Ally vs. Chime Bank

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

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Ally and Chime bank logos

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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.

Ally vs. Chime Bank savings accounts

Chime Bank’s optional savings account is focused on automatic savings tools, but only pays 0.01% APY, so Ally wins for its much more competitive 1.8% APY.

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Winner: Ally

Name Product Interest rate (APY) Fee Minimum deposit to open
1.80%
$0
$0
An online-only savings account with no maintenance or hidden fees.
0.01%
$0
$0
Get paid up to 2 days early with direct deposit. Say goodbye to hidden bank fees. Grow your savings, automatically.
1.00%
$0
$0
This money market savings account comes with a debit card and no minimum balance fees.

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Ally vs. Chime Bank checking accounts

If you’re hoping to earn interest on your checking balance, Ally is the clear winner. However, if you value money-management tools, a more versatile debit card and almost no fees, you should choose Chime Bank.

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Winner: Chime Bank

Name Product APY ATMs Fee
0.01%
38,000 fee-free ATMs nationwide
$0
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
0.60% on balances of $15,000+
0.10% on balances of $0 to $14,999
Free at any Allpoint ATM in the US
$0
A checking account with no monthly maintenance fees, but a high minimum daily balance if you're looking to get a decent APY.

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Ally vs. Chime Bank CDs

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

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Winner: Ally

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
2%
2.05% on CDs of $25,000+

2% on CDs of $5,000 to $24,999

1.9% on CDs of $0 to $4,999
2.1% on CDs of $25,000+

2.05% on CDs of $5,000 to $24,999

1.95% on CDs of $0 to $4,999
2.25%
2.05%

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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:

Ally Chime Bank
Branches 0 0
ATMs 43,000 38,000
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

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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.

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