High-Yield Chime Savings Account review

Our verdict

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.

Pros

• Free to open and maintain
• Decent 2% APY
• Savings roundups
• Auto deposit up to 10% of paycheck

Cons

• Requires Chime Checking Account
• Inexplicable account closures

4.9

★★★★★

Finder rating

Go to site on Chime's secure site

APY

2.00%

Fee

$0

Minimum deposit to open

$0

Partner terms and conditions

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
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.

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Chime Savings

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Who is the High-Yield Chime Savings Account best for?

This account is best suited for existing Chime customers, since the High-Yield Chime Savings account requires a Chime Checking account. If you’re looking for an easy way to start accumulating a little nest egg, it’s a great option, because you can set up roundups and automatic withdrawals from your paycheck.

The cherry on top are things everyone likes: The account is completely free to open and maintain, requiring no monthly fees, opening deposit requirement or minimum balance requirements to earn interest.

What we like about the Chime Savings Account

Chime isn’t a bank — it’s a fintech company with banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., which are FDIC-insured up to $250,000. So while Chime isn’t a bank itself, its accounts are insured thanks to its partner banks.

No fees

There’s also no opening deposit or balance requirements to start earning 2% APY.

Savings on autopilot

The account comes with two automatic features called Round Ups and Save When I Get Paid.

The Round Up feature rounds up your purchases to the nearest dollar and transfers the extra into your Chime Savings account. The Save When I Get Paid feature allows you to opt in to automatically transfer 10% of each paycheck into your savings.

Where it falls short

You must have the Chime Checking account to get the Chime Savings account, which isn’t super convenient if you are just looking for a savings account. There are many other high-yield savings accounts that don’t require a paired account.

Another downside is Chime doesn’t support joint accounts, which isn’t ideal for spouses, life partners or families looking to pool their savings together.

Withdrawals may be a pain

To withdraw funds from your Chime Savings account, you must first put the money into your Chime checking account, then withdraw that from an ATM. As an online fintech, Chime doesn’t have any physical branches or its own ATM network, but you can use MoneyPass, Allpoint and Visa Plus Alliance ATMs for free.

Thousands of customer complaints

Chime doesn’t have the best reputation at the moment. It has thousands of complaints on its Better Business Bureau (BBB) profile and the Consumer Financial Protection Bureau (CFPB). Nearly all complaints are from customers reporting their accounts were closed without notice and many experiencing trouble getting their funds after the accounts were closed.

Reportedly, a large number of sudden account closures appears to be the result of a security measure that’s supposed to fight fraud.

Compare High-Yield Chime Savings to other savings accounts

Narrow down top savings accounts by opening deposits, fees and APY. To see providers side by side, select the Compare box on up to four accounts.

Years to save

Initial deposit

$

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Name	Product	Account type	Annual Percentage Yield (APY)	FDIC or NCUA insured amount	Minimum balance to earn interest	Minimum deposit to open	Offer	Estimated total balance
Cloud Bank 24/7 through Raisin Finder Rating: 4.7 / 5: ★★★★★ Cloud Bank 24/7 through Raisin Finder Rating: 4.7 / 5: ★★★★★		Traditional savings	5.26%	Up to $250,000	$0	$1		$1,052.60	Go to site View details	Compare	loading Fetching your data...
Pacific Western Bank MMDA through Raisin Finder Rating: 4.8 / 5: ★★★★★ Pacific Western Bank MMDA through Raisin Finder Rating: 4.8 / 5: ★★★★★		Money market	5.25%	Up to $250,000	$0	$1		$1,052.50	Go to site View details	Compare	loading Fetching your data...
Bonus SoFi Checking and Savings Finder Rating: 4.6 / 5: ★★★★★ SoFi Checking and Savings Finder Rating: 4.6 / 5: ★★★★★	Bonus	Traditional savings,Checking	4.50% 0.50% 1.20%	Up to $250,000	$0	$0	Earn up to $250 with a qualifying direct deposit, terms apply. This offer is available until December 31, 2023.	$1,045	Go to site View details	Compare	loading Fetching your data...
Bread Savings™ High-Yield Savings Finder Rating: 4.3 / 5: ★★★★★ Bread Savings™ High-Yield Savings Finder Rating: 4.3 / 5: ★★★★★			5.15%	Up to $250,000	$0	$100		$1,051.50	Go to site View details	Compare	loading Fetching your data...
Upgrade - Premier Savings Finder Rating: 4.3 / 5: ★★★★★ Upgrade - Premier Savings Finder Rating: 4.3 / 5: ★★★★★		Traditional savings	5.07%	Up to $250,000	$1,000	$0		$1,050.70	Go to site View details	Compare	loading Fetching your data...
Barclays Online Savings Finder Rating: 4.6 / 5: ★★★★★ Barclays Online Savings Finder Rating: 4.6 / 5: ★★★★★		Traditional savings	4.35%	Up to $250,000	$0	$0		$1,043.50	Go to site View details	Compare	loading Fetching your data...

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Customer experience

There is a lot of feedback for Chime, but unfortunately, most of it isn’t great. Poor reviews are common with banks and fintechs, but Chime has many more complaints than we typically see. Nearly 8,000 people have filed a complaint against Chime on its Better Business Bureau (BBB) profile in the last three years, giving Chime a C+ rating with the BBB.

Nearly all complaints are in reference to customer accounts being closed without notice and those customers struggling to get their funds returned. Other common complaints are about cards not working, accounts being suspended or it taking weeks for supposed fraudulent charges to get resolved.

Aside from the large number of complaints, Chime does better in terms of customer reviews, maintaining a solid 4.05 customer star rating with the BBB. Most of the reviews are in reference to the Chime checking account, with customers praising the early direct deposit, SpotMe and the Chime app. On Trustpilot, Chime has mixed reviews, holding a 2.7-star rating. Most reviews are positive and in the same vein as BBB reviews.

How to contact support

You have three support options to reach Chime:

• Chat with a representative by tapping the messaging icon in the app
• Email support@chime.com
• Call 844-244-6363

Frequently asked questions

How often does the Chime Savings account gain interest?

How much money can I put in a Chime Savings account?

The Chime checking account has a maximum balance limit of $10,000, but the savings account has no balance limit or minimums.