Ally vs. Chime

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.

What’s in this guide?

• Pros and cons of Ally
• Pros and cons of Chime
• Savings accounts
• Checking accounts

• Certificates of deposit
• Other products
• Branches and ATMs
• Special features

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.

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.

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.

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.

Winner: Chime

Compare Ally vs. Chime CDs

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

Winner: Ally

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 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:

	Ally	Chime
Branches	0	0
ATMs	43,000	60,000
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

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

• How do I deposit cash with Ally?

  Unfortunately, you can’t. You’ll get a debit card with the checking account but there are no Ally branches or official Ally ATMs so you won’t be able to deposit cash.

• Does Chime offer joint accounts?

  No. At this time, Chime does not offer joint accounts.

• Can I use Chime from a desktop?

  No. Chime accounts are mobile-only.

• Is Chime FDIC insured?

  Yes. Chime accounts are insured for up to $250,000 by the FDIC through its partnering banks The Bancorp Bank and Stride Bank, N.A.

• Does Ally offer a mobile app?

  Yes. Ally’s mobile app allows you to manage your money and cards, deposit checks, send money through Zelle and more.