Bank of America vs. Chime
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 21, 2026 | ChimeChime High-Yield Savings Account Jan 21, 2026 |
|---|---|---|
| APY | 0.01% | 1.00% - 3.50% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$175 $10,000+$350 $25,000+$875 |
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® Supported | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDirect Deposit ReqChecking Bundle |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing Bank of America vs. Chime
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Chime's 3.50% APY for its Chime High-Yield Savings Account, with a minimum balance of $0.01.
Chime pays $349 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Chime pays $350 - an APY advantage for Chime.
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 (3.50% 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.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Chime offers a compelling High-Yield Savings Account with an impressive APY of 3.50%, significantly higher than Bank of America's Advantage Savings, which has a mere 0.01% APY. To benefit from Chime's higher rate, customers must set up a qualifying direct deposit of $200 or more within the last 34 days. Chime's account is online-only and has no maintenance fees, while Bank of America charges an $8 monthly fee unless certain conditions are met. For those seeking a traditional savings option, Bank of America's account requires a minimum deposit of $100, but its APY is substantially lower.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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Top Market Contenders
Bank of America vs. Chime Savings Calculator
You earn $349 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+$350.00(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,350.00
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: 1/21/2026 Stable (90d) | 3.50% Range: 1.00% - 3.50% Verified: 1/21/2026 Stable (90d) |
| 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 Android4.8 |
| 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% | 3.50% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | 8.5 |
Days Since Change | 36 | 97 |
12-Month High | 0.03% | 3.75% |
12-Month Low | 0.01% | 2.00% |
Adjustments / Mo | 0.17 | 0.17 |
Volatility Score | 0.120 | 0.175 |
How to read these metrics(Click to expand)
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