Chime vs. Synchrony Bank
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
We earn a commission if you open an account through some links on this page.
Summary of Chime vs. Synchrony Bank
Key Metrics at a Glance
| Feature | Chime | Synchrony Bank |
|---|---|---|
| Top Savings APY | 3.75% Chime Savings Account | 3.80% High Yield Savings |
| Minimum to Open | $0 | $0 |
| Minimum Balance for APY | $0.01 | $0 |
Chime
Strengths
- Chime offers a competitive APY of 3.75%.
- Chime has a high App Store rating of 4.8.
- No maintenance fees for Chime's savings account.
Potential Drawbacks
- Chime requires a direct deposit of $200 to earn the APY.
- Chime's BBB rating is A-, indicating some trust concerns.
- Chime's Google Play rating is lower at 4.7.
Synchrony Bank
Strengths
- Synchrony Bank has a slightly higher APY of 3.80%.
- No direct deposit requirement for Synchrony's savings account.
- Synchrony Bank has no maintenance fees.
Potential Drawbacks
- Synchrony Bank is not rated by the BBB.
- Synchrony's Google Play rating is lower at 4.5.
- Synchrony Bank has no branches.
Summary: Chime offers a 3.75% APY with a direct deposit requirement, while Synchrony Bank provides a higher 3.80% APY without such a requirement. Chime has an A- BBB rating, whereas Synchrony Bank lacks a BBB rating. Both banks have no maintenance fees, but Chime's App Store rating is equal to Synchrony's, while its Google Play rating is slightly better. Overall, Synchrony Bank may be preferable for those avoiding direct deposit constraints.
→ As of October 14, 2025 Chime offers an APY of 3.75% for its Chime Savings Account, with a minimum balance of $0.01, compared to Synchrony Bank's 3.80% APY for its High Yield Savings account, with a minimum balance of $0.
→ Synchrony Bank yields $5 more than Chime on a $10,000 balance after one year. Chime pays $375, while Synchrony Bank pays $380 - an APY advantage for Synchrony Bank.
Calculate Savings Growth for Chime vs Synchrony 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 OverviewSynchrony Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $2,305.9 (11.36%)
- Total contributions: $13,000 (64.02%)
- Initial deposit: $5,000 (24.62%)
Your total balance
$20,305.90
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $20,305.9
Earnings: $2,305.9
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Chime's total earnings would be $32.1 lower than Synchrony Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Chime's vs Synchrony Bank's Savings Accounts
| Chime | Synchrony Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | High Yield Savings |
| APY | 1.25% - 3.75% (as of 10/14/2025) | 3.80% (as of 10/14/2025) | |
| Bundled Account | Yes | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| 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 3.75% 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 | 4.5/5 | |
| BBB Rating | A- | Not Rated |
Comparative Historical APY Insights (Last 8 Months)
| Chime | Synchrony Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | High Yield Savings |
| Latest APY | 3.75 % | 3.80 % | |
| Trend | Rising | Sideways | |
| Slope (bps/mo) | 21.8 | -3.6 | |
| Rate Changes / Mo | 0.12 | 0.23 | |
| Days Since Last Change | 197 | 134 | |
| High (-8 m) | 3.75 % | 4.10 % | |
| Low (-8 m) | 2.00 % | 3.80 % | |
| Draw-down from High | 0.0 % | -7.3 % | |
| Volatility (CV) | 0.222 | 0.026 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 8 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 (-8 m)
- Highest APY in the last 258 days.
- Low (-8 m)
- Lowest APY in the last 258 days.
- Draw-down from High
- How far today sits below the 8-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.
More Comparisons
Compare Chime's APY of 3.75% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Chime vs Ally Bank | 3.40% | $0 |
| Chime vs American Express | 3.50% | $0 |
| Chime vs Axos Bank | 4.51% | $0 |
| Chime vs Bank of America | 0.01% | $100 |
| Chime vs Barclays | 4.10% | $0 |
| Chime vs BrioDirect | 4.20% | $5,000 |
| Chime vs Capital One | 3.40% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs CIT Bank | 3.85% | $100 |
| Chime vs Discover Bank | 3.40% | $0 |
| Chime vs Elevault | 4.34% | $0 |
| Chime vs EverBank | 4.05% | $0 |
| Chime vs Fitness Bank | 4.75% | $100 |
| Chime vs FVCbank | 4.10% | $500 |
| Chime vs GO2bank | 4.50% | $0 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs Neighbors Bank | 4.50% | $0 |
| Chime vs Newtek Bank | 4.35% | $0 |
| Chime vs Peak Bank | 4.20% | $100 |
| Chime vs Pibank | 4.60% | $0 |
| Chime vs Presidential Bank | 4.50% | $5,000 |
| Chime vs Santander Bank | 0.01% | $25 |
| Chime vs SoFi Bank | 4.50% | $0 |
| Chime vs TIMBR | 4.40% | $1,000 |
| Chime vs UFB Direct | 3.96% | $5000 |
| Chime vs Varo Bank | 5.00% | $0 |
| Chime vs Wells Fargo | 0.05% | $25 |
| Chime vs Zynlo Bank | 4.20% | $10 |