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 Prime or Chime Plus status1 are eligible for a higher Savings APY2. Eligibility and APY may change if requirements are no longer met. APY includes the effect of compounding, meaning the interest you earn is added to your balance so you earn interest on the new total. Rates are variable and may change at any time.
Note: You can view your 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. This helps inform how variable savings rates may be set.
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.
1To be eligible for Chime Prime status, receive $3,000+ in qualifying direct deposits to your Chime Checking Account in the past 34 days. To be eligible for Chime Plus status, receive either 1) a single $200+ qualifying direct deposit; or 2) $400+ in cumulative qualifying direct deposits to your Chime Checking Account in the preceding 34 days. Certain products marketed as perks have additional eligibility requirements. While some perks may have associated fees, none of these fees are mandatory to access the perks or to maintain the applicable status. See the Chime Membership Tiers Terms and Conditions for details.