Chime and Ally are both strong overall.
Chime; Ally; Alyssa Powell/Insider
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The bottom line: When it comes to a high-yield savings account and trustworthiness, Ally is the winner; it also has CDs and a money market account, while Chime does not. Chime may be a better choice if you’re opening a checking account because you’ll be able to deposit cash at Walgreens locations.
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.
Pros and cons of Chime
ProsCons
Receive your paycheck up to 2 days early
No foreign transaction fees
Deposit cash at select retailers (free cash deposits at Walgreens; may deposit cash at other select retail locations but you might be charged a fee)
No joint accountsNo paper checksNo physical locationsYou must open a checking account to be eligible for a savings accountNo CDs, money market accounts, loans, mortgages, or investment accounts
Pros and cons of Ally
ProsCons
Receive your paycheck up to 2 days early
24/7 live customer support
Also has CDs and a money market account
Also has mortgages, auto loans, and investment accounts
No overdraft fees
More savings tools
No way to deposit cashNo physical locations
Chime vs. Ally savings account comparisons
Chime Savings AccountAlly High Yield Savings AccountAPYChime Savings AccountAlly High Yield Savings AccountMinimum opening depositChime Savings AccountAlly High Yield Savings AccountMonthly service feeNoneNonePerksDeposit cash for a free at WalgreensRounds your debit card purchases up to the nearest dollar and puts the spare change in savingsSavings buckets feature lets you separate savings to create specific goalsSurprise savings tool automatically transfers extra change from your checking account to help you saveCaveatsMust open a Chime Spending Account to qualify for a savings accountNo physical branchesNo physical branchesNo way to deposit cashNext stepsChime Savings AccountAlly High Yield Savings Account
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 Spending Account to qualify for the Chime savings account.
Winner: Ally
Ally has more robust savings tools than Chime, including savings buckets to save for various goals and Surprise Savings to help you save more money.
Chime vs. Ally checking account comparisons
Chime Checking AccountAlly Interest Checking AccountAPYChime Checking AccountAlly Interest Checking AccountMinimum opening depositChime Checking AccountAlly Interest Checking AccountMonthly service feeNoneNonePerksConnect your account to Zelle to pay family and friendsEarly direct depositNo overdraft fees for overdrafts up to $200 with SpotMe, if you qualifyNo foreign transaction feesRequest checks to be sent to recipients onlineDeposit cash for a free at WalgreensEarn interest on your accountNo overdraft feesEarly direct depositFree overdraft protection No incoming wire transfer feesConnect your account to Zelle to pay family and friendsRefunds up to $10/month in out-of-network ATM feesAccess to 43,000 free ATMsCaveatsNo physical locations$2.50 out-of-network ATM feeNo physical locationsDoesn’t accept cash depositsNext stepsChime Checking AccountAlly Interest Checking Account
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 Ally Interest Checking Account depending on your account balance.
Winner: Chime
Chime makes your regular banking activity easier — you won’t pay foreign transaction fees, and you’re able to deposit cash.
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.
Winner: Ally
Ally is the clear winner in these categories, because Chime doesn’t have a money market account or CDs.
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.
Winner: Ally
It’s a close race in trustworthiness, but Ally slightly edges out Chime. However, we aren’t saying that Chime is ultimately untrustworthy.
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
Is Chime or Ally better?
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.
Which bank, Chime or Ally, has the higher interest rate?
The Chime Savings Account pays Chime Savings Account, while the Ally High Yield Savings Account pays Ally High Yield Savings Account.
Keep in mind interest rates fluctuate, and savings rates are expected to increase throughout 2022.