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Ally vs. Chime

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

Ally and Chime 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

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.
  • More interest-bearing accounts. All of Ally’s accounts earns interest — even its checking account.
Cons
  • Worse mobile app. While Ally offers a sound mobile app, Chime 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, Ally doesn’t have many savings tools.

Chime

Pros
  • Automatic savings tools. Chime 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 is an mobile-based account with built-in notifications, instant transaction alerts and more.
  • Almost no fees. You’ll pay almost no fees to open and use a Chime
Cons
  • Limited products. Unlike Ally, Chime only offers checking and savings accounts.
  • Under investigation. Due to several account closures in 2021 and customers’ inability to obtain their money, Chime is currently under investigation.
  • Fewer interest-bearing accounts. The only account that earns you interest is Chime’s savings account.

Compare Ally vs. Chime savings accounts

Use the table 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.

1 - 3 of 3
$
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Chime Savings
Finder Rating: 4.9 / 5: ★★★★★
Chime Savings
Savings app

2.00%

Up to $250,000
$0.01
$0
$1,020
Ally Bank Savings Account
Finder Rating: 4.8 / 5: ★★★★★
Ally Bank Savings Account
Custodial account

4.25%

$0
$0
$1,042.50
Ally Money Market
Finder Rating: 4.7 / 5: ★★★★★
Ally Money Market
Money market

4.40%

$0
$0
$1,044
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Both accounts have competitive APYs and no monthly fees and minimum opening deposit requirements. They also both have automatic savings tools to help you reach your goals. Chime Savings lets you transfer 10% of each paycheck to savings and save spare change by rounding up debit card purchases the nearest whole dollar.

Ally lets you categorize funds into different savings buckets and set up automatic payments. You can also let Ally analyze your checking account spending and sweep extra cash into savings. Where they differ? You need to open a Chime Checking account to access its savings account. For this reason, Ally wins the savings account category.

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Winner: Ally

Compare Ally vs. Chime checking accounts

This table 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.

1 - 2 of 2
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Chime Checking account
Finder Rating: 4.8 / 5: ★★★★★
Chime Checking account
$0 per month
$0
N/A
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.
Ally Bank Spending Account
Finder Rating: 4.3 / 5: ★★★★★
Ally Bank Spending Account
$0 per month
$0
0.25% on balances of $15,000+
0.10% on balances of to $15,000
Open the Ally Bank Spending Account and use code GET200. Ally requires you to fund the account within 30 days of opening.

To earn the bonus, you must set up direct deposit and deposit at least $1,500 within 90 days of opening. You’ll then receive the bonus within 30 days of meeting the deposit requirements.
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‘s checking account earns interest and gives you access to a large ATM network. But you’ll pay for overdrafts and foreign transactions. Chime ditches most fees charged by bigger banks — you won’t pay anything for overdrafts, foreign transactions or ATMs. Plus, you get access to direct deposits up to two days faster. If you value quicker deposits and almost no fees, you should choose Chime.

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Winner: Chime

Compare Ally vs. Chime CDs

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

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Winner: Ally

1 - 2 of 2
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Ally High Yield CDs
Finder Rating: 4 / 5: ★★★★★
Ally High Yield CDs
5.00%
5.10%
4.10%
$0
Ally Raise Your Rate CDs
Ally Raise Your Rate CDs
N/A
N/A
N/A
$0
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Ally vs. Chime 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

  • None

Ally vs. Chime 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
Branches00
ATMs43,00060,000
Customer service
  • Phone 24/7
  • Social media
  • Live chat
  • Email
  • Help is available 24/7
  • Email
  • Mobile support

Ally vs. Chime 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
  • Savings buckets and boosters

Chime

  • 24/7 customer service
  • Mobile-only financial app
  • Money management and savings tools

Trophy icon
Winner: Ally

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 consistently high rates, or go with Chime if you prefer a mobile financial app to manage your money and if you want to avoid overdraft fees. In either case, it’s worth comparing your options to see what other accounts are out there.

Frequently asked questions

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