What is Automatic Savings and how does it work?

What is Automatic Savings?

Saving money is hard. Our Automatic Savings program is designed to make it easier by helping you save money without thinking about it.

How does Automatic Savings work?

When you turn on Automatic Savings, each time you use your Chime Visa Debit Card to make a purchase, we round up the transaction amount to the nearest dollar. We then transfer the round up from your Spending Account to your Savings Account. 

When do the round ups occur?

Each round up is transferred from your Spending Account to your Savings Account when the transaction settles, which usually occurs by the next day.

How do I turn Automatic Savings on or off?

When you first open your Savings Account, you are asked if you’d like to turn on Automatic Savings. You can turn Automatic Savings on or off at any time from your account through the Chime mobile app or from the website.

From the Chime mobile app:

  1. Open the Chime app and log in.
  2. On the Android phone, in the upper-left, tap the three (3) horizontal lines and then tap Settings.
    On the iOS phone, in the upper left, tap the gear.
  3. Scroll down the page until you see a Savings heading.
  4. Look for the toggle for Automatic Savings.
    If it’s grey, Automatic Savings is off. If it’s green, Automatic Savings is on.

From the website:

  1. Visit www.chime.com and log in to your account.
  2. Once logged in, in the upper-right corner of the page, click your name.
  3. From the dropdown, select Settings.
  4. Scroll down the page until you see a Savings section.
  5. Look for the toggle for Automatic Savings.
    If it’s grey, Automatic Savings is off. If it’s green, Automatic Savings is on.

 

How much can I save with Automatic Savings?

When you enroll in Automatic Savings and use your Chime card regularly for bills and everyday expenses, you’ll quickly see your savings add up. There’s no limit to the number of Round Ups you can save with Automatic Savings.

The more that you use your Chime Visa Debit Card, the more that you save automatically. For example, if you use your Chime Visa Debit Card twice a day on average, you'll save over $300 a year.

Here’s how the math works from the example above:

  • 2 transactions per day = 60 transactions per month
  • 60 x $0.50 (50 cents is an average Round Up) = $30/month in Round Ups
  • $30 saved/month x 12 months = $360 a year in total savings from Round Ups

 

 


 

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