Bank of America vs. Chime
Bank of America's Advantage Savings pays 0.04% APY while Chime's Chime High-Yield Savings Account pays 3.75% APY.
Note: Chime's Chime High-Yield Savings Account also needs a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Chime pays $371 more than Bank of America annually ($375 vs $4).
Choose Bank of America if you want a no-strings-attached account, or you want Zelle for quick transfers. Choose Chime if getting the best rate matters most.
Important Considerations
Chime's Chime High-Yield Savings Account pays its top rate only if you also open a checking account with Chime, while Bank of America's Advantage Savings stands alone.
| Metric | Bank of AmericaAdvantage Savings Sep 11, 2026 | ChimeChime High-Yield Savings Account Sep 11, 2026 |
|---|---|---|
| APY | 0.04% | 3.75% |
Earns in a year | $5,000+$2 $10,000+$4 $25,000+$10 | $5,000+$188 $10,000+$375 $25,000+$938 |
Min. Deposit | $100 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | - |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDirect Deposit ReqChecking BundleDaily Compounding |
Market Reality Check
Both of these institutions offer rates below the top 10 savings and money market accounts we track. Those institutions all pay at least 4.01% APY.
Comparison Analysis
Comparing Bank of America vs. Chime
Executive Summary
Chime offers a clear advantage with its High-Yield Savings Account, boasting an impressive APY of 3.75%. This account requires direct deposit and is available online only, with no maintenance fees, making it a strong choice for those seeking higher returns. In contrast, Bank of America's Advantage Savings account provides a much lower APY of 0.04%, but it does not require direct deposit and is accessible in various states with physical branch options. While Bank of America offers additional savings products, none match the yield of Chime's offering, making Chime the preferable option for savers looking for better returns.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Bank of America?
- No checking account or direct deposit required
- Offers 3 different high-yield savings options
- Fast transfers via Zelle® (up to $3,500 a day)
Why Chime?
- Higher potential APY (3.75% vs 0.01%-0.04%) on all balances
Key Feature Differences
Better Returns at $10,000
ChimeChime's Chime High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $4/yr).
Better Returns at $25,000
ChimeChime's Chime High-Yield Savings Account pulls ahead with larger amounts (approx. $938 vs $10/yr).
Better for All-in-One Banking
ChimeChime's Chime High-Yield Savings Account pays a superior APY for customers who also open a checking account.
Shared Benefits
Over a 1-year period, Chime's Chime High-Yield Savings Account pays $371 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Bank of America vs. Chime Savings Calculator
You earn $371 more with Chime than Bank of America on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$4.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,004.00
Chime
Chime High-Yield Savings Account
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Chime |
|---|---|---|
| APY | 0.04% Observed: 9/11/2026 Stable over 90 days | 3.75% Observed: 9/11/2026 Stable over 90 days |
| Product Name | Advantage Savings | Chime High-Yield Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Daily |
| In-Branch Access | Yes | No |
| Account Type | Online & Branches | Online Only |
| Physical Branches | 3,823 (AR, AZ, CA, CO, CT, DC, DE, FL (+31 more)) | Not reported |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | Yes |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Not Supported |
| BBB Rating | A+ | A+ |
| Important Notes | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | - |
| Next Steps | Visit SiteVerify at Bank of America Non-sponsored link to official site | Visit SiteVerify at Chime Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | |
|---|---|---|
| Advantage Relationship Banking | Business Advantage Savings | |
Current APY | 0.02% | 0.01% |
Trend | Stable | Stable |
Speed of change | 0.00 | -0.00 |
Days Since Change | 105 | 114 |
7-Month High | 0.11% | 0.02% |
7-Month Low | 0.02% | 0.01% |
Changes per month | 0.58 | 0.58 |
Steadiness | 0.894 | 0.354 |
How to read these metrics(Click to expand)
Trends and speed
- Trend: The general direction of the rate over the analyzed period. Useful for seeing whether a bank is raising its rate or letting it slip.
- Speed of change: How fast the rate moves. A high positive number means they raise rates quickly. A reading of 0.10 is a tenth of a percentage point each month.
- Changes per month: How often the rate moves. A high number means it changes constantly; a low number means it holds.
Risk & Range
- High/Low: The absolute ceiling and floor of the rate during the 206-day window.
- Steadiness: How far the rate swings around its average. A lower score means a steadier, more predictable rate.
- Days Since Change: A high number, for example above 90, means the rate rarely moves. A low number means it changed recently.
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Compare Bank of America's APY of 0.04% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.00% | $0 |
| Bank of America vs American Express | 3.00% | $0 |
| Bank of America vs Axos Bank | 4.21% | $0 |
| Bank of America vs Barclays | 3.65% | $0 |
| Bank of America vs Capital One | 3.50% | $0 |
| Bank of America vs CIT Bank | 3.75% | $100 |
| Bank of America vs EverBank | 3.90% | $0 |
| Bank of America vs Marcus by Goldman Sachs | 3.40% | $0 |
| Bank of America vs Newtek Bank | 4.20% | $100 |
| Bank of America vs Openbank | 3.80% | $500 |
| Bank of America vs Pibank | 4.10% | $0 |
| Bank of America vs SoFi Bank | 4.00% | $0 |
| Bank of America vs Synchrony Bank | 3.30% | $0 |
| Bank of America vs Varo Bank | 3.75% | $0 |
| Bank of America vs Wealthfront | 3.95% | $0 |