology) and is protected by FDIC insurance up to $250,000 per depositor, per bank. This means your money is safe even if something happens to Chime.
Frequently Asked Questions
Can I open a Chime savings account without a checking account?
No. Chime requires you to open a checking account first. Once your checking account is active, you can add a savings account. If you only want savings and not checking, Chime is not the right fit for you.
Does Chime savings earn interest?
No. Chime savings accounts do not currently pay interest on your balance. Your money is safe and accessible, but it does not grow through interest. If earning interest is important to you, look at other savings options.
How long does it take to open a Chime savings account?
The account opens immediately after you complete the signup process, which usually takes three to five minutes. You can start transferring money and using the account the same day.
What if my identity verification fails?
Chime will tell you why verification did not go through—usually a mismatch between your ID and the information on file. You can try again with updated information, or contact Chime support through the app for help. Keep your ID current and make sure your name and address match what Chime has recorded.
Can I have more than one Chime savings account?
No. Chime allows one savings account per customer. If you want to organize money into multiple buckets, you can use the app's goal-setting features or open savings accounts at other banks.