Chime, a growing digital bank, is intensifying its focus on customer acquisition as it prepares to go public. The bank is now offering a 3.75% APY on savings accounts for customers who enroll in direct deposit with its Chime+ tier, while still providing a competitive 2% for standard users. This initiative seeks to boost customer loyalty amid increasing competition, especially given the 0.61% national average savings account yield. Despite having 7 million customers and significant past valuations, Chime remains focused on solidifying its market presence as it considers an IPO.
Chime, gearing up for a public offering, is enhancing features including a competitive 3.75% APY to attract and retain customers.
The digital bank aims to increase customer retention by offering 3.75% APY for direct deposit users, significantly above the national average of 0.61%.
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