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, The Bancorp Bank, N.A. or Stride Bank, N,A., moves your money into several banks. This increases your FDIC insurance coverage beyond the usual $250,000 per partner 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:
- Go to Profile.
- 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.
*Chime is not FDIC-insured. The Bancorp Bank, N.A. and Stride Bank, N.A. are the FDIC-insured members. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
FDIC deposit insurance limit is $250,000 per depositor, per insured bank, per ownership category. For Savings Account depositors, funds are eligible for FDIC insurance when it arrives at the bank. See details at Changes to Chime Savings Annual Percentage Yield (APY) and the Introduction of Program Banks.