Are you weighing your options between Chime and Ally for managing your money online? Both platforms skip monthly fees and pack in solid features, but they serve different needs. Here's a side-by-side look at how Chime® and Ally® compare on savings rates, checking accounts, fees, ATM access, and more so you can pick the right fit for your financial journey.
Our team compared fees, interest rates, account features, and savings tools for each platform. Check the latest account details and agreements before signing up. Third-party brands and companies are mentioned for informational purposes only. Chime does not sponsor, endorse, or partner with any of these brands or companies, and they do not sponsor or endorse Chime.
Key takeaways
Chime Prime™ eligible members can earn up to 4.00%APY (see disclosure 1) on savings, compared to Ally's flat 3.00% APY, (see disclosure 2) while Chime's base savings rate starts at 1.00%APY (see disclosure 1) .
Both platforms charge no monthly fees and no minimum balance requirements on checking and savings accounts.
Chime stands out for credit building (see disclosure 3) with a secured Chime Visa® Credit Card that has no interest and no annual fee (see disclosure 4) , and requires no credit check to apply.
Ally focuses on traditional banking products like CDs, a money market account, credit card, and self-directed investing. (see disclosure 5) However, it doesn't currently offer specialized credit-building products.
Chime Prime vs. Ally: Which should you choose?
Chime Prime™ eligible members earn up to 4.00%APY (see disclosure 1) on savings – compared to Ally's flat 3.00% APY. (see disclosure 2) Chime also offers credit-building tools (see disclosure 3) , early paycheck access (see disclosure 6) , and fee-free cash deposits (see disclosure 7) that the competitor doesn't match. Ally includes CDs, a money market account, and self-directed investing alongside a no-requirements savings rate (see disclosure 5) – but doesn't offer credit building.
Neither platform charges monthly fees or requires a minimum balance. Here's how they stack up across key features.
Feature | Chime | Ally |
Savings APY | Up to 4.00% (see disclosure 1) | 3.00% (see disclosure 2) |
Checking APY | None | 0.10% to 0.25% (see disclosure 8) |
Monthly fees | $0 | $0 |
Overdraft coverage | Up to $200 with SpotMe® (see disclosure 9) | Up to $250 with CoverDraft (see disclosure 10) |
Fee-free ATMs | 60,000+ (see disclosure 11) globally | 75,000+ (see disclosure 12) |
Cash deposits | Yes, at 100,000+ locations (see disclosure 7) | No direct cash deposits |
Credit building | Secured Chime Visa® Credit Card (see disclosure 3) | Not available |
CDs and money market | Not available | Yes (see disclosure 13) , (see disclosure 14) |
Investing | Self-directed and robo portfolios (see disclosure 15) | Self-directed and robo portfolios (see disclosure 5) |
Early direct deposit | Up to 2 days early (see disclosure 6) | Up to 2 days early (see disclosure 16) |
Customer support | 24/7 phone and chat | 24/7 phone and chat (see disclosure 17) |
SpotMe limits start at $20 and can be increased up to $200 or more by Chime based on factors such as account activity and history.
When Chime is the better choice
Chime can be a great fit if you want to keep your finances simple while building toward bigger goals.
You want to build credit. The Chime Card has no annual fee and no interest (see disclosure 4) , and doesn’t require a credit check to apply. Your payments are reported to all three major credit bureaus, helping you build credit history over time. (see disclosure 3)
You want access to competitive savings rates. Chime Prime™ eligible members earn 4.00%APY (see disclosure 1) on savings, and Chime Plus™ members earn 3.00% APY (see disclosure 1) – both tiers unlock through qualifying direct deposits. (see disclosure 18)
You need cash deposit options. You can deposit cash fee-free at Walgreens and Duane Reade locations. You can deposit cash at 100,000+ retail locations (see disclosure 7) , though fees may apply.
You're looking for an alternative way to access checking and savings features. Chime doesn't use ChexSystems when you apply, so a past banking history won't hold you back.
