Bank Of America vs Chime
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of Bank of America vs. Chime
As of August 29, 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 at A+.
- The Advantage Savings account has a low minimum deposit of $100.
- Bank of America has a solid App Store rating of 4.8.
Potential Drawbacks
- The current APY for the Advantage Savings account is only 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.
- There are no maintenance fees with the Chime Savings Account.
- Chime has a higher Google Play rating of 4.7.
Potential Drawbacks
- Chime requires a direct deposit of $200 to qualify for the highest APY.
- You must first open a checking account to access the savings account.
Summary: Chime provides a significantly higher APY of 3.75% for its savings account, while Bank of America offers a mere 0.01%. However, Bank of America has a better BBB rating (A+) and a higher App Store rating (4.8). Chime has no maintenance fees and a higher Google Play rating (4.7), but requires a direct deposit for its best rate, and a checking account must be opened first.
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 8/29/2025) | 1.25% - 3.75% (as of 8/29/2025) | |
| 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 7 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 | 29.3 | |
| Rate Changes / Mo | 0.00 | 0.14 | |
| Days Since Last Change | 211 | 152 | |
| High (-7 m) | 0.01 % | 3.75 % | |
| Low (-7 m) | 0.01 % | 2.00 % | |
| Draw-down from High | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.239 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 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 (-7 m)
- Highest APY in the last 212 days.
- Low (-7 m)
- Lowest APY in the last 212 days.
- Draw-down from High
- How far today sits below the 7-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: $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.
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 | 3.50% | $0 |
| Bank of America vs Axos Bank | 4.46% | $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 | 4.85% | $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 UFB Direct | 4.21% | $5000 |
| 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 | 3.50% | $0 |
| Chime vs Axos Bank | 4.46% | $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 | 4.85% | $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 UFB Direct | 4.21% | $5000 |
| Chime vs Varo Bank | 5.00% | $0 |
| Chime vs Wells Fargo | 2.51% | $25 |