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finder.com’s rating: 4.6 / 5.0
★★★★★
Chime Savings is packed full of features to help you grow your savings without lifting a finger. You get 0.5% annual percentage yield (APY) and have the ability to set up recurring transfers that move 10% of your paycheck to savings. But you need a Chime Spending Account to open the account. And hundreds of Chime customers accuse the company of wrongfully closing their accounts.0.50%
APY
$0
Fee
$0
Minimum deposit to open
Annual percentage yield (APY) | 0.50% APY (annual percentage yield) as of 17 June 2022 |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
New account fee | $0 |
Minimum balance to earn interest | $0.01 |
Interest compounding | Daily |
More info | Go to site |
Review by
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
You earn 0.5% APY on your total balance — a rate that’s 8x higher than the current national average. Plus, you get access to savings tools where you can automatically set aside 10% of each paycheck or have your debit card purchases rounded up to the nearest whole dollar.
But you must open a Chime Spending Account before you can access this savings account. If you already have a checking account you love — and you’re not looking to switch — Chime Savings may not be right for you. And in light of recent reports that Chime wrongfully closed hundreds of customers’ accounts, it may be best to wait until the company rectifies its practices before you put your savings in their hands.
You must have a Chime Spending Account to open Chime Savings. Follow these steps to open an account:
Open a Chime Savings account when you meet these requirements:
Your Chime Savings account is tied to your Spending Account, so you won’t need to give any additional information when you set it up.
We’ve gathered a quick comparison of Chime Savings and similar accounts to help you decide which is the best fit for you. Select Compare accounts to compare even more accounts for your savings.
Chime Savings |
American Express® High Yield Savings Account |
Aspiration Spend & Save Account |
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★★★★★ |
★★★★★ |
★★★★★ |
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|
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Fee $0 |
Fee $0 |
Fee $0 |
APY 0.50% |
APY 0.90% |
APY 5.00% |
Minimum deposit to open $0 |
Minimum deposit to open $0 |
Minimum deposit to open $10 |
Minimum balance to earn interest $0.01 |
Minimum balance to earn interest $1 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
If you’re looking for an account you can open directly, explore these savings accounts.
This savings account is linked to your Chime Spending Account, so the only way to access money is to transfer it to or from your Chime Spending Account first. Here are your options:
Get in touch with Chime support day or night by:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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