When Ally is the better choice
Ally may be a stronger option if you want a competitive savings rate with no requirements or access to CDs and investing. (see disclosure 5)
You want a flat high-yield savings rate. Ally offers 3.00% APY on savings with no direct deposit requirements or membership tiers. (see disclosure 2)
You want CDs or a money market account. Ally has several CD options with terms from 3 to 60 months and a money market account earning 3.00% APY. (see disclosure 13)
You need joint accounts. Ally supports joint accounts on checking and savings – Chime does not offer joint accounts at this time. (see disclosure 14)
Chime Savings Accounts vs. Ally Savings Accounts
Savings rates are often the deciding factor when comparing online platforms. Both Chime and Ally offer high-yield savings accounts with no minimum balance, but their APY structures work differently.
Chime uses a tiered savings model tied to membership levels. (see disclosure 18) Base members earn 1.00%APY (see disclosure 1) , Chime Plus™ members earn 3.00%APY (see disclosure 1) with a single qualifying direct deposit of $200 or a total cumulative $400 or more, and Chime Prime™ members earn 4.00%APY (see disclosure 1) with $3,000 or more in qualifying direct deposits.
Chime also includes automatic savings tools. Round Ups rounds your debit or credit card purchases to the nearest dollar and moves the difference into your savings account. (see disclosure 19) Save When I Get Paid sets aside a percentage of each paycheck automatically. (see disclosure 20)
Ally offers a flat 3.00% APY on savings with no direct deposit requirements or tiers to unlock. (see disclosure 2) The platform's built-in tools include Round Ups, Surprise Savings, and Savings Buckets – which lets you organize your money into separate categories for different goals.
Chime savings account | Ally savings account | |
APY | Up to 4.00% (see disclosure 2) | 3.00% (see disclosure 2) |
Minimum opening deposit | $0 | $0 |
Monthly fees | $0 | $0 |
Automatic savings tools | Round Ups, Save When I Get Paid | Round Ups, Savings Buckets, Surprise Savings (see disclosure 2) |
Requirements | Checking account required to open savings | None |
Chime Checking Accounts vs. Ally Checking Accounts
Both platforms offer fee-free checking accounts with no minimum balance requirements. The main differences come down to interest, overdraft features, and cash access.
Chime's checking account has no foreign transaction fees. You can get paid up to 2 days early (see disclosure 6) with early direct deposit and access your cash at 60,000+ fee-free ATMs globally. (see disclosure 11)
Chime doesn't charge overdraft fees. With SpotMe®, you can get covered for up to $200 on debit and credit card purchases and cash withdrawals – you'll need at least one qualifying direct deposit of two hundred dollars or more per month. SpotMe limits start at $20 and can be increased up to $200 by Chime based on factors such as account activity and history. You can also deposit cash fee-free (see disclosure 7) at Walgreens and at other retail locations including Walmart, CVS, and 7-Eleven.
Ally's checking account offers early direct deposit up to 2 days ahead and earns interest: 0.10% APY on balances under $15,000 and 0.25% APY on balances of $15,000 or more. (see disclosure 8) CoverDraft provides up to $250 in overdraft coverage with qualifying direct deposits and no overdraft fees. (see disclosure 10) Ally does not accept direct cash deposits.
Chime checking account | Ally checking account | |
APY | None | 0.10% to 0.25% (see disclosure 8) |
Monthly fees | $0 | $0 |
Minimum opening deposit | $0 | $0 |
Early direct deposit | Up to 2 days early (see disclosure 6) | Up to 2 days early (see disclosure 16) |
Overdraft coverage | Up to $200 with SpotMe® (see disclosure 9) | Up to $250 with CoverDraft (see disclosure 10) |
Foreign transaction fees | None | Yes (see disclosure 8) |
Cash deposits | Yes, at 100,000+ retail locations (see disclosure 7) | No direct cash deposits |
Chime Fees vs. Ally Fees
Neither Chime nor Ally charges monthly maintenance fees, account opening fees, or overdraft fees. Both platforms also skip minimum balance requirements.
