Am I eligible for a savings account?
To be eligible to apply for a savings account with Chime through Salary Finance, you must be 18+ years old, have a valid Social Security number, and your employer must be a Salary Finance partner. A Chime spending account is also required to open the savings account. You can search for your employer here.
I’m interested in opening a savings account but I don’t see my employer listed on your website. How can I register?
Salary Finance products are only available to employees of our partner employers. We’d love to partner with your employer to make Salary Finance available to you and your co-workers! Please contact us and provide a point of contact in your employer’s Human Resources department, and we’ll take it from there.
Who is Chime, and how does Salary Finance work with them?
Chime is a top-rated financial technology company that works with banking partners to offer online savings and spending accounts. Salary Finance partners with Chime to provide our members with these accounts; you can manage your savings and spending accounts at any time conveniently through the Chime financial services app.
Are my family members or friends eligible for a savings account?
To register for Salary Finance and be eligible for the $50 savings bonus* your family members or friends must be employed by a Salary Finance partner. However, if you have a friend or family member who is interested in opening a savings account that is not employed by a Salary Finance partner, they can apply directly through Chime.
How long does it take to open a savings account?
The process to set up your savings and spending accounts takes about 10 minutes. First, we’ll ask you to fill in some basic details about yourself to register for a Salary Finance account. You’ll need your payroll ID handy. Then we’ll hand you over to our partner, Chime, so you can complete your application to open your spending account and savings account. Finally, you’ll set up direct deposit and will be able to enable automatic savings.
Are there any fees to open up a savings account?
There are no fees associated with opening your savings or spending accounts from Chime through Salary Finance, and you get fee-free cash withdrawals from a network of over 60,000+ ATMs. Out-of-network ATM Withdrawal Fees apply except at MoneyPass® ATMs in 7-Eleven, Inc. locations and any Allpoint or Visa Plus Alliance ATMs. Other fees such as third-party and cash deposit fees may apply.
Is there a minimum deposit requirement?
There is no minimum deposit required to open an account. As long as you have a balance of at least $0.01 in your Chime savings account, you will earn interest.
As a Salary Finance member, you also can earn $10 on every $100 you save, up to $50 for a $500 balance, within the first 6 months of opening your Chime account.*
How much money can I earn from my savings?
The current APY on a savings account with Chime through Salary Finance is 0.5%**. You can also earn $10 on every $100 you save, up to $50 for a $500 balance, within the first 6 months of opening your Chime account.* See details below.
When is interest added to my account?
Interest on your savings account is credited on the first day of the month for the preceding calendar month.
What do I need to do to earn $50 on my first $500 saved?
As a Salary Finance member, you can earn $10 on every $100 you save, up to $50 for a $500 balance*, within the first 6 months of opening your account. To receive the bonus, you must meet the following eligibility criteria.
New Chime customers:
- Open a new Chime Spending Account through Salary Finance, which is subject to approval
- Enable direct deposit of at least $200 from your employer or payroll provider into your Chime Spending Account within 60 days of opening your Chime Spending Account
- Open a Chime Savings Account and transfer funds to that account - you will receive $10 for every $100 saved within six months of opening your Chime Spending Account
- Link your Chime accounts to Salary Finance by authorizing sharing of your Chime account data to Salary Finance within sixty (60) days of registering a Salary Finance account
Existing Chime customers:
- Link your existing Chime Spending Account to your Salary Finance account, which is subject to approval, by authorizing sharing of your Chime account data to Salary Finance within sixty (60) days of registering a Salary Finance account
- Enable direct deposit of at least $200 from your employer or payroll provider into your Chime Spending Account within 60 days of linking your Chime Spending Account to your Salary Finance account
- Open a Chime Savings Account or have an existing Chime Savings Account and transfer funds to that account - you will receive $10 for every $100 saved within six months of linking your Chime Spending Account to your Salary Finance account
Keep in mind that bank ACH transfer, Chime Pay Friends transfer, verification or trial deposits from financial institutions, transfers from PayPal, Zelle, Venmo, Square, and cash loads do not qualify as employer or payroll provider direct deposits.
