Which Is Better for Online Banking?


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Chime and Ally are two online banking platforms with strong checking and high-yield savings accounts. Neither requires any money to open an account, and neither charges monthly service fees.

Your choice between the two could come down to the nitty-gritty of what you want out of an account. We’ve broken down the features, pros, and cons of both companies, and declared the winner for each section.

Compare Ally and Chime

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Robust savings and budgeting tools

Deposit cash for a free at Walgreens locations

Pros and cons of Chime

Pros and cons of Ally

Chime vs. Ally savings account comparisons

The Ally High Yield Savings Account will likely stand out to you if you’re looking for a savings account with strong budgeting features.

Ally has several robust savings tools. For example, you can save for specific savings goals through a feature called savings buckets. You can assign labels for a goal and track your progress by setting a goal amount. You’ll also be able to automatically transfer extra change from your checking account to help you save.

Chime’s savings account lets you round up debit card purchases to help you save, but its savings tools aren’t as robust.

Something you’ll also want to keep in mind is that you must open a Chime Checking Account to qualify for the Chime savings account.

Ally Ally High Yield Savings Account

Ally High Yield Savings Account


Annual Percentage Yield (APY)

2.00% APY


Minimum Deposit Amount

$0

Ally Ally High Yield Savings Account

Ally High Yield Savings Account


Annual Percentage Yield (APY)

2.00% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.00% APY


Minimum Deposit Amount

$0

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Chime vs. Ally checking account comparisons

Deciding between Chime and Ally checking accounts will likely depend on minor preferences.

The most notable distinction between the two accounts is how you’ll deposit cash into the account.

The Chime Checking Account lets you deposit cash for free at Walgreens. You may also deposit cash at other select retail locations but you might be charged a fee (up to $4.95 per transaction).

If you’d like to deposit cash at Ally, you’ll have to take extra steps. You’ll need to deposit cash at an external bank account, then transfer the money to your Ally checking account. Usually, transactions take a few business days to process.

You’ll also want to consider whether you want to earn interest on your checking account. Usually checking accounts don’t earn interest. However, the Ally Interest Checking Account pays 0.10% to 0.25% APY depending on your account balance.

Chime Chime Checking Account


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$0

Chime Chime Checking Account


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$0

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Chime vs. Ally CD and money market account

Chime doesn’t offer CDs or a money market account. Ally has three types of CDs: high-yield CDs, no-penalty CDs, or Raise Your Rate CDs that increase your rate if Ally’s rates go up during your term.

Ally’s money market account pays a competitive interest rate. It also provides you with a debit card and paper checks, making it a convenient savings tool for stashing your emergency fund and accessing money quickly if necessary.

Ally Ally High Yield Certificate of Deposit

Ally High Yield Certificate of Deposit


Annual Percentage Yield (APY)

0.75% to 3.10% APY


Minimum Deposit Amount

$0

Ally Ally High Yield Certificate of Deposit

Ally High Yield Certificate of Deposit


Annual Percentage Yield (APY)

0.75% to 3.10% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

0.75% to 3.10% APY


Minimum Deposit Amount

$0

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Ally Ally Money Market Account

Ally Money Market Account


Annual Percentage Yield (APY)

2% APY


Minimum Deposit Amount

$0

Ally Ally Money Market Account

Ally Money Market Account


Annual Percentage Yield (APY)

2% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2% APY


Minimum Deposit Amount

$0

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Chime vs. Ally trustworthiness and BBB rating

Ally does not have any public scandals. Chime has one recent controversy: The platform used the URL „Chimebank.com“ and the words „bank“ and „banking,“ even though Chime isn’t licensed to work as a bank. Although Chime is insured through a bank, it’s technically a banking platform, not a bank.

The Better Business Bureau measures companies by evaluating responses to customer complaints, honesty in advertising, and transparency about business practices. The BBB gives Ally a C- and Chime a B-, mainly due to not responding to all of the customer complaints on the BBB website.

Both Chime and Ally are strong companies overall, and your choice between the two will probably come down to what you want out of a checking or savings account.

Frequently asked questions

Deciding between Chime and Ally will likely depend on which accounts you’d like to open.

Ally offers CDs and money market accounts, which Chime doesn’t have. If you’d like to open a Chime savings account, you’ll also have to open a Chime checking account first.

Chime may be a stronger option if you’re searching for a checking account that makes it easy to deposit cash into your bank account. At Ally, you’ll have to deposit cash into an external bank account and transfer the money.