Chime High-Yield Savings Account
It can be challenging to choose the ideal solution for your needs given the full range of account alternatives offered by several financial institutions with different bells and whistles. Chime keeps things straightforward by offering just one checking account, one savings account, and one secured credit card, all of which are integrated into a lovely mobile app.
Chime is not a bank; it is a provider of financial technologies. The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, offer banking services.
A financial technology business that solely operates online, Chime collaborates with two banks to provide checking and savings accounts. Although it doesn't operate like a regular neighborhood bank, your money is still safe there because of FDIC insurance. Chime allows you to round up purchases to the nearest dollar and save the difference. It has no monthly or overdraft fees. But making a cash deposit can be pricey.
The annual percentage yield (APY) on Chime's savings account is 2.00%. Comparing that rate to high-yield savings accounts from reputable online banks, it is fairly competitive.
To open a Chime Savings Account, you must first have a Chime Checking Account. You can utilize Chime's Round Ups feature to save automatically once your accounts are set up. When you purchase with your Chime Visa Debit Card, Chime rounds it up to the next dollar and deposits the difference into your savings account.
Let's say, for illustration, that you spent $25.50 at the grocery store. Chime will transfer 50 cents from your spending account to your savings account after you use your debit card to pay the retailer for that sum.
In addition, Chime has the Save When I Get Paid function, which enables you to schedule a regular transfer of 10% of each direct deposit paycheck of $500 or more from your checking account to your savings account as soon as you receive payment.
A high-yield savings account is the only savings option provided by Chime. The savings rate offered by Chime's savings account is 2.00% APY, which is respectable but still less than the finest high-yield savings accounts available.
To help users attain their savings objectives more quickly, the savings account offers two optional automated savings programs:
- Save When You Spend rounds every transaction made with your Chime Visa debit card to the closest dollar. Your savings account receives the rounded-up sum.
- When I get paid, I'll save. Customers who enroll may have a portion of each direct deposit that is $500 or more automatically transferred to their savings account.
It is not easy to make a cash deposit into your Chime savings account. Customers have the option of using the Save When I Get Paid feature or transferring funds from their Chime checking account.
Checking account details
The Chime High-Yield Savings Account's key benefits are listed below:
- No monthly fees
- No minimum balance requirements
- No cap on the amount of interest you can earn
- No minimum deposit is required to open an account through Chime
Checking account fees
Minimum Deposit to Open$0
Out-of-Network ATM Transaction Fee$0
Out-of-Network ATM Withdrawal Fee$2.50
Non-Sufficient Funds Fee$0
Foreign Transaction Fee$0
Chime High-Yield Savings Account FAQ
The operation of high-yield savings accounts is identical to that of ordinary savings accounts, with the exception that they frequently have greater interest rates and lower or no monthly fees. Traditional and high-yield savings accounts both include FDIC protection and transaction limitations as standard features.
An account type known as a high-yield savings account often offers interest rates that are higher than those of a conventional savings account. High-yield savings accounts are typically available at online banks and credit unions. These financial organizations typically don't have the same overhead expenses or profit-margin requirements as a conventional brick-and-mortar bank, allowing them to pass those savings through to customers in the form of higher rates and reduced fees.
Various factors affect interest rates, but it's normal to discover high-yield savings accounts that give 2.00% APY or more. Up to 25 times, the national average interest on conventional savings accounts can be earned with a high-yield savings account.
In general, high-yield savings accounts are regarded as secure storage for your money. When you deposit money into a high-yield savings account, it is protected by FDIC insurance or NCUA insurance at a bank or credit union.
Banks and other financial institutions that provide high-yield savings accounts implement several security procedures to safeguard your personal and financial data. These safeguards may include secure data storage, data encryption, and multi-factor authentication.
If you have the money you need to save up for immediate needs or ambitions, a high-yield savings account is a good option. It's a terrific alternative for some savings goals, but it shouldn't be used as a substitute for a retirement or tax-advantaged investing account.
Chime provides high-interest savings accounts in addition to checking accounts. The Chime Checking Account has no ongoing monthly fees and includes a debit card. Before opening a Chime Savings Account and making use of the Automatic Savings features, you must first open a Chime Checking Account.
You must first open a Chime Checking Account online before you can open a Chime Savings Account. You will have the choice to open a savings account concurrently with the enrolling procedure. If you skip that step, don't panic. Chime Checking Account members can always start a savings account by launching their mobile app, going to the Savings screen, and selecting that option. There is no minimum necessary balance!
7 Best Checking Accounts for 2023
Featured Checking Accounts
|Bank||Monthly Service Charge||Minimum Deposit to Open||APY|
|Chime Spending Account||$0||$0||2.00%|
|Chime High-Yield Savings Account||$0||$0||2.00%|
|Bank||Monthly Service Charge||Minimum Deposit to Open||APY|
|Comerica Bank Rich Rewards® Checking Account||$18 (can be waived / reduced)||$50||0.01%|
|Comerica Bank Premier Checking Account||$22||$50||0.01%|
|Comerica Bank Comerica Platinum Circle Checking®||$0||$50||0.10% / 0.25%|