Your Chime account is checking, not savings

Chime offers one main account type: a checking account. When you open a Chime account, you get a debit card, online access, and the ability to receive direct deposits and make transfers. This is a checking account in the traditional sense, even though Chime operates entirely through mobile and web apps instead of physical branches.

Chime does not offer a separate savings account product. If you want to save money with Chime, you keep it in the same checking account you use for spending. Some users open accounts with other banks or credit unions specifically to hold savings, then transfer money between accounts as needed.

The confusion often arises because Chime's checking account does earn a small amount of interest on your balance—something traditional checking accounts rarely do. That interest feature might make it feel like a savings account, but the account structure and function remain checking.

Key Takeaways

  • Chime's main product is a checking account with a debit card, not a savings account.
  • Your Chime checking account earns interest on your balance, which is unusual for checking but does not change its account type.
  • If you want to separate spending and savings, you will need to open a savings account elsewhere and transfer money between banks.
  • You can see your account type in the Chime app under account settings or by contacting Chime support.

How to confirm your account type in the Chime app

Open the Chime mobile app and go to the account or settings section. Look for a page labeled "Account Details," "Account Information," or "My Account." Chime will display your account type there, along with your account number and routing number.

If you cannot find this information in the app, contact Chime support through the in-app chat or by phone. Chime's support team can confirm your account type in seconds and answer questions about what you can do with your account.

Why Chime checking accounts earn interest

Chime's checking account comes with a small interest rate on your balance. This rate varies and changes over time, but it is higher than most traditional bank checking accounts offer. You do not have to do anything to earn this interest—it accrues automatically on money you keep in the account.

The interest is one reason some people use Chime checking as a place to hold money they are not spending immediately. However, the rate is still much lower than what you would earn in a dedicated high-yield savings account at another bank. If building savings is your main goal, a separate savings account elsewhere will usually earn you more.

Moving money between Chime and a savings account

If you want to keep savings separate from spending money, you can open a savings account at another bank and transfer money between your Chime checking account and that savings account. Most transfers take one to three business days.

You can set up external transfers in the Chime app by linking your other bank account. Chime will ask for your account number and routing number from the other bank. Once linked, you can move money back and forth whenever you need to. Some people set up automatic weekly or monthly transfers to move a fixed amount into savings.

What you can and cannot do with a Chime checking account

Because your Chime account is checking, you can use your debit card to make purchases, withdraw cash at ATMs, receive direct deposits, and send money to other people through transfers or peer-to-peer apps. You can also set up automatic bill payments and recurring transfers.

You cannot write checks from a Chime account—Chime does not issue checkbooks. If you need to pay someone by check, you will have to use a different account or pay them through another method. You also cannot overdraft your Chime account; if you do not have enough money, the transaction will be declined.

Chime's interest rate and how it compares

Chime's interest rate on checking balances changes periodically. To see your current rate, log into the Chime app or check Chime's website. The rate is typically lower than what high-yield savings accounts offer at online banks, which can range from 4% to 5% depending on the bank and current market conditions.

If you are trying to grow savings, the difference matters. A high-yield savings account at another bank will earn you significantly more money over time than keeping the same balance in Chime checking. However, if you are using Chime primarily for spending and keeping only a small emergency fund there, the interest rate difference may not be worth the effort of managing multiple accounts.

Frequently Asked Questions

Can I have both a Chime checking and savings account?

No. Chime does not offer a separate savings account product. You can only open one Chime checking account per person. If you want a savings account, you will need to open one at a different bank.

Does Chime checking have monthly fees?

Chime checking has no monthly maintenance fees. However, some features like early direct deposit or overdraft protection may have associated costs depending on your account tier. Check your account details in the app to see which features you have.

What happens if I overdraft my Chime account?

Chime does not allow overdrafts. If you try to spend more than you have, the transaction will be declined. You will not be charged an overdraft fee because the transaction simply will not go through.

Can I transfer money from Chime checking to a savings account at another bank?

Yes. Link your external bank account in the Chime app, then initiate a transfer. The money will move within one to three business days. You can transfer as much as you want, as often as you want, with no limits from Chime.

Is my money safe in a Chime checking account?

Chime checking accounts are FDIC-insured up to $250,000 through partner banks. This means your money is protected even if Chime fails. Your account details and transactions are also encrypted and secured through the app.