Overview
The Savings Sweep Program is an automated feature of Chime Savings Accounts. It helps protect your deposits and makes your money more accessible by spreading funds across many FDIC-insured banks.
Instead of keeping all of your savings in one bank, Chime’s partner bank moves your money into several banks. This increases your FDIC insurance coverage beyond the usual $250,000 per bank. You can still access your savings at any time.
Where Can I Find More Information?
For more details, check the Savings Account Terms & Conditions:
- Bancorp Savings Accounts T&C: https://www.chime.com/policies/bancorp/savings-account-agreement/#chime-sweep-program
- Stride Savings Accounts T&C: https://www.chime.com/policies/stride/savings-account-agreement/#chime-sweep-program
How Can I See Where My Savings Are Held?
You can view a breakdown of where your savings are deposited by checking your monthly Savings Statement in the Chime app:
- Open the Chime app.
- Go to Settings.
- Tap Documents > Statements.
- Select the latest Savings Statement.
- Scroll down to the Program Details section to see the list of banks and balances.
Can I Opt Out of the Savings Sweep Program?
Yes, you can request to opt out of the Savings Sweep Program. Here’s your options:
- Opt out one specific program bank.
- Opt out of all program banks.
- Opt out of the entire Savings Sweep Program→ This requires closing your Savings Account, which an agent will process upon your request.
To request an opt-out, contact Chime Member Services via phone or chat. If you choose to opt out of all sweep program banks, including Bancorp/Stride, an agent will close your Savings Account as part of the process.