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

ChimeDiscover Bank
ProductChime Savings AccountvsOnline Savings Account
APY
1.25% - 3.75% (as of 6/20/2025)3.60% (as of 6/20/2025)
Bundled Account
YesNo
FDIC-insured
YesYes
Online OnlyYesYes
Compound Frequency
DailyDaily
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 daysNo
NoteChime® 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 BankChime Savings AccountOnline Savings Account
App Store Rating4.8/54.9/5
Google Play Rating4.7/54.3/5
BBB RatingB-A+

Comparative Historical APY Insights (Last 5 Months)

ChimeDiscover Bank
ProductChime Savings AccountvsOnline Savings Account
Latest APY3.75 %3.60 %
TrendRisingSideways
Slope (bps/mo)53.6-4.2
Rate Changes / Mo0.210.42
Days Since Last Change8260
High (-5 m)3.75 %3.75 %
Low (-5 m)2.00 %3.60 %
Draw-down from High0.0 %-4.0 %
Volatility (CV)0.2860.017
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 Details

Discover 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 Details

After 1 year Chime would earn you $1.5 more than Discover Bank.

More Comparisons

Compare Chime's APY of 3.75% with other banks
Compare Discover Bank's APY of 3.60% with other banks