Chime vs. Openbank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | ChimeChime High-Yield Savings Account Jan 7, 2026 | OpenbankHigh-Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 1.00% - 3.50% | 4.20% |
Est. Earnings | $5,000+$175 $10,000+$350 $25,000+$875 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDirect Deposit ReqChecking Bundle | FDIC InsuredLow Minimums |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
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 Openbank's 4.20% APY for its High-Yield Savings Account, with a minimum balance of $0.
Openbank pays $70 more than Chime on a $10,000 balance after one year. Chime pays $350, while Openbank pays $420 - an APY advantage for Openbank.
Why Chime?
- ✓Higher rated iOS app (4.8 vs 3.1)
- ✓Higher rated Android app (4.8 vs 2.9)
Why Openbank?
- ✓Higher potential APY (4.20% vs 3.50%) 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. $420 vs $350/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1050 vs $875/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.20% 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 4.8 (vs. 2.9)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $70 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
Openbank offers a High-Yield Savings Account with a competitive APY of 4.20%, making it the clear winner in this comparison. This account does not require a direct deposit and has a minimum deposit of $500, providing flexibility for users. 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, along with a minimum balance of $0.01. Both accounts are online-only and have no maintenance fees, but Openbank's account stands out for its 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.
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Chime vs. Openbank Savings Calculator
You earn $70 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+$350.00(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,350.00
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$420.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,420.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Chime | Openbank |
|---|---|---|
| APY | 3.50% Range: 1.00% - 3.50% Verified: 1/7/2026 ↘︎ 0.25%90d Change | 4.20% Verified: 1/7/2026 Stable (90d) |
| 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 |
| 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 | iOS3.1 Android2.9 |
| 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 | 3.50% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | 5.4 | -2.9 |
Days Since Change | 83 | 169 |
10-Month High | 3.75% | 4.75% |
10-Month Low | 2.00% | 4.20% |
Adjustments / Mo | 0.19 | 0.29 |
Volatility Score | 0.141 | 0.026 |
How to read these metrics(Click to expand)
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