Chime vs. Openbank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 12, 2025
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Summary of Chime vs. Openbank
Key Metrics at a Glance
| Feature | Chime | Openbank |
|---|---|---|
| Top Savings APY | 3.50% Chime Savings Account | 4.20% High-Yield Savings Account |
| Minimum to Open | $0 | $500 |
| Minimum Balance for Top APY | $0.01 | $0 |
| 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 an A+ BBB rating, indicating strong trustworthiness.
- Chime Savings Account has no maintenance fees or minimum balance requirements.
- Chime's App Store rating is 4.8, higher than Openbank's.
Potential Drawbacks
- Chime's current APY is 3.50%, down from 3.75% 30 days ago.
- Chime requires a direct deposit of $200 to qualify for the highest APY.
- Chime has no physical branches.
Openbank
Strengths
- Openbank provides a higher APY of 4.20% with no direct deposit requirement.
- Openbank has no maintenance fees and a minimum deposit of $500.
Potential Drawbacks
- Openbank has a low App Store and Google Play rating of 3.2.
- Openbank is not BBB accredited, which may raise trust concerns.
- Openbank has no physical branches.
Summary: Chime offers a lower APY of 3.50% with a direct deposit requirement, while Openbank provides a higher APY of 4.20% without such a requirement. However, Chime boasts an A+ BBB rating and higher app ratings, whereas Openbank lacks BBB accreditation and has lower app ratings. Both banks are online-only with no maintenance fees, but Chime's APY has recently decreased.
→ 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 Openbank's 4.20% APY for its High-Yield Savings Account, with a minimum balance of $0.
→ Openbank yields $70 more than Chime on a $10,000 balance after one year. Chime pays $350, while Openbank pays $420 - an APY advantage for Openbank.
Calculate Savings Growth for Chime vs Openbank
All calculations are based on APY.
Chime - Chime Savings Account
Top APY: 3.50%
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
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewOpenbank - High-Yield Savings Account
Top APY: 4.20%
Total savings breakdown:
- Interest earned: $2,564.3 (12.47%)
- Total contributions: $13,000 (63.22%)
- Initial deposit: $5,000 (24.31%)
Your total balance
$20,564.30
Effective APY: 4.20% (based on your deposit and contributions)
Total balance: $20,564.3
Earnings: $2,564.3
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Chime's total earnings would be $450.2 lower than Openbank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Chime's vs Openbank's Savings Accounts
| Chime | Openbank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | High-Yield Savings Account |
| APY | 1.00% - 3.50% (as of 11/12/2025) | 4.20% (as of 11/12/2025) | |
| Bundled Account | Yes | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Monthly | |
| Minimum Deposit | $0 | $500 | |
| 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 3.50% 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 | 3.2/5 | |
| Google Play Rating | 4.7/5 | 3.2/5 | |
| BBB Rating | A+ | Not Rated |
Comparative Historical APY Insights (Last 9 Months)
| Chime | Openbank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | High-Yield Savings Account |
| Latest APY | 3.50 % | 4.20 % | |
| Trend | Rising | Sideways | |
| Slope (bps/mo) | 11.0 | -4.0 | |
| Rate Changes / Mo | 0.23 | 0.35 | |
| Days Since Last Change | 28 | 114 | |
| High (-9 m) | 3.75 % | 4.75 % | |
| Low (-9 m) | 2.00 % | 4.20 % | |
| Draw-down from High | -6.7 % | -11.6 % | |
| Volatility (CV) | 0.164 | 0.028 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 260 days.
- Low (-9 m)
- Lowest APY in the last 260 days.
- Draw-down from High
- How far today sits below the 9-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.