Bank Of America vs Chime
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Bank of America vs. Chime
As of July 15, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, compared to Chime's 3.75% APY for its Chime Savings Account account.
Chime yields $374 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Chime pays $375 - an APY advantage for Chime.
Bank of America
Strengths
- Bank of America has a higher BBB rating of A compared to Chime's B-.
- The Advantage Savings account has a low minimum deposit of $100.
- Bank of America offers a 4.8 App Store rating, matching Chime's.
Potential Drawbacks
- The Advantage Savings account has a low APY of 0.01%.
- Bank of America charges a maintenance fee of $8.
- No direct deposit option available for the Advantage Savings account.
Chime
Strengths
- Chime offers a significantly higher APY of 3.75% for qualifying accounts.
- No maintenance fees for the Chime Savings Account.
- Chime has a higher Google Play rating of 4.7 compared to Bank of America's 4.6.
Potential Drawbacks
- Chime requires a direct deposit of $200 to access the highest APY.
- Chime's BBB rating is lower at B- compared to Bank of America's A.
- Chime requires a checking account to open a savings account.
Summary: Bank of America provides a low APY of 0.01% with an A BBB rating, while Chime offers a much higher APY of 3.75% but requires direct deposit and a checking account. Chime has no maintenance fees, unlike Bank of America, which charges $8. Both banks have similar App Store ratings, but Chime edges out with a slightly better Google Play rating.
Compare Bank of America's vs Chime's Savings Accounts
| Bank of America | Chime | ||
|---|---|---|---|
| Product | Advantage Savings | vs | Chime Savings Account |
| APY | 0.01% (as of 7/15/2025) | 1.25% - 3.75% (as of 7/15/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $100 | $0 | |
| Minimum Balance for APY | N/A | $0.01 | |
| Maintenance Fee | $8 | $0 | |
| Direct Deposit Required | No | Yes. You need to receive a qualifying direct deposit of $200 or more within the preceding 34 days | |
| Note | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | Chime® is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. To open a savings account you must first open a checking account. To qualify for Chime+ with the 3.75% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.25%. | |
| Visit Bank | Advantage Savings | Chime Savings Account | |
| App Store Rating | 4.8/5 | 4.8/5 | |
| Google Play Rating | 4.6/5 | 4.7/5 | |
| BBB Rating | A | B- |
Comparative Historical APY Insights (Last 5 Months)
| Bank of America | Chime | ||
|---|---|---|---|
| Product | Advantage Savings | vs | Chime Savings Account |
| Latest APY | 0.01 % | 3.75 % | |
| Trend | Sideways | Rising | |
| Slope (bps/mo) | 0.0 | 43.2 | |
| Rate Changes / Mo | 0.00 | 0.18 | |
| Days Since Last Change | 166 | 107 | |
| High (-5 m) | 0.01 % | 3.75 % | |
| Low (-5 m) | 0.01 % | 2.00 % | |
| Draw-down from High | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.268 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-5 m)
- Highest APY in the last 167 days.
- Low (-5 m)
- Lowest APY in the last 167 days.
- Draw-down from High
- How far today sits below the 5-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Bank of America vs Chime
All calculations are based on APY.
Bank of America
APY: 0.01%
Total savings breakdown:
- Interest earned: $0.1 (0.01%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (99.99%)
Your total balance
$1,000.10
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $1,000.1
Earnings: $0.1
Bank DetailsChime
APY: 3.75%
Total savings breakdown:
- Interest earned: $37.5 (3.61%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.39%)
Your total balance
$1,037.50
Effective APY: 3.75% (based on your deposit and contributions)
Total balance: $1,037.5
Earnings: $37.5
Bank DetailsAfter 1 year Bank of America would earn you $37.4 less than Chime.
More Comparisons
Compare Bank of America's APY of 0.01% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.50% | $0 |
| Bank of America vs American Express | 3.60% | $0 |
| Bank of America vs Axos Bank | 4.66% | $0 |
| Bank of America vs Barclays | 4.10% | $0 |
| Bank of America vs Capital One | 3.50% | $0 |
| Bank of America vs Chase Bank | 0.01% | $0 |
| Bank of America vs CIT Bank | 4.00% | $100 |
| Bank of America vs Discover Bank | 3.50% | $0 |
| Bank of America vs Fitness Bank | 5.00% | $100 |
| Bank of America vs Marcus by Goldman Sachs | 3.65% | $0 |
| Bank of America vs Presidential Bank | 4.50% | $5,000 |
| Bank of America vs SoFi Bank | 3.80% | $0 |
| Bank of America vs Synchrony Bank | 3.80% | $0 |
| Bank of America vs Varo Bank | 5.00% | $0 |
| Bank of America vs Wells Fargo | 2.51% | $25 |
Compare Chime's APY of 3.75% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Chime vs Ally Bank | 3.50% | $0 |
| Chime vs American Express | 3.60% | $0 |
| Chime vs Axos Bank | 4.66% | $0 |
| Chime vs Barclays | 4.10% | $0 |
| Chime vs Capital One | 3.50% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs CIT Bank | 4.00% | $100 |
| Chime vs Discover Bank | 3.50% | $0 |
| Chime vs Fitness Bank | 5.00% | $100 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs Presidential Bank | 4.50% | $5,000 |
| Chime vs SoFi Bank | 3.80% | $0 |
| Chime vs Synchrony Bank | 3.80% | $0 |
| Chime vs Varo Bank | 5.00% | $0 |
| Chime vs Wells Fargo | 2.51% | $25 |