Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Ally vs. Chime Bank

Find out how a popular online bank compares to millennial-focused mobile banking

Updated

Fact checked
Ally and Chime bank logos
Ally and Chime Bank are two popular institutions that specialize in digital banking. They both offer low-fee checking and savings accounts but their rates and account access vary greatly. Find out how they compare to determine which one is right for you.

Pros and cons of Ally vs. Chime Bank

Ally

Pros
  • More products. Ally has a much larger selection of accounts and banking products.
  • 24/7 customer service. Contact customer service any time, any day of the week.
  • Much higher rates. You’ll earn far more interest with Ally’s accounts.
Cons
  • Worse mobile app. While Ally offers a sound mobile app, Chime Bank is entirely app-based so its mobile app is most effective.
  • Higher fees. You’ll pay more fees on Ally’s deposit accounts.
  • Fewer savings tools. Unlike Chime Bank, Ally doesn’t have many savings tools.

Chime Bank

Pros
  • Automatic savings tools. Chime Bank comes with a number of money management and savings tools that can help you get the most out of your money.
  • Innovative mobile app. Chime Bank is an mobile-based account and it comes with an innovative app that has built-in notifications, instant transaction alerts and more.
  • Almost no fees. You’ll pay almost no fees to open and use a Chime Bank bank account.
Cons
  • Limited products. Unlike Ally, Chime Bank only offers checking and savings accounts.
  • No 24/7 customer service. Customer service is limited to Chime Bank’s business hours.
  • Low rates. You’ll earn far less interest in Chime Bank’s accounts than you would with Ally’s.

Compare Ally vs. Chime Bank savings accounts

Use the table below to compare savings accounts from Ally and Chime. If you want to see in-depth features like transaction limits and minimum balance required to earn interest, click the “Compare” checkbox next to each account for a side-by-side view.

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
Chime Savings account
1.00%
$0
$0
Go to site
View details
Get paid up to 2 days early with direct deposit. Say goodbye to hidden bank fees. Grow your savings, automatically.
Ally Bank Online Savings Account
1.00%
$0
$0
Read review
View details
An online-only savings account with no maintenance or hidden fees.
Ally Money Market
0.50%
$0
$0
Read review
View details
This money market savings account comes with a debit card and no minimum balance fees.
loading

Compare up to 4 providers

Both accounts are free of monthly fees and minimum opening deposit requirements. But that’s about all they have in common. Chime Bank‘s optional savings account is focused on automatic savings tools that help you reach your goals. But it only pays 1% APY — a rate much lower than the current national average. On the other hand, Ally has a 1% APY, which is much more competitive. For this reason, Ally wins the savings account category.

Trophy icon
Winner: Ally

Compare Ally vs. Chime Bank checking accounts

The table below shows common features and fees for both bank’s checking accounts. Sort the table by specific fees or click the “Compare” box next to each account for a unique side-by-side comparison.

Data indicated here is updated regularly
Name Product APY Minimum deposit to open Monthly fee ATMs
Chime Spending account
$0
$0
38,000 fee-free ATMs nationwide
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
Ally Bank Interest Checking
0.50% on balances of $15,000+
0.10% on balances of $0 to $14,999
$0
$0
Free at any Allpoint ATM in the US
A checking account with no monthly maintenance fees, but a high minimum daily balance if you're looking to get a decent APY.
loading

Compare up to 4 providers

Both accounts earn interest — which is rare for checking options. Ally‘s rates are more competitive than Chime Bank‘s, and it has a larger ATM network. But you’ll pay more for overdrafts and foreign transactions. If you value money-management tools, a more versatile debit card and almost no fees, you should choose Chime Bank.

Trophy icon
Winner: Chime Bank

Compare Ally vs. Chime Bank CDs

Chime Bank doesn’t offer CDs, giving Ally the upper hand in this category.

Trophy icon
Winner: Ally

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Ally High Yield CDs
1.1%
1.15%
1.15%
1.25%
Ally Raise Your Rate CDs
1.1%
loading

Compare up to 4 providers

Ally vs. Chime Bank other products

Ally is a much larger institution that caters to a much wider range of banking needs, so it’s the obvious choice for anyone looking for other financial products.

Ally

  • Credit cards
  • Money market account
  • IRAs
  • IRA CDs
  • Home loans and refinancing
  • Brokerage accounts
  • Portfolio management

Chime Bank

  • None

Ally vs. Chime Bank branches and ATMs

Online and mobile banking means you won’t have access to branches, making good customer service essential. Here’s how the two compare:

AllyChime Bank
Branches00
ATMs43,00038,000
Customer service
  • Phone 24/7
  • Social media
  • Live chat
  • Email
  • Phone Monday–Saturday 7 a.m.–7 p.m. and Sunday 9 a.m.–5 p.m. CST
  • No social media
  • No live chat
  • Email
  • Mobile support

Ally vs. Chime Bank special features

Both of these options offer unique features that separate them from their competition:

Ally

  • 24/7 customer service
  • Raise Your Rate and No Penalty CDs

Chime Bank

  • Mobile-only banking
  • Money management and savings tools

Trophy icon
Winner: Tie

Bottom line

These two digital banks offer competitive financial products that could be right for your situation. Pick Ally if you want a wider product selection and higher interest rates, or go with Chime Bank if you prefer mobile banking with money management and savings tools. In either case, it’s worth comparing your options to see what other accounts are out there.

Frequently asked questions

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site