Bank of America vs. Chime
Compare rates, requirements, and features side-by-side to find the best option for you.
Bank of America
Advantage Savings
0.01%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
Chime
Chime High-Yield Savings Account
Up to3.50%APYDec 6, 2025FDIC InsuredDirect Deposit ReqChecking BundleNo MinimumsGreat iOS AppGreat Android AppRange: 1.00% – 3.50%Show Fine Print & Trends Hide Details
Chime
Chime High-Yield Savings Account
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
Comparison Analysis
Comparing Bank of America vs. Chime
Why Bank of America?
- ✓No checking account or direct deposit required
Why Chime?
- ✓Higher potential APY (3.50% 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. $350 vs $1/yr).
Better Returns at $25,000
ChimeChime's Chime High-Yield Savings Account pulls ahead with larger amounts (approx. $875 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 $349 more interest on a $10,000 balance than Bank of America's Advantage Savings.
Executive Summary
Chime offers a significant advantage with its High-Yield Savings Account, boasting an APY of 3.50%, which is substantially higher than Bank of America's Advantage Savings account at 0.01%. Chime's account is online-only and requires a qualifying direct deposit of $200 or more within the preceding 34 days. It has no maintenance fees and allows for daily compounding, making it a more attractive option for savers. In contrast, Bank of America charges an $8 monthly fee, which can be waived under certain conditions, and requires a minimum deposit of $100. For those seeking higher returns, Chime is the clear winner.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
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See who beats both Bank of America and Chime.
| Feature | Bank of America | Chime |
|---|---|---|
| APY | 0.01% Verified: 12/6/2025 Stable (90d) | 3.50% Range: 1.00% - 3.50% Verified: 12/6/2025 ↘︎ 0.25%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 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| 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 | iOS4.8 Android4.6 | iOS4.8 Android4.7 |
| 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 |
Savings Comparison
Chime earns $2,108.4 more than Bank of America.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$5.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,005.70
Chime
Chime High-Yield Savings Account
Savings Breakdown
- Interest Earned+$2,114.10(10.5%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,114.10
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Chime |
|---|---|---|
| Advantage Savings | Chime High-Yield Savings Account | |
Current APY | 0.01% | 3.50% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | 12.3 |
Days Since Change | 309 | 51 |
10-Month High | 0.01% | 3.75% |
10-Month Low | 0.01% | 2.00% |
Adjustments / Mo | 0.00 | 0.19 |
Volatility Score | 0.000 | 0.193 |
How to read these metrics(Click to expand)
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