Chime offers both checking and savings accounts, and they work together as a pair
Chime's main product is a checking account that comes with a debit card, direct deposit, and bill pay. When you open a Chime account, you get a checking account by default. The savings account is separate—you can open one at the same time, but it is not automatic. Both accounts share the same login and app, but they function independently: money in checking is for everyday spending, and money in savings sits apart and earns interest.
The checking account has no monthly fee, no minimum balance, and no overdraft fees. The savings account also has no monthly fee and no minimum balance, but it does earn interest on the money you keep there. The rate varies and changes over time, so check Chime's current rate before you decide whether to use their savings account or move that money elsewhere.
Key Takeaways
- Chime's checking account comes with a debit card and is designed for daily spending and bill payments.
- The savings account is optional and separate; you must open it yourself if you want one.
- Neither account charges a monthly fee, requires a minimum balance, or charges overdraft fees.
- The savings account earns interest, but the rate is set by Chime and changes periodically.
- Both accounts are linked in the app but keep money separate, so you control how much goes to each.
How the Chime checking account works
The checking account is where your paycheck lands if you set up direct deposit, and where you spend money using the debit card or online transfers. You can pay bills through Chime's bill pay feature, send money to other people using their routing and account number, or transfer to external bank accounts you own. Transactions post immediately or within one business day depending on the type.
Chime does not charge overdraft fees if you spend more than you have—instead, the transaction may be declined, or Chime may cover it through their SpotMe feature if you have direct deposit set up. SpotMe lets you overdraft up to a certain amount (usually $20 to $200 depending on your direct deposit history) without a fee. This is not a loan; it is simply a courtesy that resets when your next paycheck arrives.
How the Chime savings account works
The savings account is optional and sits separate from your checking account. You open it through the same app, and money you transfer there earns interest. Chime calls this the "Savings Account" or sometimes the "High-Yield Savings Account," depending on the current product name. The interest rate is not fixed—Chime sets it and can change it at any time, so the amount you earn each month varies.
You can transfer money between your checking and savings accounts instantly through the app, with no limit on how many transfers you make per month. This is different from traditional banks, which used to restrict savings transfers to six per month under federal rules (those rules have since changed, but the restriction habit remains at some banks). At Chime, you move money freely between the two accounts whenever you need to.
When to use checking versus savings
Use the checking account for money you need to access regularly: paychecks, bill payments, everyday purchases, and emergency cash. The debit card is tied to checking, so that is where your spending power lives. Use the savings account for money you want to set aside and grow: an emergency fund, a goal you are saving toward, or money you do not plan to touch for a while.
Because Chime's savings account earns interest and has no fees, it can work as a temporary holding place while you save toward a larger goal. However, compare the interest rate to other banks before you commit—some online banks and credit unions offer higher rates on savings accounts. If Chime's rate is lower than what you could get elsewhere, moving your savings to a different bank costs nothing and takes a few days.
Fees and features comparison
| Feature | Checking Account | Savings Account |
|---|---|---|
| Monthly fee | None | None |
| Minimum balance | None | None |
| Overdraft fees | None | N/A |
| Debit card included | Yes | No |
| Earns interest | No | Yes |
| Bill pay available | Yes | No |
| Transfers between accounts | Unlimited | Unlimited |
How to open a Chime savings account if you already have checking
If you already have a Chime checking account and want to add savings, open the Chime app and look for the option to open a new account or add a savings account. The process takes a few minutes and does not require new verification—Chime already has your information. Once you confirm, the savings account appears in your app alongside checking, and you can transfer money between them immediately.
You do not need to open both accounts at the same time. Many people open checking first, use it for a few weeks or months, and then add savings later when they have money to set aside. There is no penalty for opening savings later, and no requirement to keep a certain amount in either account.
What happens to money in each account if Chime closes
Chime is a financial technology company that partners with banks to hold customer deposits. Your checking and savings accounts are held at one of Chime's partner banks—currently Stride Bank or Chime Financial Technology—and are covered by FDIC insurance up to $250,000 per account type per bank. This means if the bank fails, the government protects your money up to that limit.
Because checking and savings are separate account types, you get $250,000 protection on each. If you have $100,000 in checking and $100,000 in savings, both are fully protected. If Chime itself closes as a company, your money remains safe at the partner bank, and you can access it or move it to another bank.
Frequently Asked Questions
Can I have multiple savings accounts with Chime?
No. Chime allows one checking account and one savings account per person. If you want to separate savings into different goals, you can track them manually in a spreadsheet or use a different bank that offers multiple savings accounts.
Does Chime's savings account have a withdrawal limit?
No. You can withdraw or transfer money from savings as often as you want with no fees or limits. This makes it less of a "commitment" account and more of a flexible place to hold money that earns a small return.
What interest rate does Chime's savings account pay?
Chime's savings rate changes periodically and is not may provide. Check the Chime app or website for the current rate before opening a savings account. Compare it to rates at other online banks to see if it matches what you could earn elsewhere.
Can I use the Chime debit card to withdraw from savings?
No. The debit card is connected to your checking account only. To access savings, you transfer money to checking first, then use the card or withdraw cash. This separation is intentional—it makes it slightly harder to spend savings by accident.
Is Chime a real bank?
Chime is a financial technology company, not a bank. It partners with banks (Stride Bank and Chime Financial Technology) to hold your deposits. Your money is still FDIC-insured and works the same way as money at a traditional bank, but Chime handles the app and customer service.