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 and 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 will be 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 our website or the mobile app.

From the mobile app:

  1. Open the Chime app and log-in
  2. On Android, tap the 3 horizontal lines in the upper left and tap Settings. On iOS, tap the gear in the upper left.
  3. Scroll down the page until you see a Savings heading. 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 Chimebank.com and log into your account
  2. Once logged in, click your name in the upper right corner of the page
  3. Select Settings from the dropdown
  4. Scroll down the page until you see a Savings section. 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 you use your Chime card, the more you'll save automatically. For example, if you use your Chime card twice a day on average, you'll save over $300 a year. Here’s how the math works:

2 transactions per day = 60 transactions per month

60 x $0.50 avg 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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