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Contents
The Offer
No direct link to offer, sent out via e-mail. Subject line is ‘Limited time offer: 5% APY on your savings’
- Chime is offering 5% APY on balances up to $10,000 until 1/31/23 when you receive a direct deposit of $500+
Our Verdict
You can see what has worked as a direct deposit for Chime before by clicking here. Personally don’t think this is worth doing as it’s only available for a few months. Hopefully this is a test and they roll it out on a permanent basis. You can find more high yield accounts by clicking here.
Hat tip to B^2
If I have 10K sitting around in SOFI Savings – wouldn’t it be ideal to take advantage of the 5% for the coming months then transfer back out? I don’t see any downsides here.
What does everyone else think? Looking for feedback. Thanks! 🙂
There’s a definite downside if you qualified for SoFi’s deposit bonus.
My question would be: is there any downside to opening a Chime savings account (I already have the checking) in the hopes of getting targeted for this?
If it pulls Chex then that would be a downside. I don’t know if Chimes is Chex sensitive though.
Chime did not pull my Chex about this time last year.
I had a very odd experience with Chime and automated emails with anti-money laundering requests. I fully understand why – their interest rate was lagging behind everyone else’s increases, so I moved a 5-figure sum out of their savings account. But they wanted me to send my full SSN, photos of my Social Security card, pay stubs, W2s, and other ID documentation, etc. over plain email with no option to securely upload. Even though I knew the requests were legit and justified, it seemed like a really easy way to get my identity stolen in new and exciting ways. Ran around with call centers and supervisor escalation until being told my only option was to comply or close the account. Closed it was.
Wow, that risk does not seem worth the $125 or so that this offers. Thanks for sharing.