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Chime Savings review

Grow your savings automatically with a 0.5% APY, debit card round-ups and recurring transfers.’s rating: 4.6 / 5.0


Chime Savings is packed full of features to help you grow your savings without lifting a finger. You’ll get 0.5% 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.






Minimum deposit to open


Annual percentage yield (APY)0.50%
Minimum deposit to open$0
New account fee$0
Minimum balance to earn interest$0.01
Interest compoundingDaily
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More Info


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.

Expert review

Chime Savings is best for anyone who wants to put their savings on autopilot. This account is completely free to open and maintain.

You’ll earn 0.5% APY on your total balance — a rate that’s 10x higher than the current national average. Plus, you’ll 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.

How do I open a Chime Savings account?

You must have a Chime Spending account to open Chime Savings. Follow these steps to open an account:

  1. Click Apply now.
  2. Log in to Chime through the mobile app or website.
  3. Navigate to the Settings menu.
  4. Follow the prompts to set up your Chime Savings account.


Open a Chime Savings account when you meet these requirements:

  • At least 18 years old
  • Valid Social Security number
  • Active Chime Spending account

Required information

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.

Compare Chime Savings to similar accounts

We’ve gathered a quick comparison of Chime Savings and similar accounts to help you decide which is the best fit for you. Click “Compare accounts” to compare even more accounts for your savings.

What are the benefits of a Chime Savings account?

Chime Savings is FDIC-insured up to $250,000 and has these features:
  • No fees. Chime Savings is completely free to open and maintain. You won’t find any fees here.
  • No minimum deposit requirements. Open this account with as little as $0.
  • Competitive interest. Your Chime Savings account gets 0.5% APY — a rate that’s 10x higher than the national average.
  • Automatic savings. When you use your Chime card, Chime rounds up your purchase to the nearest dollar and transfers the rounded amount to your Chime Savings account. Plus, you can opt in to automatically transfer 10% of each paycheck into savings.

What should I look out for?

Chime Savings has several perks, but it also has a few drawbacks:
  • Chime Spending account required. You’ll need to open a Chime Spending account first. This can be a disadvantage if you don’t need a new checking account.
  • Limited access to funds. If you need to withdraw or deposit your money, you’ll need to do it as a transfer from your Chime Spending account.
  • No joint accounts. Chime doesn’t support joint accounts, so you can’t open this with a partner or child.
  • No 24/7 support. While there are three ways to reach Chime, customer support isn’t available 24/7 like other digital accounts. You can call 844-244-6363 Monday through Saturday from 7 a.m. to 7 p.m. or Sunday from 9 a.m. to 5 p.m. CST. You also have the option of chatting straight from the app or emailing
  • Bad reviews. Hundreds of Chime customers have recently complained that the company wrongfully closed their accounts a refused to return their money. A July 2021 report on ProPublica explains that Chime closed these accounts to fight fraud, but many innocent victims seem to have lost hundreds or thousands of dollars.

If you’re looking for an account you can open directly, explore these savings accounts.

How do I deposit or withdraw my money?

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:


  • Manual transfer from your Chime Spending Account
  • Automatically transfer spare change when you use your debit card using round-ups
  • Automatic transfer 10% of each paycheck using Save When I Get Paid.


  • Transfer to your Chime Spending account.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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