We started Chime with a simple mission: to help our members save money, form healthy financial habits and get ahead without a lot of hard work. Today, we’re pleased to announce a major milestone in accomplishing that mission by introducing an interesting-bearing Savings Account that helps members save simply by using their Chime Visa® Debit Card. We call it Automatic Savings, and it literally pays you when you save.
Sounds too good to be true? To get started, simply open a Chime Spending Account and Savings Account online or through the mobile app. Once approved for a Savings Account, turn on Automatic Savings. Here’s how it works:
- Use your Chime card to pay bills and make everyday purchases.
- We’ll round up each purchase you make to the nearest dollar, and transfer the round up from your Spending Account to your Savings Account.
We’re excited to offer this new way for our members to take small steps toward a regular savings habit. As we found in our recent Millennial Money Mindset Report, 93% of young adults believe setting aside money for savings is important, yet 40% aren’t doing it. As a Chime member with a Savings Account and Automatic Savings, you can put your savings on autopilot, get rewarded when you spend and get rewarded when you save.
Today we’re also announcing a number of new additions to your Chime Spending Account:
- Pay bills with direct debit.
Pay your rent, mortgage, credit card or student loan payments electronically by providing your Chime Account and bank routing and account numbers to your biller.
- Cash-back category-wide rewards.
Groceries. Restaurants. Utilities. We’re introducing new category-wide rewards that give you instant cash back when you use your Chime card at any retailer in a given category.
- No Monthly fees and fee-free ATMs.
We’ve eliminated the Account Maintenance Fee for dormant accounts, and ATM transactions are now fee-free for all members at over 24,000 MoneyPass® locations.
We’re excited to offer our members even more rewarding ways to bank with Chime, and there’s much more to come. We look forward to hearing your feedback, and if you’re not already a member, you can sign up here.
Chris Britt, Chime Founder & CEO