Chime vs Discover Bank
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of Chime vs. Discover Bank
As of June 20, 2025 Chime offers an APY of 3.75% for its Chime Savings Account account, compared to Discover Bank's 3.60% APY for its Online Savings Account account.
Chime yields $15 more than Discover Bank on a $10,000 balance after one year. Chime pays $375, while Discover Bank pays $360 - an APY advantage for Chime.
Chime
Strengths
- Chime offers a higher APY of 3.75% compared to Discover Bank's 3.60%.
- Chime has a higher App Store rating of 4.8 versus Discover Bank's 4.9.
- Chime has no maintenance fees or minimum balance requirements.
Potential Drawbacks
- Chime has a BBB rating of B- and is not BBB accredited, while Discover Bank has an A+ rating.
- Chime requires a direct deposit of $200 to earn the highest APY, which may limit access.
Discover Bank
Strengths
- Discover Bank has a strong BBB rating of A+ and is BBB accredited.
- Discover Bank does not have a direct deposit requirement for its savings account.
Potential Drawbacks
- Discover Bank's APY is lower at 3.60% compared to Chime's 3.75%.
- Discover Bank has a lower Google Play rating of 4.3 compared to Chime's 4.7.
Summary: Chime offers a higher APY of 3.75% but requires a $200 direct deposit to access it, while Discover Bank provides a reliable A+ BBB rating and no direct deposit requirement. Chime has a better App Store rating, but its overall BBB rating is lower. Discover Bank's APY is slightly less at 3.60%. Both banks have no maintenance fees or minimum balance requirements, making them accessible options.
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 6/20/2025) | 3.60% (as of 6/20/2025) | |
| 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%. | N/A | |
| Visit Bank | Chime Savings Account | Online Savings Account | |
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.7/5 | 4.3/5 | |
| BBB Rating | B- | A+ |
Comparative Historical APY Insights (Last 5 Months)
| Chime | Discover Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | Online Savings Account |
| Latest APY | 3.75 % | 3.60 % | |
| Trend | Rising | Sideways | |
| Slope (bps/mo) | 53.6 | -4.2 | |
| Rate Changes / Mo | 0.21 | 0.42 | |
| Days Since Last Change | 82 | 60 | |
| High (-5 m) | 3.75 % | 3.75 % | |
| Low (-5 m) | 2.00 % | 3.60 % | |
| Draw-down from High | 0.0 % | -4.0 % | |
| Volatility (CV) | 0.286 | 0.017 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 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 (-5 m)
- Highest APY in the last 142 days.
- Low (-5 m)
- Lowest APY in the last 142 days.
- Draw-down from High
- How far today sits below the 5-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 Chime vs Discover Bank
All calculations are based on APY.
Chime
APY: 3.75%
Total savings breakdown:
- Interest earned: $37.5 (3.61%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.39%)
Your total balance
$1,037.50
Effective APY: 3.75% (based on your deposit and contributions)
Total balance: $1,037.5
Earnings: $37.5
Bank DetailsDiscover Bank
APY: 3.60%
Total savings breakdown:
- Interest earned: $36 (3.47%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.53%)
Your total balance
$1,036.00
Effective APY: 3.60% (based on your deposit and contributions)
Total balance: $1,036
Earnings: $36
Bank DetailsAfter 1 year Chime would earn you $1.5 more than Discover Bank.
More Comparisons
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 | 3.60% | $0 |
| Chime vs Axos Bank | 4.66% | $0 |
| Chime vs Bank of America | 0.01% | $100 |
| Chime vs Barclays | 4.10% | $0 |
| Chime vs Capital One | 3.60% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs CIT Bank | 4.00% | $100 |
| Chime vs Fitness Bank | 5.00% | $100 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs SoFi Bank | 3.80% | $0 |
| Chime vs Synchrony Bank | 3.80% | $0 |
| Chime vs Varo Bank | 5.00% | $0 |
Compare Discover Bank's APY of 3.60% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Discover Bank vs Ally Bank | 3.50% | $0 |
| Discover Bank vs American Express | 3.60% | $0 |
| Discover Bank vs Axos Bank | 4.66% | $0 |
| Discover Bank vs Bank of America | 0.01% | $100 |
| Discover Bank vs Barclays | 4.10% | $0 |
| Discover Bank vs Capital One | 3.60% | $0 |
| Discover Bank vs Chase Bank | 0.01% | $0 |
| Discover Bank vs CIT Bank | 4.00% | $100 |
| Discover Bank vs Fitness Bank | 5.00% | $100 |
| Discover Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Discover Bank vs SoFi Bank | 3.80% | $0 |
| Discover Bank vs Synchrony Bank | 3.80% | $0 |
| Discover Bank vs Varo Bank | 5.00% | $0 |