Chime vs Wells Fargo
High-Yield Savings Accounts Comparison

Last Updated: August 29, 2025

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Summary of Chime vs. Wells Fargo

As of August 29, 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.

In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.

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 to earn the 3.75% APY.
  • Chime does not have physical branches.

Wells Fargo

Strengths

  • Wells Fargo has physical branches and ATMs in 36 states and Washington, D.C.
  • Wells Fargo's Platinum Savings account offers a tiered APY of 2.51% for high balances.

Potential Drawbacks

  • Wells Fargo has a low BBB rating of F and is not accredited.
  • Wells Fargo charges a maintenance fee of $12 unless certain balance conditions are met.
Summary: Chime offers a higher APY of 3.75% but requires a direct deposit, while Wells Fargo provides access to physical branches and a tiered savings account with a 2.51% APY for large balances. However, Wells Fargo's lower BBB rating and maintenance fees could be drawbacks. Chime's lack of fees and high app ratings appeal to tech-savvy users, while Wells Fargo may attract those preferring traditional banking services.

Compare Chime's vs Wells Fargo's Savings Accounts

ChimeWells Fargo
ProductChime Savings AccountvsWay2Save SavingsPlatinum Savings
APY
1.25% - 3.75% (as of 8/29/2025)0.01% (as of 8/29/2025)0.05% - 2.51% (as of 8/29/2025)
Bundled Account
YesNoYes
FDIC-insured
YesYesYes
Online OnlyYesNoNo
Compound Frequency
DailyDailyDaily
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 daysNoNo
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%.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.
App Store Rating4.8/54.9/5
Google Play Rating4.7/54.8/5
BBB RatingA-F

Comparative Historical APY Insights (Last 2 Months)

ChimeWells Fargo
ProductChime Savings AccountvsPlatinum SavingsWay2Save Savings
Latest APY3.75 %2.51 %0.01 %
TrendSidewaysSidewaysSideways
Slope (bps/mo)0.00.0-0.0
Rate Changes / Mo0.000.000.00
Days Since Last Change454545
High (-2 m)3.75 %2.51 %0.01 %
Low (-2 m)3.75 %2.51 %0.01 %
Draw-down from High0.0 %0.0 %0.0 %
Volatility (CV)0.0000.0000.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 2 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 (-2 m)
Highest APY in the last 46 days.
Low (-2 m)
Lowest APY in the last 46 days.
Draw-down from High
How far today sits below the 2-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 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 Overview

Wells Fargo

APY: 2.51%

⚠️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 Overview

With 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.

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