Bank of America vs. Chime
Comparing Bank of America and Chime for savings: Bank of America's Advantage Savings pays 0.01% APY while Chime's Chime High-Yield Savings Account pays 3.00% APY.
Note: Chime requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Chime pays $299 more than Bank of America annually ($300 vs $1).
Choose Bank of America if you want a no-strings-attached account, or you want Zelle for quick transfers. Choose Chime if getting the best rate matters most.
Important Considerations
Chime requires a checking account to unlock its top savings rate, while Bank of America offers its savings account standalone.
| Metric | Bank of AmericaAdvantage Savings Feb 25, 2026 | ChimeChime High-Yield Savings Account Apr 21, 2026 |
|---|---|---|
| APY | 0.01% | 0.75% - 3.00% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$150 $10,000+$300 $25,000+$750 |
Min Deposit | $100 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | 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. | - |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.07% APY.
Comparison Analysis
Comparing Bank of America vs. Chime
Executive Summary
Chime offers a significant advantage with its High-Yield Savings Account, boasting an impressive APY of 3.00%, which is far superior to Bank of America's Advantage Savings account, which yields only 0.01%. Chime's account is online-only and requires a qualifying direct deposit of $200 or more within the preceding 34 days. It also has no maintenance fees and a minimum deposit of $0, making it accessible for all users. In contrast, Bank of America charges an $8 maintenance fee, although it can be waived under certain conditions. For those seeking higher returns, Chime is the clear choice.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Bank of America?
- ✓No checking account or direct deposit required
- ✓Fast transfers via Zelle® (up to $3,500 a day)
Why Chime?
- ✓Higher potential APY (3.00% vs 0.01%) on all balances
— Key Feature Differences —
Better Returns at $10,000
ChimeChime's Chime High-Yield Savings Account earns more on smaller deposits (approx. $300 vs $1/yr).
Better Returns at $25,000
ChimeChime's Chime High-Yield Savings Account pulls ahead with larger amounts (approx. $750 vs $3/yr).
Best for All-in-One Banking
ChimeChime's Chime High-Yield Savings Account pays a superior APY for customers who also open a checking account.
Shared Benefits
Over a 1-year period, Chime's Chime High-Yield Savings Account pays $299 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Bank of America vs. Chime Savings Calculator
You earn $299 more with Chime than Bank of America on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
Chime
Chime High-Yield Savings Account
Savings Breakdown
- Interest Earned+$300.00(2.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,300.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Chime |
|---|---|---|
| APY | 0.01% Verified: 2/25/2026 Stable (90d) | 3.00% Range: 0.75% - 3.00% Verified: 4/21/2026 ↘︎ 0.50%90d Change |
| Product Name | Advantage Savings | Chime High-Yield Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $0.01 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | N/A | N/A |
| Direct Deposit Req. | None | RequiredYou need to receive a qualifying direct deposit of $200 or more within the preceding 34 days |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | Yes |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Not Supported |
| BBB Rating | A+ | A+ |
| Important Notes | 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. | - |
| Next Steps | Visit SiteVerify at Bank of America Non-sponsored link to official site | Visit SiteVerify at Chime Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Chime |
|---|---|---|
| Advantage Savings | Chime High-Yield Savings Account | |
Current APY | 0.01% | 3.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -0.7 |
Days Since Change | 71 | 26 |
12-Month High | 0.03% | 3.75% |
12-Month Low | 0.01% | 2.00% |
Adjustments / Mo | 0.16 | 0.25 |
Volatility Score | 0.116 | 0.141 |
How to read these metrics(Click to expand)
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Compare Bank of America's APY of 0.01% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.10% | $0 |
| Bank of America vs American Express | 3.20% | $0 |
| Bank of America vs Axos Bank | 4.21% | $0 |
| Bank of America vs Barclays | 3.75% | $0 |
| Bank of America vs Capital One | 3.20% | $0 |
| Bank of America vs CIT Bank | 3.75% | $100 |
| Bank of America vs Discover Bank | 3.30% | $0 |
| Bank of America vs EverBank | 3.90% | $0 |
| Bank of America vs Marcus by Goldman Sachs | 3.50% | $0 |
| Bank of America vs Newtek Bank | 4.20% | $0.01 |
| Bank of America vs Openbank | 4.00% | $500 |
| Bank of America vs Pibank | 4.40% | $0 |
| Bank of America vs SoFi Bank | 4.00% | $0 |
| Bank of America vs Synchrony Bank | 3.40% | $0 |
| Bank of America vs Varo Bank | 5.00% | $0 |
| Bank of America vs Wealthfront | 4.20% | $0 |