Chime offers both, but they work differently than traditional bank accounts

Chime is a financial technology company that offers both a checking account and a savings account, but neither one is held at a traditional bank. Instead, Chime partners with banks — currently Stride Bank and Bancorp Bank — to hold your money. Your Chime checking account is where you receive direct deposits and make everyday payments. Your Chime savings account is a separate pot of money that earns interest and is meant to sit there rather than be spent regularly.

The key difference is how you use them. Your checking account comes with a debit card, online bill pay, and the ability to send money to other people. Your savings account has no debit card and no check-writing ability — you move money into it intentionally and it stays there to grow. Both accounts are FDIC-insured up to $250,000 each, which means your money is protected if the partner bank fails.

Chime does not charge monthly fees on either account, and there are no minimum balance requirements. That is different from many traditional banks, where a checking account might cost $10 to $15 per month or require you to keep $500 or more on hand at all times.

Key Takeaways

  • Chime's checking account is for regular spending and bill payments; the savings account is for money you want to set aside and grow with interest.
  • Both accounts are held at partner banks (Stride Bank or Bancorp Bank) and are FDIC-insured, so your money is protected up to $250,000 in each account.
  • Chime charges no monthly fees and has no minimum balance requirement on either account type.
  • Your Chime checking account comes with a debit card and online bill pay; your savings account does not and is meant for money you do not spend regularly.

How Chime checking and savings accounts differ in practice

When you open a Chime account, you actually open two separate accounts at once: a checking account and a savings account. Think of them as two buckets. Money that lands in your checking account — like your paycheck — is available immediately for spending. You can swipe your Chime debit card, pay bills online, or send money to friends through the Chime app. The checking account is where your everyday money lives.

Your Chime savings account is separate. You have to move money into it deliberately through the app. Once it is there, it earns interest — the rate varies but is typically higher than what a traditional bank checking account offers. The savings account has no debit card attached to it, so you cannot accidentally spend that money. If you need it, you can transfer it back to checking, but that takes a deliberate action.

This structure is useful if you struggle to keep money separate or if you want your savings to feel less accessible than your spending money. Some people use the savings account as an emergency fund; others use it to save toward a specific goal like a car or a vacation.

What happens when you receive money or pay bills

When your employer sends you a paycheck via direct deposit, it lands in your Chime checking account. You can spend it immediately — there is no waiting period. If you have set up automatic transfers to your savings account (Chime calls this "automatic savings"), a portion of each paycheck can move to savings automatically without you having to think about it.

When you pay a bill, you are drawing from your checking account. You can pay through the Chime app, through online bill pay, or by using your debit card at a store or online. Your checking account balance updates in real time, so you always know how much you have left to spend.

If you transfer money from checking to savings, it moves instantly within the Chime app. If you transfer money from savings back to checking, it also moves instantly. There is no waiting period between accounts because they are both held at the same partner bank.

Interest rates and how your savings account grows

Chime's savings account earns interest, which means the bank pays you a small percentage of your balance each month for letting them hold your money. The interest rate changes over time and depends on what the Federal Reserve is doing with interest rates nationally. Chime publishes its current rate on its website, and you can check it before you open an account.

The interest is not large — if you have $1,000 in savings, you might earn $10 to $15 per year depending on the rate — but it is more than you would earn in a traditional bank checking account, which typically pays zero interest. The interest deposits automatically into your savings account each month.

Because Chime's savings account earns interest and has no monthly fee, it can be a useful place to park money you are not spending right now. However, if you are saving for a specific goal and want a higher interest rate, you might also look at high-yield savings accounts from other online banks, which sometimes offer rates two or three times higher than Chime.

FDIC insurance and what happens if something goes wrong

Both your Chime checking and savings accounts are FDIC-insured. This means if Stride Bank or Bancorp Bank fails, the federal government guarantees your money up to $250,000 in each account type. So if you have $10,000 in checking and $15,000 in savings, all of it is protected.

FDIC insurance does not protect you from fraud or theft if someone steals your debit card or hacks your account. For that, Chime offers fraud protection through its app. If you report unauthorized transactions within a certain window, Chime will investigate and typically refund the money. The exact timeline depends on the type of fraud, but Chime aims to resolve most cases within 10 business days.

If your account is compromised, you can freeze or cancel your debit card instantly through the app. Chime will send you a replacement card, which usually arrives within 5 to 7 business days. In the meantime, you can still access your money through the app or by transferring it to another bank account you own.

When to use checking versus savings

Use your Chime checking account for money you plan to spend in the next few weeks or months. This is where your paycheck lands, where you pay your rent or mortgage, where you buy groceries, and where you cover unexpected expenses. Your checking account should have enough to cover your regular bills plus a small cushion for surprises.

Use your Chime savings account for money you want to keep separate and not touch. This might be an emergency fund (typically three to six months of living expenses), money you are saving for a vacation, or money you are setting aside for a car down payment. Because the savings account earns interest and has no debit card, it creates a small barrier between you and the money — which is often the point.

Some people keep most of their emergency fund in a separate high-yield savings account at another bank (where interest rates are often higher) and use their Chime savings account as a secondary savings bucket or for shorter-term goals. There is no rule; it depends on your habits and what feels manageable to you.

How Chime compares to a traditional bank account

A traditional bank — like Chase or Bank of America — also offers both checking and savings accounts. The main differences are that Chime has no monthly fees, no minimum balance, and faster access to your money through a mobile app. Traditional banks often charge $10 to $15 per month for a checking account if you do not maintain a minimum balance, and they may charge overdraft fees if you spend more than you have.

Chime does not charge overdraft fees. If you try to spend more than your balance, the transaction is simply declined. This can be frustrating in the moment, but it also means you cannot accidentally rack up $35 fees for going a few dollars over.

Traditional banks often have physical branches where you can deposit cash or talk to someone in person. Chime does not have branches. If you need to deposit cash, you can use certain retail partners (like CVS or Walgreens) or transfer money from another bank account. If you prefer face-to-face banking, a traditional bank might be a better fit. If you are comfortable managing money through an app and rarely need to deposit cash, Chime is often simpler and cheaper.

Frequently Asked Questions

Can I have both a Chime checking and savings account at the same time?

Yes. When you open a Chime account, you automatically get both. They are separate accounts with separate balances, but they are linked in the same app. You can move money between them instantly.

Does Chime charge fees for transfers between checking and savings?

No. Transfers between your Chime checking and savings accounts are free and instant. You can move money back and forth as often as you want.

What if I need to deposit cash into my Chime account?

Chime does not have ATMs or branches, so you cannot deposit cash directly. You can deposit cash at certain retail partners like CVS or Walgreens using their in-store services, or you can transfer money from another bank account you own into your Chime checking account.

Can I write checks from my Chime checking account?

Chime does not offer check-writing on its checking account. You can pay bills through the app, use your debit card, or transfer money to another account, but you cannot order checks. If you need to pay by check regularly, a traditional bank might be a better option.

What interest rate does Chime savings earn?

Chime's savings interest rate changes based on market conditions and is published on Chime's website. It is typically higher than a traditional bank checking account but may be lower than high-yield savings accounts at other online banks. Check Chime's current rate before opening an account if interest earnings matter to your decision.