Fee type | Chime | Ally |
Monthly maintenance fee | $0 | $0 |
Minimum balance fee | $0 | $0 |
Overdraft fee | $0 | $0 |
Out-of-network ATM fee | $2.50 per transaction (see disclosure 11) | Reimburses up to $10 per statement cycle (see disclosure 12) |
Foreign transaction fee | None | Yes (see disclosure 8) |
ACH transfer fee | $0 | $0 |
Chime doesn't charge foreign transaction fees, which can be helpful if you travel internationally or make purchases from overseas retailers. Ally does charge a foreign transaction fee on debit card purchases made outside the U.S. (see disclosure 8)
For out-of-network ATM usage, Ally has the edge. The platform reimburses up to $10 per statement cycle for fees charged by out-of-network ATMs, (see disclosure 12) while Chime charges $2.50 per out-of-network transaction plus any fee the ATM operator charges. (see disclosure 11)
Chime ATM access vs. Ally ATM access
Both platforms offer large fee-free ATM networks with different coverage and out-of-network policies.
Chime gives you access to 60,000+ fee-free ATMs (see disclosure 11) globally through the Allpoint, MoneyPass, and Visa Plus Alliance networks. You can find these at retailers like 7-Eleven, CVS, Walgreens, Target, and Circle K. If you use an out-of-network ATM, you'll pay a $2.50 fee plus whatever the operator charges.
Ally gives you access to 75,000+ fee-free ATMs through the Allpoint and MoneyPass networks at retailers like Costco, Walgreens, and Target. (see disclosure 12) The platform also reimburses up to $10 per statement cycle for out-of-network ATM fees. (see disclosure 12)
Chime | Ally | |
Fee-free ATMs | 60,000+ globally (see disclosure 11) | 75,000+ (see disclosure 12) |
ATM networks | FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint® or Visa® Plus Alliance ATM | Allpoint, MoneyPass (see disclosure 12) |
Out-of-network fee | $2.50 per transaction (see disclosure 11) | Reimburses up to $10 per statement cycle (see disclosure 12) |
Cash deposits at ATMs | No, but 100,000+ retail cash deposit locations (see disclosure 7) | Not available |
Chime vs. Ally: Other financial products
This is where Chime and Ally differ most.
Credit building with Chime
Chime offers a secured Chime Visa® Credit Card designed to help you build credit. (see disclosure 3) There's no annual fee and no interest (see disclosure 4) , and no credit check required to apply – and you don't need a minimum security deposit. (see disclosure 21) A Chime Checking Account needs to be opened, and then your payments are reported to all three major credit bureaus, helping you build credit history over time.
Chime Plus™ members earn 2% cash back and Chime Prime™ members earn 5% cash back (see disclosure 22) on a spending category of their choice each month. If eligible MyPay® (see disclosure 23) gives Chime Plus™ and Chime Prime™ members access to a line of credit ranging from $20 to up to $500 before payday. Get an advance within 24 hours for free, or instantly for a fee. The instant advance fee is 3% of the advance amount, with a $2 minimum and a $5 maximum per advance.
Ally's additional savings products
Ally focuses on traditional banking and investing products. (see disclosure 5) You can open certificates of deposit with terms from 3 to 60 months and APYs up to 3.75% for a 12- to 14-month High Yield CD. (see disclosure 24) The money market account earns 3.20% APY with no monthly fees and includes a debit card and checks. (see disclosure 13)
Product | Chime | Ally |
Credit building card | Yes, secured Chime Visa® Credit Card (see disclosure 3) | Not available |
Line of credit | MyPay®, $20 to $500 (see disclosure 23) | Not available |
CDs | Not available | Yes, multiple types (see disclosure 24) |
Money market account | Not available | Yes, 3.00% APY (see disclosure 13) |
Investing | Self-directed and robo portfolios (see disclosure 15) | Self-directed and robo portfolios (see disclosure 5) |
Joint accounts | Not available | Yes (see disclosure 14) |
Choose the online banking platform that fits you
Chime and Ally are both strong online options with helpful features. Your choice comes down to what you need most right now.
Chime is designed for people who want fee-free everyday banking (see disclosure 25) , a path to build credit (see disclosure 3) , cash deposit access at retail locations (see disclosure 7) , and savings rates up to 4.00%APY (see disclosure 1) through a Chime Prime™ membership. (see disclosure 18) Ally is geared toward people focused on a competitive, no-requirements APY with access to CDs, money market accounts, and an investing platform. (see disclosure 2)
Get started with Chime today.