Chime vs. Ivy Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 12, 2025
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Summary of Chime vs. Ivy Bank
Key Metrics at a Glance
| Feature | Chime | Ivy Bank |
|---|---|---|
| Top Savings APY | 3.50% Chime Savings Account | 4.25% High-Yield Savings Account |
| Minimum to Open | $0 | $2,500 |
| Minimum Balance for Top APY | $0.01 | $2,500 |
| 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 3.50% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.00%. |
Chime
Strengths
- Chime offers a competitive APY of 3.50%, though it decreased from 3.75% last month.
- Chime has an excellent BBB rating of A+.
- Chime's app ratings are high with 4.8 on App Store and 4.7 on Google Play.
Potential Drawbacks
- Chime requires a direct deposit of $200 to earn the highest APY.
- Chime has no physical branches for in-person banking.
- Chime's minimum balance requirement is $0.01, which may be seen as unnecessary.
Ivy Bank
Strengths
- Ivy Bank offers a higher APY of 4.25% with no recent changes.
- Ivy Bank has no direct deposit requirement for its high-yield savings account.
- Ivy Bank's maintenance fee is $0, making it cost-effective.
Potential Drawbacks
- Ivy Bank has a lower BBB rating of A- and is not BBB Accredited.
- Ivy Bank requires a minimum deposit and balance of $2,500, which is higher than Chime.
- Ivy Bank's app ratings are lower, with 4.7 on App Store and 3.5 on Google Play.
→ As of November 12, 2025 Chime offers an APY of 3.50% for its Chime Savings Account, with a minimum balance of $0.01, compared to Ivy Bank's 4.25% APY for its High-Yield Savings Account, with a minimum balance of $2,500.
→ Ivy Bank yields $75 more than Chime on a $10,000 balance after one year. Chime pays $350, while Ivy Bank pays $425 - an APY advantage for Ivy Bank.
Calculate Savings Growth for Chime vs Ivy Bank
Chime - Chime Savings Account
Total savings breakdown:
- Interest earned: $2,114.1 (10.51%)
- Total contributions: $13,000 (64.63%)
- Initial deposit: $5,000 (24.86%)
Your total balance
$20,114.10
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewIvy Bank - High-Yield Savings Account
Total savings breakdown:
- Interest earned: $2,596.8 (12.61%)
- Total contributions: $13,000 (63.12%)
- Initial deposit: $5,000 (24.28%)
Your total balance
$20,596.80
Total balance: $20,596.8
Earnings: $2,596.8
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Chime's total earnings would be $482.7 lower than Ivy Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Chime's vs Ivy Bank's Savings Accounts
| Chime | Ivy Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | High-Yield Savings Account |
| APY | 1.00% - 3.50% (as of 11/12/2025) | 0.05% - 4.25% (as of 11/12/2025) | |
| Bundled Account | Yes | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $2,500 | |
| Minimum Balance for APY | $0.01 | $2,500 | |
| 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 | |
| Eligibility | United States | Residents of California and U.S. Territories (except District of Columbia) are ineligible to apply. | |
| 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 3.50% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.00%. | ||
| App Store Rating | 4.8/5 | 4.7/5 | |
| Google Play Rating | 4.7/5 | 3.5/5 | |
| BBB Rating | A+ | A- |
No historical data available.