How to Open Chime Savings Account Online (A Complete Guide)

Welcome to our comprehensive guide on how to open a Chime savings account online! In today’s digital age, managing your finances from the comfort of your own home has become not just a convenience, but a necessity. Chime, known for its user-friendly online banking services, offers an effortless way to open a savings account from your computer or smartphone.

What is Chime Savings Account?

A Chime Savings Account is a high-yield savings account that offers a 2.00% APY, with no monthly fees or minimum balance requirements. Chime is an online-only bank, so you can manage your savings account using the Chime mobile app or website.

Chime Savings Accounts are protected by FDIC insurance, providing coverage of up to $250,000 for each account holder and account ownership type in case of a bank failure.

Benefits of having a Chime Savings Account:

• High APY: Chime offers an APY of 2.00%, which is higher than the national average for savings accounts. This means that your money will grow faster in a Chime Savings Account than in a traditional savings account.
• No fees: Chime does not charge monthly fees or require a minimum balance to open or maintain a savings account. This means that you can save money without having to worry about any hidden fees.
• Mobile app: Chime has a user-friendly mobile app that makes it easy to manage your savings account on the go. You can use the app to check your balance, make transfers, and set up automatic savings goals.
• FDIC insurance: Chime ensures that your savings are safe by offering FDIC insurance coverage of up to $250,000 per depositor, per account ownership type, in case of a bank failure. This means that your money is protected even if Chime goes out of business.

If you are looking for a high-yield savings account with no fees or minimum balance requirements, then a Chime Savings Account is a good option to consider.

What does Chime Savings Account Do?

A Chime Savings Account is a high-yield savings account that offers a number of benefits, including:

• High annual percentage yield (APY): Chime currently offers an APY of 2.00%, which is higher than the national average for savings accounts. This means that your money will grow faster in a Chime Savings Account than in a traditional savings account.
• Chime keeps it simple – there are no monthly fees, and you don’t need to maintain a minimum balance to open or keep a savings account.t. This means that you can save money without having to worry about any hidden fees.
• FDIC insurance: Chime savings accounts are FDIC insured up to $250,000 per depositor, per account ownership type, in the event of any bank failure. This means that your money is protected even if Chime goes out of business.
• Automatic savings features: Chime offers two automatic savings features to help you save money without thinking about it: Save When I Get Paid and Round Ups. Save When I Get Paid automatically transfers a percentage of your paycheck into your savings account each pay period. Round Ups automatically rounds up your debit card purchases to the nearest dollar and transfers the spare change into your savings account.

How to Open Chime Savings Account Online

To open a Chime Savings Account online, you will need to:

• Go to the Chime website and click on the “Get Started” button.
• Enter your personal information, including your name, address, date of birth, and Social Security number.
• Create a Chime account password.
• Review the Chime Terms of Service and Privacy Policy and agree to them.
• Click on the “Open Account” button.

Once you have opened your Chime Savings Account, you can start saving money right away. Chime does not require a minimum balance to open or maintain a savings account.

You can also use the Chime mobile app to open a savings account. The mobile app is available for download on the App Store and Google Play.

Chime Savings Account Interest Rate

The Chime Savings Account currently offers an annual percentage yield (APY) of 2.00%. This is higher than the national average for savings accounts, which is currently 0.42%.

Chime’s APY is variable, which means that it can change at any time. However, Chime has a history of offering competitive interest rates on its savings accounts.

Interest compounds on a daily basis and is added to your account every month. This means that your savings can grow faster because your earned interest also earns more interest.

There are no minimum balance requirements or monthly fees for the Chime Savings Account. You can open an account with any amount of money and start earning interest right away.

Chime Savings Account Fees

Chime Savings Accounts do not have any monthly fees or minimum balance requirements. This means that you can open an account with any amount of money and never have to worry about paying any fees.

However, there are a few fees that may apply to Chime Savings Accounts:

• ATM withdrawal fee: Chime charges a $2.50 fee for each ATM withdrawal. You can avoid this fee by using a MoneyPass, Allpoint, or Visa Plus Alliance ATM.
• International wire transfer fee: Chime charges a $25 fee for each international wire transfer.
• Paper statement fee: Chime charges a $5 fee for each paper statement. You can avoid this fee by signing up for electronic statements.

Reasons Why Chime won’t let you open a savings account

There are a few reasons why Chime might not let you open a savings account:

• You are not a US resident: Chime is only available to US residents.
• You are under the age of 18:  Chime requires users to be at least 18 years old to open an account.
• You have a negative balance with Chime: If you have a negative balance with Chime, you will not be able to open a new account until you pay off your balance.
• You have been banned from using Chime: If you have been banned from using Chime, you will not be able to open a new account.
• You have too many Chime accounts: Chime limits users to having two Chime accounts. If you already have two Chime accounts, you will not be able to open a new one.
• You have not provided all of the required information: Chime requires users to provide certain information, such as their name, address, and Social Security number, in order to open an account. If you have not provided all of the required information, you will not be able to open an account.

If you are unsure why Chime is not letting you open a savings account, you can contact Chime customer support for assistance.

In addition to the above reasons, Chime may also deny you a savings account if you have a history of fraud, identity theft, or other financial problems. Chime may also deny you an account if they are unable to verify your identity or if they believe that you are opening an account for illegal purposes.

If you are denied a Chime savings account, you can try opening an account with a different bank or credit union. There are many banks and credit unions that offer high-yield savings accounts with no fees or minimum balance requirements.

What is the Maximum Chime Savings?

There is no maximum balance for Chime Savings Accounts. You can save as much money as you want in your Chime Savings Account.

However, it is important to note that the FDIC only insures your deposits up to $250,000 per depositor, per account ownership type, in the event of a bank failure. This means that if you have more than $250,000 in your Chime Savings Account, your deposits above $250,000 may not be insured.

If you are concerned about the FDIC insurance limits, you can consider opening multiple Chime Savings Accounts, each with a balance of less than $250,000. You can also consider opening a savings account with another bank or credit union.

Conclusion

In summary, opening a Chime savings account online is a quick and easy way to kickstart your financial journey. This guide has equipped you with the steps needed to get started and enjoy the benefits of Chime’s user-friendly platform.

As you continue to save, remember that responsible financial habits are key to long-term success. Chime is here to support you along the way.

Thank you for choosing Chime, and feel free to reach out to our customer support for any further assistance. We’re here to help you achieve your financial goals.