Chime Savings Account Agreement

Chime is a popular online bank that offers a variety of financial products and services, including savings accounts. However, before opening a Chime savings account, it is important to understand the terms and conditions laid out in the savings account agreement.

The savings account agreement is a legal document that outlines the terms and conditions of your account. It is important to read through the agreement carefully before agreeing to open a Chime savings account. Some key features of the Chime savings account agreement include:

Interest Rates: The interest rate on a Chime savings account is variable and subject to change. As of this writing, the interest rate is 0.50% APY, which is higher than the national average for savings accounts. However, it is important to note that the interest rate can change based on market conditions and other factors.

Fees: Chime does not charge any monthly maintenance fees or minimum balance fees for their savings account. However, there may be fees for certain transactions, like wire transfers or foreign currency transactions. It is important to check the fee schedule outlined in the savings account agreement and stay aware of any changes to these fees.

Withdrawals: Chime savings accounts allow up to six withdrawals per statement cycle. This is a federal regulation for all savings accounts. There may be fees for exceeding this limit or for early withdrawal of funds from a Chime savings account.

Electronic Transactions: Chime is primarily an online bank, and their savings accounts can only be accessed through their mobile app or website. This means that all deposits and withdrawals must be made electronically. It is important to understand the limitations of electronic transactions and ensure that you have access to a device that can perform these transactions.

FDIC Insurance: Like all Chime bank accounts, Chime savings accounts are FDIC insured up to $250,000. This means that if Chime were to fail, your funds would be protected up to this amount.

Overall, the Chime savings account agreement outlines the terms and conditions of using this online bank’s savings account product. It is important to thoroughly review the agreement and understand the features and limitations of the Chime savings account before opening an account.