Bank Of America vs. Chime
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of Bank of America vs. Chime
Key Metrics at a Glance
| Feature | Bank of America | Chime |
|---|---|---|
| Top Savings APY | 0.01% Advantage Savings | 3.75% Chime Savings Account |
| Minimum to Open | $100 | $0 |
| Minimum Balance for APY | $0.01 |
Bank of America
Strengths
- Bank of America has an A+ BBB rating, indicating higher trustworthiness.
- Bank of America offers a user-friendly app with a 4.8 App Store rating.
- No direct deposit is required for the Advantage Savings account.
Potential Drawbacks
- The Advantage Savings account has a low APY of 0.01%.
- Bank of America charges an $8 monthly maintenance fee.
Chime
Strengths
- Chime offers a competitive APY of 3.75%, unchanged from 30 days ago.
- Chime has no maintenance fees, making it cost-effective.
- Chime's app has a high 4.7 Google Play rating.
Potential Drawbacks
- Chime requires a $200 direct deposit to qualify for the 3.75% APY.
- Chime has an A- BBB rating, slightly lower than Bank of America.
Summary: Bank of America provides a reliable but low-yield savings account with an A+ BBB rating and no direct deposit requirement. In contrast, Chime offers a significantly higher APY of 3.75% but requires a $200 direct deposit. While Chime has no fees, its BBB rating is slightly lower at A-. Both banks have strong app ratings, with Bank of America leading in the App Store.
→ As of October 14, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Chime's 3.75% APY for its Chime Savings Account, with a minimum balance of $0.01.
→ 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.
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: $5.7 (0.03%)
- Total contributions: $13,000 (72.20%)
- Initial deposit: $5,000 (27.77%)
Your total balance
$18,005.70
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewChime
APY: 3.75%
Total savings breakdown:
- Interest earned: $2,273.8 (11.22%)
- Total contributions: $13,000 (64.12%)
- Initial deposit: $5,000 (24.66%)
Your total balance
$20,273.80
Effective APY: 3.75% (based on your deposit and contributions)
Total balance: $20,273.8
Earnings: $2,273.8
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Bank of America's total earnings would be $2,268.1 lower than Chime's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
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 10/14/2025) | 1.25% - 3.75% (as of 10/14/2025) | |
| 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%. | |
| App Store Rating | 4.8/5 | 4.8/5 | |
| Google Play Rating | 4.6/5 | 4.7/5 | |
| BBB Rating | A+ | A- |
Comparative Historical APY Insights (Last 8 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 | 21.8 | |
| Rate Changes / Mo | 0.00 | 0.12 | |
| Days Since Last Change | 258 | 197 | |
| High (-8 m) | 0.01 % | 3.75 % | |
| Low (-8 m) | 0.01 % | 2.00 % | |
| Draw-down from High | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.222 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 8 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 (-8 m)
- Highest APY in the last 258 days.
- Low (-8 m)
- Lowest APY in the last 258 days.
- Draw-down from High
- How far today sits below the 8-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.
More Comparisons
Compare Bank of America's APY of 0.01% with other banks
Compare Chime's APY of 3.75% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Chime vs Ally Bank | 3.40% | $0 |
| Chime vs American Express | 3.50% | $0 |
| Chime vs Axos Bank | 4.51% | $0 |
| Chime vs Barclays | 4.10% | $0 |
| Chime vs BrioDirect | 4.20% | $5,000 |
| Chime vs Capital One | 3.40% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs CIT Bank | 3.85% | $100 |
| Chime vs Discover Bank | 3.40% | $0 |
| Chime vs Elevault | 4.34% | $0 |
| Chime vs EverBank | 4.05% | $0 |
| Chime vs Fitness Bank | 4.75% | $100 |
| Chime vs FVCbank | 4.10% | $500 |
| Chime vs GO2bank | 4.50% | $0 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs Neighbors Bank | 4.50% | $0 |
| Chime vs Newtek Bank | 4.35% | $0 |
| Chime vs Peak Bank | 4.20% | $100 |
| Chime vs Pibank | 4.60% | $0 |
| Chime vs Presidential Bank | 4.50% | $5,000 |
| Chime vs Santander Bank | 0.01% | $25 |
| Chime vs SoFi Bank | 4.50% | $0 |
| Chime vs Synchrony Bank | 3.80% | $0 |
| Chime vs TIMBR | 4.40% | $1,000 |
| Chime vs UFB Direct | 3.96% | $5000 |
| Chime vs Varo Bank | 5.00% | $0 |
| Chime vs Wells Fargo | 0.05% | $25 |
| Chime vs Zynlo Bank | 4.20% | $10 |