Chime vs. Openbank
Openbank edges out Chime slightly at 3.80% vs 3.75% APY. On a $10,000 balance, the difference is just $5 per year, so other factors may matter more.
The Bottom Line
The Chime and Openbank savings accounts are very similar. Choose Chime if mobile app quality matters. Choose Openbank if you want a no-strings-attached account.
Important Considerations
Chime requires a checking account to unlock its top savings rate, while Openbank offers its savings account standalone.
| Metric | ChimeChime High-Yield Savings Account Aug 19, 2026 | OpenbankHigh-Yield Savings Account Aug 19, 2026 |
|---|---|---|
| APY | 3.75% | 3.80% |
Est. Earnings | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$190 $10,000+$380 $25,000+$950 |
Min Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDirect Deposit ReqChecking BundleDaily Compounding | FDIC InsuredLow MinimumsStable Rate |
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.
Executive Summary
A detailed summary for this comparison is being prepared. Check back soon.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Chime?
- ✓Higher rated iOS app (4.8 vs 3.1)
- ✓Higher rated Android app (4.7 vs 2.8)
Why Openbank?
- ✓No checking account or direct deposit required
Key Feature Differences
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 3.80% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
ChimeChime offers an iOS app rated 4.8 (vs. 3.1) and Android app rated 4.7 (vs. 2.8)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $5 more interest on a $10,000 balance than Chime's Chime High-Yield Savings Account.
*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
Chime vs. Openbank Savings Calculator
You earn $5 more with Openbank than Chime 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.
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
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$380.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,380.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $374 per year in interest.
Both Chime and Openbank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Chime | Openbank |
|---|---|---|
| APY | 3.75% Verified: 8/19/2026 - | 3.80% Verified: 8/19/2026 - |
| Product Name | Chime High-Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Monthly |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | N/A | None |
| Direct Deposit Req. | Required | None |
| Checking Bundle | Yes | No |
| Mobile Apps | ||
| FDIC or NCUA Insured | Yes | YesVerify FDIC |
| Zelle® Support | Not Supported | Not Supported |
| BBB Rating | A+ | Not Rated |
| Next Steps | Visit SiteVerify at Chime Non-sponsored link to official site | Visit SiteVerify at Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
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