Chime vs. Salem Five Direct
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 14, 2025
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Summary of Chime vs. Salem Five Direct
Key Metrics at a Glance
| Feature | Chime | Salem Five Direct |
|---|---|---|
| Top Savings APY | 3.50% Chime Savings Account | 3.71% eOne Savings |
| Minimum to Open | $0 | $10 |
| Minimum Balance for Top APY | $0.01 | $0.01 |
| 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 has a higher BBB rating at A+ and is BBB Accredited.
- Chime Savings Account has no minimum deposit requirement.
- Chime offers a 3.50% APY for qualifying direct deposits.
Potential Drawbacks
- Chime's current APY decreased from 3.75% to 3.50% in the last 30 days.
- Chime requires a direct deposit of $200 to qualify for the highest APY.
- Chime has no physical branches.
Salem Five Direct
Strengths
- Salem Five Direct offers a higher current APY of 3.71%.
- Salem Five Direct does not require a direct deposit for its APY.
- Salem Five Direct has a lower minimum deposit of $10.
Potential Drawbacks
- Salem Five Direct's BBB rating is lower at A- and it is not BBB Accredited.
- Salem Five Direct's current APY decreased from 4.01% to 3.71% in the last 30 days.
- Salem Five Direct has no physical branches.
Summary: Chime offers a competitive 3.50% APY with a direct deposit requirement, while Salem Five Direct provides a higher 3.71% APY without such a requirement. However, Chime has a better BBB rating at A+ and is accredited. Both banks operate online only and lack physical branches, but Chime's APY recently dropped, whereas Salem Five's APY also decreased significantly. Salem Five has a lower minimum deposit of $10 compared to Chime's $0.
→ As of November 14, 2025 Chime offers an APY of 3.50% for its Chime Savings Account, with a minimum balance of $0.01, compared to Salem Five Direct's 3.71% APY for its eOne Savings account, with a minimum balance of $0.01.
→ Salem Five Direct yields $21 more than Chime on a $10,000 balance after one year. Chime pays $350, while Salem Five Direct pays $371 - an APY advantage for Salem Five Direct.
Calculate Savings Growth for Chime vs Salem Five Direct
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 OverviewSalem Five Direct - eOne Savings
Top APY: 3.71%
Total savings breakdown:
- Interest earned: $2,248.1 (11.10%)
- Total contributions: $13,000 (64.20%)
- Initial deposit: $5,000 (24.69%)
Your total balance
$20,248.10
Effective APY: 3.71% (based on your deposit and contributions)
Total balance: $20,248.1
Earnings: $2,248.1
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Chime's total earnings would be $134 lower than Salem Five Direct's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Chime's vs Salem Five Direct's Savings Accounts
| Chime | Salem Five Direct | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | eOne Savings |
| APY | 1.00% - 3.50% (as of 11/14/2025) | 3.71% (as of 11/14/2025) | |
| Bundled Account | Yes | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Monthly | |
| Minimum Deposit | $0 | $10 | |
| Minimum Balance for APY | $0.01 | $0.01 | |
| 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 | 4.7/5 | |
| Google Play Rating | 4.7/5 | 4.2/5 | |
| BBB Rating | A+ | A- |
Comparative Historical APY Insights (Last 9 Months)
| Chime | Salem Five Direct | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | eOne Savings |
| Latest APY | 3.50 % | 3.71 % | |
| Trend | Rising | Sideways | |
| Slope (bps/mo) | 15.4 | -1.7 | |
| Rate Changes / Mo | 0.21 | 0.21 | |
| Days Since Last Change | 29 | 9 | |
| High (-9 m) | 3.75 % | 4.01 % | |
| Low (-9 m) | 2.00 % | 3.71 % | |
| Draw-down from High | -6.7 % | -7.5 % | |
| Volatility (CV) | 0.205 | 0.021 |
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 289 days.
- Low (-9 m)
- Lowest APY in the last 289 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.