Chime vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: August 8, 2025
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Summary of Chime vs. Wells Fargo
As of August 8, 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% for savings accounts with direct deposit.
- Chime has no maintenance fees or minimum balance requirements.
- Chime's App Store rating is 4.8, indicating high user satisfaction.
Potential Drawbacks
- Chime's APY requires a qualifying direct deposit of $200.
- Chime does not have physical branches for in-person banking.
- Chime's BBB rating is B, indicating some trust issues.
Wells Fargo
Strengths
- Wells Fargo provides access to physical branches and ATMs in 36 states.
- Wells Fargo's App Store rating is 4.9, slightly higher than Chime's.
- Wells Fargo offers a tiered savings account with a 2.51% APY for large balances.
Potential Drawbacks
- Wells Fargo has a low BBB rating of F and is not accredited.
- Wells Fargo's high APY of 2.51% requires a $1,000,000 balance.
- Wells Fargo charges a maintenance fee of $12 unless minimum balance is 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 account with a 2.51% APY for large balances. However, Wells Fargo has a significantly lower BBB rating of F, and both banks have different fee structures and account requirements. Chime has no maintenance fees, while Wells Fargo does unless certain balance conditions are met.
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 8/8/2025) | 0.01% (as of 8/8/2025) | 0.05% - 2.51% (as of 8/8/2025) | |
| 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 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 Rating | 4.8/5 | 4.9/5 | ||
| Google Play Rating | 4.7/5 | 4.8/5 | ||
| BBB Rating | B | F | ||
Comparative Historical APY Insights (Last 1 Month)
| Chime | Wells Fargo | |||
|---|---|---|---|---|
| Product | Chime Savings Account | vs | Platinum Savings | Way2Save Savings |
| Latest APY | 3.75 % | 2.51 % | 0.01 % | |
| Trend | Sideways | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | -0.0 | -0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | 0.00 | |
| Days Since Last Change | 27 | 27 | 27 | |
| High (-1 m) | 3.75 % | 2.51 % | 0.01 % | |
| Low (-1 m) | 3.75 % | 2.51 % | 0.01 % | |
| Draw-down from High | 0.0 % | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.000 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 1 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 (-1 m)
- Highest APY in the last 27 days.
- Low (-1 m)
- Lowest APY in the last 27 days.
- Draw-down from High
- How far today sits below the 1-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 OverviewWells 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 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.
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 | 3.50% | $0 |
| Chime vs Axos Bank | 4.46% | $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 | 4.85% | $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 UFB Direct | 4.21% | $5000 |
| 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 | 3.50% | $0 |
| Wells Fargo vs Axos Bank | 4.46% | $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 | 4.85% | $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 UFB Direct | 4.21% | $5000 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |