High-Yield Chime Savings Account review
- Annual Percentage Yield (APY)
-
2.00%
- Fee
- $0
- Minimum deposit to open
- $0
Our verdict
This savings account earns 2.00% 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 2.00% 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 low-cost savings account with roundup features.
Pros
-
No monthly fees
-
Decent 2.00% APY
-
Savings roundups
-
Auto deposit up to 10% of paycheck
Cons
-
Requires Chime Checking Account
-
Inexplicable account closures
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 doesn’t cost any monthly fees or require an opening deposit. There are also no 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 monthly fees
There are no monthly maintaince fees with the Chime savings account. And while getting this account does require the Chime checking account, that account also doesn’t have any monthly fees.
There’s also no opening deposit or balance requirements to start earning 2.00% 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.
Having the checking account and direct deposit of $200 per month may qualify you 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 is unlocked by having the checking account. It doesn’t have any monthly or annual fees, 0% APR and reports payments to all three major credit bureaus. It’s designed to help build credit history, so you can only spend when you deposit from the Chime checking account.
And lastly, one of the other features worth mentioning is the ability to file your federal and state tax returns in the Chime app if you have an account. Chime’s tax filing doesn’t have any fees, and if you send your refund to your Chime account, you could receive it up to six days early.
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 in-network MoneyPass, Allpoint and Visa Plus Alliance ATMs at no cost.
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.
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Customer reviews and ratings
| BBB accredited | No |
|---|---|
| BBB rating | B- |
| BBB customer reviews | 4.23 out of 5 stars, based on 2755 customer reviews |
| Trustpilot score | 3.5 out of 5 stars, based on 10,172 customer reviews |
| Customer reviews verified as of | 29 January 2025 |
There is a lot of feedback for Chime. A few years ago, Chime had issues with sudden account closures due to issues with its fraudulent flagging system, causing customers to lose access to their money. As expected, this resulted in thousands of negative reviews and Better Business Bureau (BBB) complaints. However, Chime no longer has an alert on its BBB profile about account closures, and negative reviews have slowed down a lot.
There are still some customer complaints about locked or frozen accounts and issues with cards not working, but these are typical. Most people leave reviews or complaints on the BBB if something goes wrong, so we expected to see this. Chime also makes an effort to respond to BBB complaints.
Chime also gets a lot of positive feedback. The Chime checking and savings accounts receive high marks on Trustpilot and Reddit, mostly due to the easy-to-use app, lack of monthly fees, early direct deposit and SpotMe feature. Many new reviews also mention the Chime Credit Builder card, with customers saying it has helped them improve their credit history.
How to contact Chime 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.
All user-submitted reviews must meet our review guidelines. These set out our standards and expectations, including that the review is from by a genuine user of the relevant product or service and that it is honest, authentic and respectful. We explicitly prohibit fake or otherwise misleading reviews and we check all submissions, but we make no guarantee as to the authenticity of any published review or reviewer. Some reviews may be submitted (regardless of sentiment) in exchange for entry into any competition(s) for which we are the promoter.
Via customer survey commissioned by Finder
Quality service
Via customer survey commissioned by Finder
Haven't really had any problems with them when I do contact them and get answered right away
Via customer survey commissioned by Finder
They have round up at end of night where it rounds up my perc. to nearest dollar right in my savings account
Via customer survey commissioned by Finder
Good savings rates
Via customer survey commissioned by Finder
Because they offer a High-yielding interest rate for their savings account
Via customer survey commissioned by Finder
Chime is a very user friendly banking app that ia strictly online. It is wonderful for basic banking needs. However, it is not considered an actual bank with many credit building sites or lenders I would like to use. And customer service can be difficult because of the language barrier.
Via customer survey commissioned by Finder
You can just sign up on your phone
Via customer survey commissioned by Finder
It could have better perks
Via customer survey commissioned by Finder
Fantastic service and maintenance. Not a single mistake in 4 years.
Via customer survey commissioned by Finder
Simple online process
Bethany Finder
Editor, Banking
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