Chime vs Synchrony Bank
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of Chime vs. Synchrony Bank
As of June 20, 2025 Chime offers an APY of 3.75% for its Chime Savings Account account, compared to Synchrony Bank's 3.80% APY for its High Yield Savings account.
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.
Chime
Strengths
- Chime offers a competitive APY of 3.75%, requiring a direct deposit.
- Chime has no maintenance fees or minimum balance requirements.
- Chime has a high App Store rating of 4.8.
Potential Drawbacks
- Chime's APY drops to 1.25% without a qualifying direct deposit.
- Chime has a BBB rating of B-, indicating lower trustworthiness.
- Chime requires a checking account to open a savings account.
Synchrony Bank
Strengths
- Synchrony Bank has a higher current APY of 3.80%.
- Synchrony Bank has no direct deposit requirement for its savings account.
- Synchrony Bank has no maintenance fees or minimum balance requirements.
Potential Drawbacks
- Synchrony Bank's APY decreased from 4.00% over the last 30 days.
- Synchrony Bank is not rated by the BBB, indicating unknown trustworthiness.
- Synchrony Bank has a slightly lower Google Play rating of 4.6.
Summary: Chime offers a 3.75% APY that requires a direct deposit, while Synchrony Bank provides a higher 3.80% APY without such a requirement. However, Chime's APY drops significantly if the deposit condition isn't met. Chime has a B- BBB rating, while Synchrony is not rated, leaving its trustworthiness uncertain. Both banks have no maintenance fees, but Chime requires a checking account to access savings.
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 6/20/2025) | 3.80% (as of 6/20/2025) | |
| 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%. | N/A | |
| Visit Bank | Chime Savings Account | High Yield Savings | |
| App Store Rating | 4.8/5 | 4.8/5 | |
| Google Play Rating | 4.7/5 | 4.6/5 | |
| BBB Rating | B- | Not Rated |
Comparative Historical APY Insights (Last 5 Months)
| Chime | Synchrony Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | High Yield Savings |
| Latest APY | 3.75 % | 3.80 % | |
| Trend | Rising | Sideways | |
| Slope (bps/mo) | 53.6 | -3.4 | |
| Rate Changes / Mo | 0.21 | 0.42 | |
| Days Since Last Change | 82 | 18 | |
| High (-5 m) | 3.75 % | 4.10 % | |
| Low (-5 m) | 2.00 % | 3.80 % | |
| Draw-down from High | 0.0 % | -7.3 % | |
| Volatility (CV) | 0.286 | 0.018 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 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 (-5 m)
- Highest APY in the last 142 days.
- Low (-5 m)
- Lowest APY in the last 142 days.
- Draw-down from High
- How far today sits below the 5-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 Synchrony Bank
All calculations are based on APY.
Chime
APY: 3.75%
Total savings breakdown:
- Interest earned: $37.5 (3.61%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.39%)
Your total balance
$1,037.50
Effective APY: 3.75% (based on your deposit and contributions)
Total balance: $1,037.5
Earnings: $37.5
Bank DetailsSynchrony Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $38 (3.66%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.34%)
Your total balance
$1,038.00
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $1,038
Earnings: $38
Bank DetailsAfter 1 year Chime would earn you $0.5 less than Synchrony Bank.
More Comparisons
Compare Chime's APY of 3.75% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Chime vs Ally Bank | 3.50% | $0 |
| Chime vs American Express | 3.60% | $0 |
| Chime vs Axos Bank | 4.66% | $0 |
| Chime vs Bank of America | 0.01% | $100 |
| Chime vs Barclays | 4.10% | $0 |
| Chime vs Capital One | 3.60% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs CIT Bank | 4.00% | $100 |
| Chime vs Discover Bank | 3.60% | $0 |
| Chime vs Fitness Bank | 5.00% | $100 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs SoFi Bank | 3.80% | $0 |
| Chime vs Varo Bank | 5.00% | $0 |
Compare Synchrony Bank's APY of 3.80% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Synchrony Bank vs Ally Bank | 3.50% | $0 |
| Synchrony Bank vs American Express | 3.60% | $0 |
| Synchrony Bank vs Axos Bank | 4.66% | $0 |
| Synchrony Bank vs Bank of America | 0.01% | $100 |
| Synchrony Bank vs Barclays | 4.10% | $0 |
| Synchrony Bank vs Capital One | 3.60% | $0 |
| Synchrony Bank vs Chase Bank | 0.01% | $0 |
| Synchrony Bank vs CIT Bank | 4.00% | $100 |
| Synchrony Bank vs Discover Bank | 3.60% | $0 |
| Synchrony Bank vs Fitness Bank | 5.00% | $100 |
| Synchrony Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Synchrony Bank vs SoFi Bank | 3.80% | $0 |
| Synchrony Bank vs Varo Bank | 5.00% | $0 |