Chime vs. Discover Bank
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of Chime vs. Discover Bank
Key Metrics at a Glance
| Feature | Chime | Discover Bank |
|---|---|---|
| Top Savings APY | 3.75% Chime Savings Account | 3.40% Online Savings Account |
| Minimum to Open | $0 | $0 |
| Minimum Balance for APY | $0.01 | $0 |
Chime
Strengths
- Chime offers a higher APY of 3.75% compared to Discover Bank's 3.40%.
- Chime has a better App Store rating of 4.8 versus Discover Bank's 4.9.
- No maintenance fees are charged for Chime's savings account.
Potential Drawbacks
- Chime requires a qualifying direct deposit of $200 for the highest APY.
- Chime's Google Play rating is lower at 4.7 compared to Discover Bank's 4.3.
- Chime is not a bank; services are provided by partner banks.
Discover Bank
Strengths
- Discover Bank has an A+ BBB rating and is BBB Accredited.
- Discover Bank does not require direct deposit for its savings account.
- Discover Bank's APY decreased slightly from 3.50% to 3.40%.
Potential Drawbacks
- Discover Bank's APY of 3.40% is lower than Chime's 3.75%.
- Discover Bank's App Store rating is slightly lower at 4.9.
- Discover Bank has no physical branches.
Summary: Chime's savings account offers a higher APY of 3.75% but requires a direct deposit to qualify. Discover Bank, with an A+ BBB rating, has a lower APY of 3.40% but does not require direct deposit. Both banks have no maintenance fees, but Chime is a financial technology company, while Discover is a traditional bank. Chime has a higher App Store rating, while Discover is BBB Accredited.
→ As of October 14, 2025 Chime offers an APY of 3.75% for its Chime Savings Account, with a minimum balance of $0.01, compared to Discover Bank's 3.40% APY for its Online Savings Account, with a minimum balance of $0.
→ Chime yields $35 more than Discover Bank on a $10,000 balance after one year. Chime pays $375, while Discover Bank pays $340 - an APY advantage for Chime.
Calculate Savings Growth for Chime vs Discover Bank
All calculations are based on APY.
Chime
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 OverviewDiscover Bank
APY: 3.40%
Total savings breakdown:
- Interest earned: $2,050.5 (10.23%)
- Total contributions: $13,000 (64.84%)
- Initial deposit: $5,000 (24.94%)
Your total balance
$20,050.50
Effective APY: 3.40% (based on your deposit and contributions)
Total balance: $20,050.5
Earnings: $2,050.5
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Chime's total earnings would be $223.3 higher than Discover Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Chime's vs Discover Bank's Savings Accounts
| Chime | Discover Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | Online Savings Account |
| APY | 1.25% - 3.75% (as of 10/14/2025) | 3.40% (as of 10/14/2025) | |
| Bundled Account | Yes | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0.01 | $0 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | Yes. You need to receive a qualifying direct deposit of $200 or more within the preceding 34 days | No | |
| Note | 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 | 4.9/5 | |
| Google Play Rating | 4.7/5 | 4.3/5 | |
| BBB Rating | A- | A+ |
Comparative Historical APY Insights (Last 8 Months)
| Chime | Discover Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | Online Savings Account |
| Latest APY | 3.75 % | 3.40 % | |
| Trend | Rising | Sideways | |
| Slope (bps/mo) | 21.6 | -4.0 | |
| Rate Changes / Mo | 0.12 | 0.47 | |
| Days Since Last Change | 197 | 14 | |
| High (-8 m) | 3.75 % | 3.75 % | |
| Low (-8 m) | 2.00 % | 3.40 % | |
| Draw-down from High | 0.0 % | -9.3 % | |
| Volatility (CV) | 0.220 | 0.029 |
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 257 days.
- Low (-8 m)
- Lowest APY in the last 257 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 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 Bank of America | 0.01% | $100 |
| 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 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 |