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Our verdict

This savings account earns 2% APY and comes with roundup and recurring transfer features.

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 0.45%. 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

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

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

Chime Savings is completely free to open and maintain. And although it requires a Chime Checking account, that account is also free, so you won’t pay anything for both accounts.

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.

Chime has a ton of other features, too

Getting the Chime savings account does require getting the Chime checking account, but the checking comes with a ton of perks. With direct deposit of $200 per month, you may qualify for Chime’s cash advance service MyPay and Chime’s overdraft service SpotMe. There’s also the Chime Credit Builder Secured Visa® Credit Card with no APR that can build credit history, also requiring the same direct deposit requirements as SpotMe and MyPay.

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.

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1 - 6 of 29
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
SoFi Checking and Savings
Finder Score: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
$1,046
Barclays Online Savings
Finder Score: 4.3 / 5: ★★★★★
Barclays Online Savings
Traditional savings

4.35%

Up to $250,000
$0
$0
$1,043.50
Step Black Card
Finder Score: 4.3 / 5: ★★★★★
Step Black Card
Savings app

5.00%

Up to $1 million
$0
$0
$1,050
Bask Bank Interest Savings Account
Finder Score: 4.6 / 5: ★★★★★
Bask Bank Interest Savings Account
Traditional savings

5.10%

Up to $250,000
$0
$0
$1,051
Cash App Savings
Finder Score: 4.4 / 5: ★★★★★
Cash App Savings
Savings app

4.50%

1.50%

Up to $250,000
$0
$1
$1,045
NexBank High-Yield Savings Account
Finder Score: 4.7 / 5: ★★★★★
Bonus
NexBank High-Yield Savings Account
Traditional savings

5.26%

Up to $250,000
$0
$1
Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.
$1,052.60
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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?

Chime Savings interest is paid monthly.

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.

Does Chime SpotMe work with the savings account?

No, the overdraft service SpotMe doesn’t work with the Chime savings accounts. SpotMe can allow users to overdraft on their Chime checking account up to $200. The cash advance apps that work with Chime are also for the Chime checking account.

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.

The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank. Credit Builder: To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits. Security deposit: Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month. No interest: Out-of-network ATM withdrawal and OTC advance fees may apply. View the Bancorp agreement or Stride agreement for details; see back of card for issuer.

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Bethany Finder

Editor, Banking

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