Chime vs Santander Bank
High-Yield Savings Accounts Comparison
Last Updated: September 5, 2025
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Summary of Chime vs. Santander Bank
As of September 5, 2025 Chime offers an APY of 3.75% for its Chime Savings Account, with a minimum balance of $0.01, compared to Santander Bank's 0.03% APY for its Santander Savings account, with a minimum balance of $0.
Chime yields $372 more than Santander Bank on a $10,000 balance after one year. Chime pays $375, while Santander Bank pays $3 - an APY advantage for Chime.
Chime
Strengths
- Chime offers a competitive APY of 3.75%, significantly higher than Santander's 0.03%.
- Chime has no maintenance fees, while Santander charges a $1 monthly fee.
- Chime has a higher App Store rating of 4.8 compared to Santander's 4.8.
Potential Drawbacks
- Chime requires a direct deposit of $200 to qualify for the 3.75% APY.
- Chime is online-only, lacking physical branches unlike Santander.
- Chime's lower APY is 1.25%, which is still far above Santander's.
Santander Bank
Strengths
- Santander has physical branches primarily in the Northeast and Miami, Florida.
- Santander does not require a direct deposit to earn interest on savings.
- Santander's BBB rating is A-, although it is not BBB accredited.
Potential Drawbacks
- Santander's APY is only 0.03%, significantly lower than Chime's 3.75%.
- Santander charges a $1 monthly maintenance fee for the savings account.
- Santander has a lower Google Play rating of 4.3 compared to Chime's 4.7.
Summary: Chime offers a much higher APY of 3.75% compared to Santander's 0.03%, but requires a direct deposit to qualify. Santander provides physical branches and does not mandate direct deposit, but charges a maintenance fee. Both banks have an A- BBB rating, but Santander is not accredited. Chime excels in app ratings, making it a strong choice for online banking.
Compare Chime's vs Santander Bank's Savings Accounts
| Chime | Santander Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | Santander Savings |
| APY | 1.25% - 3.75% (as of 9/5/2025) | 0.03% (as of 9/5/2025) | |
| Bundled Account | Yes | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | No | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $25 | |
| Minimum Balance for APY | $0.01 | $0 | |
| Maintenance Fee | $0 | $1 | |
| 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 3.75% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.25%. | ||
| App Store Rating | 4.8/5 | 4.8/5 | |
| Google Play Rating | 4.7/5 | 4.3/5 | |
| BBB Rating | A- | A- |
Comparative Historical APY Insights (Last 7 Months)
| Chime | Santander Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | Santander Savings |
| Latest APY | 3.75 % | 0.03 % | |
| Trend | Rising | Sideways | |
| Slope (bps/mo) | 28.0 | 0.0 | |
| Rate Changes / Mo | 0.14 | 0.00 | |
| Days Since Last Change | 158 | 217 | |
| High (-7 m) | 3.75 % | 0.03 % | |
| Low (-7 m) | 2.00 % | 0.03 % | |
| Draw-down from High | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.236 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 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 (-7 m)
- Highest APY in the last 218 days.
- Low (-7 m)
- Lowest APY in the last 218 days.
- Draw-down from High
- How far today sits below the 7-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.
Calculate Savings Growth for Chime vs Santander Bank
All calculations are based on APY.
Chime
APY: 3.75%
Total savings breakdown:
- Interest earned: $2,273.8 (11.22%)
- Total contributions: $13,000 (64.12%)
- Initial deposit: $5,000 (24.66%)
Your total balance
$20,273.80
Effective APY: 3.75% (based on your deposit and contributions)
Total balance: $20,273.8
Earnings: $2,273.8
Bank OverviewSantander Bank
APY: 0.03%
Total savings breakdown:
- Interest earned: $17.2 (0.10%)
- Total contributions: $13,000 (72.15%)
- Initial deposit: $5,000 (27.75%)
Your total balance
$18,017.20
Effective APY: 0.03% (based on your deposit and contributions)
Total balance: $18,017.2
Earnings: $17.2
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Chime's total earnings would be $2,256.6 higher than Santander Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Chime's APY of 3.75% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Chime vs Ally Bank | 3.50% | $0 |
| Chime vs American Express | 3.50% | $0 |
| Chime vs Axos Bank | 4.46% | $0 |
| Chime vs Bank of America | 0.01% | $100 |
| Chime vs Barclays | 4.10% | $0 |
| Chime vs BrioDirect | 4.30% | $5,000 |
| Chime vs Capital One | 3.50% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs CIT Bank | 4.00% | $100 |
| Chime vs Discover Bank | 3.50% | $0 |
| Chime vs Elevault | 4.60% | $0 |
| Chime vs EverBank | 4.30% | $0 |
| Chime vs Fitness Bank | 4.75% | $100 |
| Chime vs FVCbank | 4.35% | $500 |
| Chime vs GO2bank | 4.50% | $0 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs Neighbors Bank | 4.60% | $0 |
| Chime vs Newtek Bank | 4.35% | $0 |
| Chime vs Peak Bank | 4.35% | $100 |
| Chime vs Pibank | 4.60% | $0 |
| Chime vs Presidential Bank | 4.50% | $5,000 |
| Chime vs SoFi Bank | 3.80% | $0 |
| Chime vs Synchrony Bank | 3.80% | $0 |
| Chime vs TIMBR | 4.40% | $1,000 |
| Chime vs UFB Direct | 4.21% | $5000 |
| Chime vs Varo Bank | 5.00% | $0 |
| Chime vs Wells Fargo | 2.51% | $25 |
| Chime vs Zynlo Bank | 4.35% | $10 |