Chime vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Chime vs. Wells Fargo
As of July 15, 2025 Chime offers an APY of 3.75% for its Chime Savings Account account, compared to Wells Fargo's 2.51% APY for its Platinum Savings account.
Chime yields $370 more than Wells Fargo on a $10,000 balance after one year. Chime pays $375, while Wells Fargo pays $5 (with an effective APY of 0.05%) - an APY advantage for Chime.
Chime
Strengths
- Chime offers a competitive APY of 3.75%, unchanged from 30 days ago.
- No maintenance fees or minimum balance requirements for Chime Savings Account.
- Chime has a high App Store rating of 4.8.
Potential Drawbacks
- Chime requires a direct deposit of $200 to qualify for the 3.75% APY.
- Chime has a BBB rating of B-, indicating lower trustworthiness.
- Chime has no physical branches.
Wells Fargo
Strengths
- Wells Fargo provides access to branches and ATMs in 36 states and D.C.
- Wells Fargo's Platinum Savings offers a tiered APY of 2.51% for high balances.
- Wells Fargo has a higher Google Play rating of 4.8.
Potential Drawbacks
- Wells Fargo's APY of 2.51% is lower than Chime's 3.75%.
- Wells Fargo charges a $12 maintenance fee unless a $3,500 balance is maintained.
- Wells Fargo has a BBB rating of F and is not accredited.
Summary: Chime offers a higher APY of 3.75% with no fees, but requires a direct deposit to qualify. In contrast, Wells Fargo has a tiered APY of 2.51% for high balances, but charges maintenance fees and has a poor BBB rating. Wells Fargo provides physical branches, while Chime operates online only.
Compare Chime's vs Wells Fargo's Savings Accounts
| Chime | Wells Fargo | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | Platinum Savings |
| APY | 1.25% - 3.75% (as of 7/15/2025) | 0.05% - 2.51% (as of 7/16/2025) | |
| Bundled Account | Yes | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | No | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $25 | |
| Minimum Balance for APY | $0.01 | $1,000,000 | |
| Maintenance Fee | $0 | $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 | |
| 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 2.51%% 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. | |
| Visit Bank | Chime Savings Account | Platinum Savings | |
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.7/5 | 4.8/5 | |
| BBB Rating | B- | F |
No historical data available.
Calculate Savings Growth for Chime vs Wells Fargo
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 DetailsWells Fargo
APY: 2.51%
Total savings breakdown:
- Interest earned: $25.1 (2.45%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (97.55%)
Your total balance
$1,025.10
Effective APY: 2.51% (based on your deposit and contributions)
Total balance: $1,025.1
Earnings: $25.1
Bank DetailsAfter 1 year Chime would earn you $12.4 more than Wells Fargo.
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 | 3.50% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs CIT Bank | 4.00% | $100 |
| Chime vs Discover Bank | 3.50% | $0 |
| Chime vs Fitness Bank | 5.00% | $100 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $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 Varo Bank | 5.00% | $0 |
Compare Wells Fargo's APY of 2.51% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.50% | $0 |
| Wells Fargo vs American Express | 3.60% | $0 |
| Wells Fargo vs Axos Bank | 4.66% | $0 |
| Wells Fargo vs Bank of America | 0.01% | $100 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs Capital One | 3.50% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs CIT Bank | 4.00% | $100 |
| Wells Fargo vs Discover Bank | 3.50% | $0 |
| Wells Fargo vs Fitness Bank | 5.00% | $100 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs SoFi Bank | 3.80% | $0 |
| Wells Fargo vs Synchrony Bank | 3.80% | $0 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |