APY is the total interest you earn on your savings over a year. It's the money added to your balance, not something you have to pay. The higher your balance, the more interest you earn.
APY includes the effect of compounding, meaning the interest you earn is added to your balance, and then you start earning interest on that new balance.
You can always check your current APY and balance in the Savings section of the app.
Frequently Asked Questions
How is my APY calculated?
Your APY reflects the total interest earned on your savings over one year, including the effect of compounding. At Chime, interest is compounded daily, so your savings grow a little each day based on the current APY.
We determine your APY by reviewing economic factors such as the Federal Reserve's rates and the rates offered by other financial institutions, so we can provide a competitive rate to help you grow your savings.
Why did my APY go down?
When the Federal Reserve changes its rates, financial institutions, including Chime, may need to adjust savings rates accordingly.
We strive to offer competitive rates. While changes can happen, we’re committed to making sure your savings account continues to work hard for you.
Why does my friend have a higher APY with Chime?
We occasionally offer special features, incentives, or rates to select Chime members based on various factors. Currently, there isn’t a way to request a specific offer.