Chime vs. Wells Fargo
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 12, 2025
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Summary of Chime vs. Wells Fargo
Key Metrics at a Glance
| Feature | Chime | Wells Fargo |
|---|---|---|
| Top Savings APY | 3.50% Chime Savings Account | 0.05% Platinum Savings |
| Minimum to Open | $0 | $25 |
| Minimum Balance for Top APY | $0.01 | $1,000,000 |
| 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 3.50% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.00%. | 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. |
Chime
Strengths
- Chime offers a competitive APY of 3.50%, significantly higher than Wells Fargo's best rate.
- Chime has an excellent BBB rating of A+, indicating strong trustworthiness.
- Chime has no maintenance fees, making it cost-effective for savers.
Potential Drawbacks
- Chime requires a direct deposit of $200 to earn the 3.50% APY, limiting accessibility.
- Chime does not have physical branches, which may be inconvenient for some customers.
- Chime's APY decreased from 3.75% to 3.50% in the last 30 days.
Wells Fargo
Strengths
- Wells Fargo provides physical branches and ATMs in 36 states, offering convenience.
- Wells Fargo's Way2Save Savings account has no direct deposit requirement, enhancing accessibility.
- Wells Fargo has a higher App Store rating of 4.9 compared to Chime's 4.8.
Potential Drawbacks
- Wells Fargo's highest APY is only 0.05%, far below Chime's offerings.
- Wells Fargo has a poor BBB rating of D-, indicating trust issues.
- Wells Fargo charges a maintenance fee of $12 unless a $3,500 daily balance is maintained.
Summary: Chime offers a significantly higher APY of 3.50% but requires a direct deposit, while Wells Fargo has lower rates and charges maintenance fees. However, Wells Fargo provides physical branches and has no direct deposit requirement for its Way2Save account. Chime's A+ BBB rating contrasts sharply with Wells Fargo's D- rating, highlighting trustworthiness differences. Overall, Chime is better for higher yields, while Wells Fargo offers more traditional banking services.
→ As of November 12, 2025 Chime offers an APY of 3.50% 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 $345 more than Wells Fargo on a $10,000 balance after one year. Chime pays $350, 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 - Chime Savings Account
Top APY: 3.50%
Total savings breakdown:
- Interest earned: $2,114.1 (10.51%)
- Total contributions: $13,000 (64.63%)
- Initial deposit: $5,000 (24.86%)
Your total balance
$20,114.10
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewWells Fargo - Platinum Savings
Top 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 $2,085.5 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 | 1.00% - 3.50% (as of 11/12/2025) | 0.01% (as of 11/12/2025) | 0.05% - 0.05% (as of 11/12/2025) | |
| 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 3.50% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.00%. | 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+ | D- | ||
Comparative Historical APY Insights (Last 4 Months)
| Chime | Wells Fargo | |||
|---|---|---|---|---|
| Product | Chime Savings Account | vs | Platinum Savings | Way2Save Savings |
| Latest APY | 3.50 % | 0.05 % | 0.01 % | |
| Trend | Falling | Falling | Sideways | |
| Slope (bps/mo) | -7.1 | -70.3 | 0.0 | |
| Rate Changes / Mo | 0.25 | 0.74 | 0.00 | |
| Days Since Last Change | 28 | 27 | 121 | |
| High (-4 m) | 3.75 % | 2.51 % | 0.01 % | |
| Low (-4 m) | 3.50 % | 0.05 % | 0.01 % | |
| Draw-down from High | -6.7 % | -98.0 % | 0.0 % | |
| Volatility (CV) | 0.031 | 0.600 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 4 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 (-4 m)
- Highest APY in the last 121 days.
- Low (-4 m)
- Lowest APY in the last 121 days.
- Draw-down from High
- How far today sits below the 4-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.