Annual Percentage Yield (APY) is the total interest you earn on your savings over a year. It’s the money added to your balance, not something you pay. Interest is calculated based on the current APY, which may change. The amount of interest you earn depends on your balance and the current APY.
Members with Chime+ status who receive a qualifying direct deposit of $200 or more to their Chime Checking Account in the last 34 days are eligible for a higher APY, along with other membership status benefits. APY includes the effect of compounding, meaning the interest you earn is added to your balance so you earn interest on the new total.
Note: Agents can remind members that they can view their current APY and balance in the Savings section of the Chime app. This shows the exact rate you’re earning at any time.
How is APY calculated?
APY is variable and may change at any time based on economic conditions and other factors. Your APY reflects the total interest earned on your savings over one year, including compounding. At Chime, interest is compounded daily, so your savings grow a little each day based on the current APY.
Chime determines the APY by reviewing economic factors such as Federal Reserve rates and rates from other financial institutions. This helps us offer a competitive rate to help you grow your savings.
When the Federal Reserve changes its rates, financial institutions, including Chime, may adjust savings rates. We strive to offer competitive, variable rates to support your savings goals.
Why does my friend have a higher APY with Chime?
Occasionally, Chime may offer special features, incentives, or rates to select members based on various factors. At this time, there is no way to request a specific offer.