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

ChimeSynchrony Bank
ProductChime Savings AccountvsHigh Yield Savings
APY
1.25% - 3.75% (as of 6/20/2025)3.80% (as of 6/20/2025)
Bundled Account
YesNo
FDIC-insured
YesYes
Online OnlyYesYes
Compound Frequency
DailyDaily
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 daysNo
NoteChime® 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 BankChime Savings AccountHigh Yield Savings
App Store Rating4.8/54.8/5
Google Play Rating4.7/54.6/5
BBB RatingB-Not Rated

Comparative Historical APY Insights (Last 5 Months)

ChimeSynchrony Bank
ProductChime Savings AccountvsHigh Yield Savings
Latest APY3.75 %3.80 %
TrendRisingSideways
Slope (bps/mo)53.6-3.4
Rate Changes / Mo0.210.42
Days Since Last Change8218
High (-5 m)3.75 %4.10 %
Low (-5 m)2.00 %3.80 %
Draw-down from High0.0 %-7.3 %
Volatility (CV)0.2860.018
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 Details

Synchrony 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 Details

After 1 year Chime would earn you $0.5 less than Synchrony Bank.

More Comparisons

Compare Chime's APY of 3.75% with other banks
Compare Synchrony Bank's APY of 3.80% with other banks