With Chime Savings Account, you now have an option to grow your savings in an easy, fee-free way. As long as you have a Chime Checking Account, you can enjoy a competitive Annual Percentage Yield (APY) (read Overview of Annual Percentage Yield (APY)) with no minimum balance required.
Benefits
No fees: Open a Chime Savings Account at no extra cost. You just need an active Chime Checking Account.
No minimum balance: Start saving with any amount. No minimum required.
Competitive APY: The Chime Savings Account offers a competitive APY, which helps you grow your savings faster compared to a traditional savings account.
Daily interest calculation: Interest is calculated daily based on the account balance, ensuring you earn interest on every dollar, every day.
To open a Chime Savings Account:
- On the Chime app, tap Savings.
Type your SSN.
Note: The SSN should match the SSN you used to open your Chime account.
Read the Savings Account Agreement and Electronic Communication Agreement, tick the checkbox, and tap Open Account.
If you’d like, tap Turn On for automatic savings.
Tap Done.
You can automatically transfer a percentage or dollar amount from your direct deposit to your Savings Account, including your Savings Goals. You can update this setting anytime in the Chime app.
Important: If you previously closed your Chime Savings Account, you’ll need to wait at least 90 days before reopening.
Access money in the Chime Savings Account
Your Chime Savings Account helps you grow your money and to stay focused on your savings goals. To use money from your Savings Account, you must first transfer money to your Chime Checking Account, secured Chime Credit Builder Visa® Credit Card, or secured Chime Visa® Credit Card.
Note: You cannot make direct payments or purchases from your Savings Account.