Savings Account basics

How to Open a Savings Account

Once you’ve opened your Chime Spending Account, you’ll be presented with an option to open your Savings Account. If you choose not to open a Savings Account when you first open your Chime account, you can always open it later by visiting the Savings screen in your online account or in the mobile app.

 

Closing

If you wish to close your Savings Account, contact our Member Services team at support@chimebank.com or 1-844-244-6363

Please keep in mind, once you close your Savings Account, your funds will be immediately transferred to your Spending Account. Once your Savings Account is closed, Federal law states you will not be able to re-open your Savings Account for 90 days.

 

Is there interest on a Chime Savings Account?

The current interest rate and Annual Percentage Yield for the Chime Savings Account is .01%. Chime helps you grow your savings through our Automatic Savings program where we round up the transaction amount to the nearest dollar and transfer it from your Spending Account to your Savings Account.

  

What’s the APY for Savings?

The average APY for most banks is around 1%. That means, at these other banks, you would need to have an average balance of over $40,000 throughout the year in order to reach our savings bonus. We reward you for spending, not for having a lot of money in your Savings Account.


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