Chime's savings account, which doesn’t charge monthly fees or require a minimum deposit, offers a 1.25% interest rate, Chime+ members can earn a 3.75% APY. It's not the lowest you will find, but it's not competitive either. Shop around at some of the 澳洲幸运5官方开奖结果体彩网:best high-yield savings accounts to easily find higher rates.

Compare Chime Savings Account Rates

Chime offers convenient and inexpensive checking and savings accounts, and while the savings account APY is usually quite a bit higher than the national average, you can♌ likely do better. Browse a variety of high-yield accounts below to find a great rate.

Chime Savings Account: Key Features

Chime offers a “high-yield” savings account that earns a modest APY across all balances. That's not competitive with actual 澳洲幸运5官方开奖结果体彩网:high-yield savings accountsﷺ, where rates tend to be 10 times higher (or more) than the national average.

Chime’s savings account doesn’t charge monthly fees or require a minimum opening deposit. However, you must open a Chime checking account before you can open a savings account. You can 🥃create your savings account at th♏e same time you open your checking account or set one up at a later time. 

This savings account also comes with two unique (optional) features, which Chime calls Round Ups and Save When I Get Paid. With the Round Ups feature, Chime will automatically round up tra🎉nsactions you make with your Chime Visa debit card to the nearest dollar and transfer that amount from your checking to your savings account. 

Let’s say, for example, that you purchase an item for $9.75 with your Chime debit card. The Round Up feature will automatically transfer $0.25 from your Chime checking to your Chime savings account. If you opt in to this feature, you can easily🙈 save a little bit at a time with no extra legwork on your part. 

The optional Save When I Get Paid feature also lets you automate your savings. If you opt in, Save When I Get Paid will automatically transfer 10% of every direct deposit of $500 or more from your checking to your savings account. Alternatively, you can always manually transfer money from your checking to your savings account online or via Chime’s mobile app. 

Pros and Cons of Chime Savings Accounts

Pros Explained

• No monthly fees: Unlike some competitors that charge a monthly maintenance fee for savings accounts, Chime doesn’t have monthly fees. You won’t need to worry about these costs eating away at your balance.
• No initial deposit requirement: There is no initial deposit requirement for a Chime savings account. Many other banking institutions require initial deposits of $50 or $100.
• Low minimum balance to earn interest: Some savings accounts require depositing a relatively large sum to earn the highest possible APY. With Chime, you’ll earn the same rate with a $1 balance as you would with a $1,000 balance.

Cons Explained

• No physical branches: Chime is a financial technology company that operates strictly online. It doesn’t have brick-and-mortar banking locations available.
• APY lower than some competitors: While Chime offers a higher APY than some traditional savings accounts, the APY on its high-yield account is modest compared to the best high-yield savings accounts.
• Need a checking account to open a savings account: Chime doesn’t offer standalone savings accounts. Instead, you’ll need a Chime checking account to open a savings account.

About Chime: Other Savings Options

Founded in 2013, Chime is a financial services company that partners with two FDIC-insured banks—Bancorp Bank, N.A. and Stride Bank, N.A—to offer online banking products. Chime is a 澳洲幸运5官方开奖结果体彩网:financial technology company that offers 24/7 online and mobile banking services. Your accounts wil൲l be held at one of its partner banks, ไBancorp Bank or Stride Bank, both of which are FDIC members. 

Along with its savings account, Chime offers a checking account and 澳洲幸运5官方开奖结果体彩网:credit builder account. The credit builder account helps you improve your credit over time, with no annual fee or minimum security 🦄deposit.

With a Chime checking account, you also have the option of receiving direct deposits up to two days early. You’ll have access to a network of more than 60,000 fee-free ATMs (MoneyPass, Allpoint, and Visa Plus Alliance). Withdrawing cash from an out-of-network ATM could incur fees, including a $2.50 fee from Chime. 

Chime offers straightforward, mostly fee-free deposit accounts to customers who are comfortable with digital banking. However, it doesn’t offer other banking products or services at this time, such as 澳洲幸运5官方开奖结果体彩网:certificates of deposit (CDs) or 澳洲幸运5官方开奖结果体彩网:money market accounts. 

Alternatives to Chime Savings Accounts

• Other high-yield savings accounts: A Chime savings account may be a good option in some cases, but if you want the highest return possible you’ll have to look elsewhere for a 澳洲幸运5官方开奖结果体彩网:high-yield savings account. If you’d like to make the most of your savings, it makes sense to compare options. Before opening a new savings account, compare rates, fees, and account requirements. Account features vary depending on the banking institution and account type you choose.
• Certificates of deposit (CD) accounts: Chime doesn’t offer CD accounts, but many other banking institutions do. You can find 澳洲幸运5官方开奖结果体彩网:high-yield CDs with great rates at various terms, often ranging from a few months to many years. If you can afford to invest your money in a CD for its full term, doing so can be a wise choice. 
• Money market accounts: 澳洲幸运5官方开奖结果体彩网:Money market accounts offer comparable rates to many high-yield savings accounts, but they often have check-writing privileges and debit cards, as you’d get with a checking account. Monthly withdrawal limits often apply, similar to what you’d see with certain savings accounts.
• I Bonds: Series I savings bonds may provide a fairly high rate of return. These bonds are backed by the U.S. government, so they’re a very low-risk investment. While I bonds earn interest for up to 30 years, you can cash them in after five years without penalty.
• Brokerage accounts: Historically, investing in the stock market (in general) has been an effective way to build long-term wealth. If you have money to invest, consider 澳洲幸运5官方开奖结果体彩网:opening a brokerage account. While it’s possible to earn a higher rate of return on your investments than you would with a savings account, it’s also possible to lose money.
  

Frequently Asked Questions (FAQs)

Your Guide to Savings Accounts

• 澳🌊洲😼幸运5官方开奖结果体彩网:What Is a Savings Account and How Does It Work?
• 澳洲幸运5官方开奖结果体彩网:What Is a High-Yie♉ld Sav👍ings Account?
• 澳洲幸运5官方开奖结果体彩网:How to Open a High-Yield Savings A🔯ccount
• 澳洲幸运5官方开奖结果体彩网:How to Close a Savings Account
• Besides a Savings Account, Where Is the Safest Place 🌃to Keꦜep My Money?
• 澳洲幸运5官方开奖结果体彩网:How Many Saviওngs Acc🃏ounts Should I Have?
• 澳洲幸运5官方开奖结果体彩网:How Savings Account Interest Rates 💝Arღe Determined
• 澳洲幸运5官方开奖结果体彩网:How Interest Works on Saviℱngs Accounts
• 澳洲幸运5官方开奖结果体彩网:How Is a Savings Account Taxed?
• Money Market Fund vs. MMA vs. Saving�ܫ�s Account: What’s the Difference?
• Certificates of Deposit (CDs) vs. ಞSavings Accounts: Which Is Better for You?
• 澳洲幸运5官方开奖结果体彩网:4 Savings Accounts for Investors
• 澳洲幸运5官方开奖结果体彩网:Best High-Yield Savings Accounts
• 澳洲幸运5官方开奖结果体彩网:Best Free Savings Accounts
• 澳洲幸运5官方开奖结果体彩网:Best Savওings Accounไts for Kids and Teens