Our verdict
Chime Savings is packed full of features to help you grow your savings. You'll earn a 2% annual percentage yield (APY), nearly five times higher than the current national average of 0.42%. You can set up recurring transfers to move 10% of your paycheck to savings automatically and round up purchases with your Chime card for additional savings. But you need a Chime Checking account to open the account. Also, Chime's record isn't squeaky clean, either, with thousands of customer complaints stemming from accounts being closed unexpectedly and without notice.Best for: Existing Chime customers in need of a free savings account with roundup features.
- Free to open and maintain
- Decent 2% APY
- Savings roundups
- Auto deposit up to 10% of paycheck
- Requires Chime Checking Account
- Inexplicable account closures
APY: The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of May 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Fees: 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.
Round Ups: Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
Save When I Get Paid: Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.