Chime vs. Openbank
Comparing Chime and Openbank for high-yield savings: Chime's Chime High-Yield Savings Account pays 3.00% APY while Openbank's High-Yield Savings Account pays 4.00% APY.
Note: Chime requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Openbank pays $100 more than Chime annually ($400 vs $300).
Choose Chime if mobile app quality matters. Choose Openbank if getting the best rate matters most, or you want a no-strings-attached account.
Important Considerations
Chime requires a checking account to unlock its top savings rate, while Openbank offers its savings account standalone.
| Metric | ChimeChime High-Yield Savings Account Apr 7, 2026 | OpenbankHigh-Yield Savings Account Apr 7, 2026 |
|---|---|---|
| APY | 0.75% - 3.00% | 4.00% |
Est. Earnings | $5,000+$150 $10,000+$300 $25,000+$750 | $5,000+$200 $10,000+$400 $25,000+$1,000 |
Min Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Executive Summary
Openbank's High-Yield Savings Account offers a competitive APY of 4.00%, making it the winner in this comparison. In contrast, Chime's High-Yield Savings Account provides a lower APY of 3.00%, which requires a qualifying direct deposit of $200 or more within the preceding 34 days. While Chime has no minimum deposit requirement and boasts a highly-rated mobile app, Openbank stands out for its simplicity, with no direct deposit requirement and a minimum deposit of $500. Both accounts are online-only and have no maintenance fees, appealing to those seeking high-yield savings options.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Chime?
- ✓Higher rated iOS app (4.8 vs 3.1)
- ✓Higher rated Android app (4.7 vs 2.5)
Why Openbank?
- ✓Higher potential APY (4.00% vs 3.00%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $400 vs $300/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1000 vs $750/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.00% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
ChimeChime offers an iOS app rated 4.8 (vs. 3.1) and Android app rated 4.7 (vs. 2.5)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $100 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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Chime vs. Openbank Savings Calculator
You earn $100 more with Openbank 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+$300.00(2.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,300.00
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $299 per year in interest.
Both Chime and Openbank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Chime | Openbank |
|---|---|---|
| APY | 3.00% Range: 0.75% - 3.00% Verified: 4/7/2026 ↘︎ 0.50%90d Change | 4.00% Verified: 4/7/2026 ↘︎ 0.20%90d Change |
| Product Name | Chime High-Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Monthly |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | N/A | None |
| 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 | ||
| FDIC Insured | Yes | YesVerify FDIC |
| Zelle® Support | Not Supported | Not Supported |
| BBB Rating | A+ | Not Rated |
| Next Steps | Visit SiteVerify at Chime Non-sponsored link to official site | Visit SiteVerify at Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Chime | Openbank |
|---|---|---|
| Chime High-Yield Savings Account | High-Yield Savings Account | |
Current APY | 3.00% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -6.9 | -2.5 |
Days Since Change | 67 | 7 |
12-Month High | 3.75% | 4.40% |
12-Month Low | 3.00% | 4.00% |
Adjustments / Mo | 0.16 | 0.33 |
Volatility Score | 0.080 | 0.023 |
How to read these metrics(Click to expand)
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