If you meet the eligibility criteria above, Salary Finance will deposit your bonus into your Chime Spending Account within 45 days. To receive a bonus, your Salary Finance and Chime account must not be closed or restricted at the time of the payout.
Can I deposit money directly into my savings account?
No, but here are a few easy ways to put money in your savings account:
- Transfer directly from your spending account
- Automatically save 10% of every paycheck of $500 or more with the “Save When I Get Paid” feature, which you can enable through the settings of your Chime app
Do you check my credit when I open a savings and spending account?
No, Salary Finance and Chime do not require a credit check to open an account or receive a Chime debit card provided with spending accounts.
How can I access my savings?
You can access your accounts any time through the Chime financial services app or the Chime website. If you need to tap into your savings, simply transfer money from your savings account to your Chime spending account.
Are there spending limits on my account?
There are limits on the amount of money that you can withdraw per day. However, there is no limit on the number of times that you can use your Chime Visa Debit Card for withdrawals or spending transactions. Click here for Chime’s guidelines on spending limits.
I am having trouble confirming my employment details - what should I do?
Please confirm your date of birth and payroll ID are correct. If you are still having an issue, please contact your payroll department to check that their details match with what you think. If those details are confirmed through your payroll department, contact us at help@salaryfinance.com or 800-317-6850.
What happens if I leave my employer?
If you leave your current employer, you will still be able to access your Chime savings and spending accounts opened through Salary Finance via the Chime app or Chime website. You can switch over your direct deposit information to your new employer in the Chime app.
This is an optional benefit, not a recommendation from your employer. Your employer does not benefit financially from offering this service.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
*Offer not available to Chime customers without a Salary Finance account. New Chime customers: Salary Finance will deposit a $10 bonus for every $100 balance increase in your Chime Savings Account, up to a total bonus of $50 for a $500 balance in your account, within the first six (6) months of opening your Chime Spending Account, subject to the following terms and conditions. To receive the bonus: 1) Open a new Chime Spending Account through Salary Finance, which is subject to approval; 2) Enable direct deposit of at least $200 from your employer or payroll provider into your Chime Spending Account within 60 days of opening your Chime Spending Account; 3) Open a Chime Savings Account and transfer funds to that account to obtain a qualifying balance within six months of opening your Chime Spending Account; and 4) Link your Chime accounts to Salary Finance by authorizing sharing of your Chime account data to Salary Finance within sixty (60) days of registering a Salary Finance account. Existing Chime customers: Salary Finance will deposit a $10 bonus for every $100 balance increase in your Chime Savings Account, up to a total bonus of $50 for an increase to a $500 balance in your account, within the first six (6) months of linking your Chime accounts to your Salary Finance account, subject to the following terms and conditions. To receive the bonus: 1) Link your existing Chime Spending Account to your Salary Finance account, which is subject to approval, by authorizing sharing of your Chime account data to Salary Finance within sixty (60) days of registering a Salary Finance account; 2) Enable direct deposit of at least $200 from your employer or payroll provider into your Chime Spending Account within 60 days of linking your Chime Spending Account to your Salary Finance account; and 3) Open a Chime Savings Account or have an existing Chime Savings Account and transfer funds to that account to obtain a qualifying balance within six months of linking your Chime Spending Account to your Salary Finance account. Bank ACH transfer, Chime Pay Friends transfer, verification or trial deposits from financial institutions, transfers from PayPal, Zelle, Venmo, Square, and cash loads do not as employer or payroll provider direct deposits. Subject to the preceding eligibility requirements, Salary Finance will deposit your bonus into your Chime Spending Account within 45 days of you reaching the applicable account balance threshold(s). To receive a bonus, your Salary Finance and Chime accounts must not be closed or restricted at the time of payout. Bonus is considered interest and will be reported on IRS Form 1099-INT. Salary Finance reserves the right to cancel or modify the terms of this bonus offer at any time with or without prior notice.
**The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of June 28, 2021. No minimum balance required. Must have $0.01 in savings to earn interest.
A Chime spending account is required in order to open the high-yield savings account; the savings account is optional. See https://www.chime.com/savings-account/ to learn more.