Chime vs. My Banking Direct
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | ChimeChime High-Yield Savings Account Jan 7, 2026 | My Banking DirectHigh Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 1.00% - 3.50% | 4.02% |
Est. Earnings | $5,000+$175 $10,000+$350 $25,000+$875 | $5,000+$201 $10,000+$402 $25,000+$1,005 |
Min Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDirect Deposit ReqChecking Bundle | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® Supported |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing Chime vs. My Banking Direct
As of Chime offers an APY of 3.50% for its Chime High-Yield Savings Account, with a minimum balance of $0.01, compared to My Banking Direct's 4.02% APY for its High Yield Savings Account, with a minimum balance of $1.
My Banking Direct pays $52 more than Chime on a $10,000 balance after one year. Chime pays $350, while My Banking Direct pays $402 - an APY advantage for My Banking Direct.
Why Chime?
- ✓Higher rated Android app (4.8 vs 4.3)
Why My Banking Direct?
- ✓Higher potential APY (4.02% vs 3.50%) on all balances
- ✓No checking account or direct deposit required
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
My Banking DirectMy Banking Direct's High Yield Savings Account earns more on smaller deposits (approx. $402 vs $350/yr).
Better Returns at $25,000
My Banking DirectMy Banking Direct's High Yield Savings Account pulls ahead with larger amounts (approx. $1005 vs $875/yr).
Best for Simplicity
My Banking DirectMy Banking Direct's High Yield Savings Account offers 4.02% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, My Banking Direct's High Yield Savings Account pays $52 more interest on a $10,000 balance than Chime's Chime High-Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, making it the winner in this comparison. This account does not require a direct deposit and has a minimum deposit of $500, providing flexibility for savers. In contrast, Chime's High-Yield Savings Account offers a lower APY of 3.50% and requires a qualifying direct deposit of $200 or more within the preceding 34 days. Both accounts are online-only and have no maintenance fees, but My Banking Direct stands out for simplicity and higher returns.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Chime vs. My Banking Direct Savings Calculator
You earn $52 more with My Banking Direct than Chime on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Chime
Chime High-Yield Savings Account
Savings Breakdown
- Interest Earned+$350.00(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,350.00
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Chime | My Banking Direct |
|---|---|---|
| APY | 3.50% Range: 1.00% - 3.50% Verified: 1/7/2026 ↘︎ 0.25%90d Change | 4.02% Verified: 1/7/2026 ↘︎ 0.18%90d Change |
| Product Name | Chime High-Yield Savings Account | High Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0.01 | $1 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | RequiredYou need to receive a qualifying direct deposit of $200 or more within the preceding 34 days | None |
| Checking Bundle | Yes | No |
| Mobile Apps | iOS4.8 Android4.8 | iOS4.7 Android4.3 |
| Zelle® Support | Not Supported | Available Uses Flagstar/NYCB parent infrastructure. |
| BBB Rating | A+ | F |
| Next Steps | Visit SiteVerify at Chime Non-sponsored link to official site | Visit SiteVerify at My Banking Direct Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Chime | My Banking Direct |
|---|---|---|
| Chime High-Yield Savings Account | High Yield Savings Account | |
Current APY | 3.50% | 4.02% |
Trend | Stable | Stable |
Velocity (bps/mo) | 9.6 | -4.0 |
Days Since Change | 83 | 53 |
11-Month High | 3.75% | 4.45% |
11-Month Low | 2.00% | 4.02% |
Adjustments / Mo | 0.18 | 0.44 |
Volatility Score | 0.182 | 0.035 |
How to read these metrics(Click to expand)
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