Chime vs. Wells Fargo
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of Chime vs. Wells Fargo
Key Metrics at a Glance
| Feature | Chime | Wells Fargo |
|---|---|---|
| Top Savings APY | 3.75% Chime Savings Account | 0.05% Platinum Savings |
| Minimum to Open | $0 | $25 |
| Minimum Balance for APY | $0.01 | $1,000,000 |
Chime
Strengths
- Chime offers a competitive APY of 3.75%, unchanged from 30 days ago.
- Chime has no maintenance fees or minimum balance requirements.
- Chime has a high App Store rating of 4.8.
Potential Drawbacks
- Chime requires a direct deposit of $200 or more to qualify for the high APY.
- Chime does not have physical branches.
Wells Fargo
Strengths
- Wells Fargo has a wide branch network in 36 states and D.C.
- Wells Fargo's Way2Save Savings has no minimum balance requirement.
Potential Drawbacks
- Wells Fargo's highest APY is only 0.05%, down from 2.51% 30 days ago.
- Wells Fargo has a BBB rating of F and is not accredited.
- Wells Fargo charges a $12 maintenance fee on the Platinum Savings account.
Summary: Chime's high-yield savings account offers a significantly higher APY of 3.75% compared to Wells Fargo's 0.05%. Chime has no maintenance fees and requires a direct deposit, while Wells Fargo has a complex fee structure and a poor BBB rating. However, Wells Fargo provides physical branches across 36 states, which Chime lacks. Overall, Chime is more favorable for those seeking high interest, while Wells Fargo offers traditional banking services.
→ 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 Wells Fargo's 0.05% APY for its Platinum Savings account, with a minimum balance of $1,000,000.
→ Chime yields $370 more than Wells Fargo on a $10,000 balance after one year. Chime pays $375, while Wells Fargo pays $5 - an APY advantage for Chime.
→ In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.
Calculate Savings Growth for Chime vs Wells Fargo
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 OverviewWells Fargo
APY: 0.05%
⚠️The higher APY only applies once your balance reaches $1,000,000.
Total savings breakdown:
- Interest earned: $28.6 (0.16%)
- Total contributions: $13,000 (72.11%)
- Initial deposit: $5,000 (27.73%)
Your total balance
$18,028.60
Effective APY: 0.05% (based on your deposit and contributions)
Total balance: $18,028.6
Earnings: $28.6
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Chime's total earnings would be $2,245.2 higher than Wells Fargo's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Chime's vs Wells Fargo's Savings Accounts
| Chime | Wells Fargo | |||
|---|---|---|---|---|
| Product | Chime Savings Account | vs | Way2Save Savings | Platinum Savings |
| APY | 1.25% - 3.75% (as of 10/14/2025) | 0.01% (as of 10/14/2025) | 0.05% - 0.05% (as of 10/14/2025) | |
| Bundled Account | Yes | No | Yes | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | No | No | |
| Compound Frequency | Daily | Daily | Daily | |
| Minimum Deposit | $0 | $25 | $25 | |
| Minimum Balance for APY | $0.01 | $0 | $1,000,000 | |
| Maintenance Fee | $0 | $5. Waived under some circumstances. | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | Yes. You need to receive a qualifying direct deposit of $200 or more within the preceding 34 days | No | 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%. | This is a tiered savings account where rates vary based on the balance. The 0.05% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. | ||
| App Store Rating | 4.8/5 | 4.9/5 | ||
| Google Play Rating | 4.7/5 | 4.8/5 | ||
| BBB Rating | A- | F | ||
Comparative Historical APY Insights (Last 3 Months)
| Chime | Wells Fargo | |||
|---|---|---|---|---|
| Product | Chime Savings Account | vs | Platinum Savings | Way2Save Savings |
| Latest APY | 3.75 % | 0.05 % | 0.01 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | 0.0 | -14.8 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.33 | 0.00 | |
| Days Since Last Change | 92 | 2 | 92 | |
| High (-3 m) | 3.75 % | 2.51 % | 0.01 % | |
| Low (-3 m) | 3.75 % | 0.05 % | 0.01 % | |
| Draw-down from High | 0.0 % | -98.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.176 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 3 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 (-3 m)
- Highest APY in the last 92 days.
- Low (-3 m)
- Lowest APY in the last 92 days.
- Draw-down from High
- How far today sits below the 3-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 Synchrony Bank | 3.80% | $0 |
| Chime vs TIMBR | 4.40% | $1,000 |
| Chime vs UFB Direct | 3.96% | $5000 |
| Chime vs Varo Bank | 5.00% | $0 |
| Chime vs Zynlo Bank | 4.20% | $10 |
Compare Wells Fargo's APY of 0.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.40% | $0 |
| Wells Fargo vs American Express | 3.50% | $0 |
| Wells Fargo vs Axos Bank | 4.51% | $0 |
| Wells Fargo vs Bank of America | 0.01% | $100 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs BrioDirect | 4.20% | $5,000 |
| Wells Fargo vs Capital One | 3.40% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs CIT Bank | 3.85% | $100 |
| Wells Fargo vs Discover Bank | 3.40% | $0 |
| Wells Fargo vs Elevault | 4.34% | $0 |
| Wells Fargo vs EverBank | 4.05% | $0 |
| Wells Fargo vs Fitness Bank | 4.75% | $100 |
| Wells Fargo vs FVCbank | 4.10% | $500 |
| Wells Fargo vs GO2bank | 4.50% | $0 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Neighbors Bank | 4.50% | $0 |
| Wells Fargo vs Newtek Bank | 4.35% | $0 |
| Wells Fargo vs Peak Bank | 4.20% | $100 |
| Wells Fargo vs Pibank | 4.60% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs Santander Bank | 0.01% | $25 |
| Wells Fargo vs SoFi Bank | 4.50% | $0 |
| Wells Fargo vs Synchrony Bank | 3.80% | $0 |
| Wells Fargo vs TIMBR | 4.40% | $1,000 |
| Wells Fargo vs UFB Direct | 3.96% | $5000 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |
| Wells Fargo vs Zynlo Bank | 4.20% | $10 |