How Does Chime’s High-Yield Savings Account Work? | Chime

A Chime high-yield savings account can help you step up your savings game without paying high fees. Learn about Chime's high APY and how to save on autopilot with Automatic Savings features.
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Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account. The average national savings account interest rate of 0.30% is determined by FDIC as of December 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more. Only debit card purchases can receive round-ups. Learn about round ups on Automatic Savings. APY rate is variable and subject to change. Click the sign up link to learn more. www.chime.com/savings-account

[@QUiNTiNBANKS]

If you’re reading this I wish nothing but wealth and health all 2024

[@Soccer10139]

What Number we talking for Apy?

[@Chime]

Hi there, thanks for reaching out about this! Your Chime Savings Account currently has a 2.00% APY, or annual percentage yield. The interest is compounded daily, and posted to your account monthly. Higher APY means your money in Savings will be growing at a higher rate than before!
We always recommend enabling your Automatic Savings features in the Setting screen of your Chime app to help your money grow even more! 💰
To learn more about this change in the Chime app, go to Settings > Account Policies & Terms > Savings Account Agreement. You can also access it online on our policies page.

[@babyactivetv]

So your money grows interest when in the savings account?!

[@Chime]

Hi there, thanks for reaching out. The Chime Savings Account has an interest rate and annual percentage yield (APY) of 2.00%. You can find more details about our Savings Account in section D.3 of our Savings Account agreement. We use the daily balance method to calculate the interest on the Chime Savings Account. This means we apply a daily periodic rate to the full amount of principal in your Savings Account each day. The interest is compounded daily, and posted to your account monthly. 💰
You can always check how much interest you've earned on your Savings, by downloading your Savings Account statement from the Setting Screen > Documents in your Chime app!

[@egyptbrown-zl5jb]

I had my penny in chime for 3 years and I’m still at one cent

[@Chime]

Hi Egypt! Thank you for bringing this to our attention. Chime’s Saving Accounts are set up to help you grow your money without thinking about it! Our current APY is 2.00%. This means that if you’re using your savings account (or our automatic savings features!) you can quickly (and passively!) increase your account balance.
Furthermore, Interest is calculated daily, so we are accurately calculating your rate based on the amount of that current day’s savings in your account. We pay you this accumulated savings on a monthly basis, which is an industry standard.

[@DakotaFord592]

So how much does this person get for a penny in savings? you didn't answer the question at all. @@Chime

[@hf-xb2wy]

I wanna get at least $10 monthly on savings acct

[@Chime]

Hi there! "Save When I Get Paid" automatically transfers 10% of any direct deposit you receive to your Savings Account. This feature is currently only available for direct deposits of $500 or more. 🤑
Automatic Savings features can be toggled on or off at any time in the Settings section of your Chime Account.