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Chime Savings Account
in Savings Accounts from Chime · Member FDIC
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Chime Savings Account

Claimed
in Savings Accounts from Chime · Member FDIC
SuperMoney Net Recommendation Score +27  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +27, equating to 3.5 on a 5 point rating scale.

+27

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly recommended

18 users recommend
2 users are unsure
10 users don't recommend
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Highlights
Community Rating Mostly recommended
Monthly Fee $0
(Verified 11/09/2022)
APY (Annual Percentage Yield) 2.00%
(Verified 11/18/2022)
Minimum Balance to Earn APY $0
Number of Reviews 30

Chime Savings Account Review

Chime Savings Account is offered by Chime, a nonbank financial services provider founded in 2012 and based in San Francisco, CA. It is made possible by a bank partnership with The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Chime Savings Account is available in 50 states (and Washington, DC).

Key Takeaways

  • Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 2.00%*, which is much higher than the average interest rate for a savings account.
  • $0 monthly fee. This account does not charge any monthly account fees.
  • No minimum initial deposit. There is no minimum balance required to open an account online.

Chime savings account Pros & Cons

Pros Cons
  • Available in all 50 states.
  • High variable APY*.
  • Free debit card
  • Access to a nationwide network of ATMs.
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Online-only account with no access to physical branches.

Chime savings account FAQ

Are Chime Savings Account deposits federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC) through The Bancorp Bank or Stride Bank, N.A.; Members FDIC. The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Chime offer a signup bonus?

Chime savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Chime savings account?

There is no minimum deposit to open a Chime savings account.
Chime Savings Account Minimums
Description
Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Balance to Earn APY $0
Minimum Combined Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee Starting at $0
Minimum Opening Deposit $0
Minimum Required Balance $0

What APY* does Chime Savings Account offer?

Chime savings account offers an APY of 2.00% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Chime savings account charge?

Chime savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

Does Chime savings account charge overdraft fees?

No, Chime savings account does not charge overdraft fees.

What features and perks does Chime savings account offer?

This savings account includes the following features:

  • Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
  • Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
  • Get paid early - If you set up direct deposit with your employer and request this service, you can collect your salary early.
  • Mobile Banking Services - Chime savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
  • Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Chime savings account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Chime savings account?

The customer support email for Chime savings account is support@chime.com.

How do people rate the customer service and user experience of Chime savings account?

Overall, Chime savings account is mostly recommended based on community reviews that rate customer service and user experience.

Chime Savings Account Disclosure: Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank N.A.; Members FDIC 1The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of October, 25th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest. 2The average national savings account interest rate of 0.17% is determined by FDIC as of September 19, 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more. ³ There’s no fee for the Chime Savings Account but a $2.50 cash withdrawal fee is applied to the Chime Checking Account for out of network ATM withdrawals and over the counter "OTC" withdrawals. You must have a Chime Checking Account to open a Chime Savings Account. ˆEarly access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Chime savings account

Chime, the leader in the U.S. challenger banking segment, helps members avoid bank fees, save money automatically, and lead healthier financial lives. Chime members receive a Chime Visa debit card, a Chime Checking Account, a Savings Account, and a powerful mobile app that keeps members in control. The Chime mobile app is available for iPhone and Android devices and has been featured as one of the best Money Management apps in the App Store.

Contact

Hours of Operation

  • Sunday All Day
  • Monday All Day
  • Tuesday All Day
  • Wednesday All Day
  • Thursday All Day
  • Friday All Day
  • Saturday All Day

Other Services by Chime

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Balance to Earn APY $0
Minimum Combined Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee Starting at $0
Minimum Opening Deposit $0
Minimum Required Balance $0
Monthly Fee $0
(Verified 11/09/2022)
Wire Transfer Fee - Domestic (Incoming) $0
Wire Transfer Fee - Domestic (Outgoing) $0
Wire Transfer Fee - International (Incoming) $0
Wire Transfer Fee - International (Outgoing) $0
Paper Statement Fee $0
Overdraft Protection Fee (per transfer) $0
Overdraft Item Fee $0
Returned Deposit Fee (Domestic) $0
Early Account Closure $0
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of Identity
Account Features
  • Free Bill Pay
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Nationwide ATM Network
  • Check Images with Statement
  • Mobile Banking
  • Debit Card
  • Automatic Transfers
  • Get Paid Early
  • Bauer Financial A+/A Rating
  • Member FDIC
  • Online-Only Account
APY (Annual Percentage Yield) 2.00%
(Verified 11/18/2022)

Chime Savings Account Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +27, equating to 3.5 on a 5 point rating scale.

+27

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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