Chime® is a financial technology company, not a bank. Banking services, credit, and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

Chime® vs. Ally®: Which Online Banking Platform Is Right for You?

In this article

  1. What is Chime®?
  2. What is Ally®?
  3. Chime vs. Ally: Savings accounts
  4. Chime vs. Ally: Checking accounts
  5. Chime vs. Ally: ATM access
  6. Chime vs. Ally: Customer service
  7. Chime vs. Ally: Other financial products
  8. Find the best online platform for your banking
  9. FAQs about Chime vs. Ally

Are you ready to switch to an online banking platform but unsure how to choose? Here’s an overview of Chime vs. Ally and how each compares in terms of fees, checking and savings accounts, perks and features, and more to help you decide.

A Black woman in a striped shirt looks at her cellphone with a credit card in hand, indicating she might be banking with Chime or Ally.

Chime Team • August 8, 2023

Disclaimer:  The use of any Ally trademarks is for informational purposes only. Chime has no affiliation with Ally; neither Chime nor Ally sponsor or endorse the other. All information related to Ally within the article comes from publicly available sources.

So, you’re ready to make the switch to an online banking platform but you don’t know which option is right for you? Chime and Ally are two popular choices with easy-to-use features and few fees, but how do they compare? 

Chime and Ally differ in product offerings, rates, and unique features, and your choice will likely come down to what you want most in an online banking platform. Read on to learn more about Chime vs. Ally and what features to consider before you open a new account. 

A chart compares Chime vs Ally in terms of monthly fees, overdraft fees, early direct deposit, and more.

What is Chime®?

A graphic overviews Chime’s top features, checking account, savings account, and Credit Builder Visa credit card, in the name of comparing Chime vs Ally.

Chime is a financial technology company and app-based online banking platform that aims to make banking more accessible and affordable for everyone. With Chime, you can open a checking and savings account, deposit checks13 , send money to friends and family, and manage your finances all within the app. 

Here’s a look at some of Chime’s top features: 

ProsCons
Get paid up to 2 days early with direct deposit3 No physical locations
No minimum balance requirements, ACH fees, or foreign transaction fees No joint accounts
Free cash deposits at Walgreens®4 Checking account required to open a savings account 

What is Ally®?

A graphic overviews Ally’s top features, checking account, savings account, and money market and CDs option, in the name of comparing Chime vs Ally.

Ally is an online bank with easy-to-use online tools, low fees, and competitive interest rates. With Ally, you can open a checking and savings account, CDs, money market accounts, and investment accounts. Like Chime, everything Ally offers can be managed within the app. 

Here’s a look at some of Ally’s top features: 

ProsCons
Competitive savings and CD account APYNo cash deposits
No minimum deposit requirements7No physical locations
ATM fee reimbursement7 International transaction fee7

Chime vs. Ally: Savings accounts

Both Chime and Ally offer low-cost savings accounts with competitive interest rates, and automatic savings tools, but there are a few differences to consider. 

Chime offers a high-yield savings account with no minimum balance requirements or fees. Start saving to earn 2.00% Annual Percentage Yield (APY) on your deposits.17 It also offers built-in savings tools like the Round Ups feature, which automatically rounds up debit card purchases to the nearest dollar and transfers the difference to your savings account.18 Save When I Get Paid lets you automatically save a portion of each paycheck.19 You must open a Chime checking account to be eligible for a savings account. 

Ally’s savings account currently offers a higher interest rate (4.00%) than Chime’s.14 There are also no minimum balance requirements, monthly maintenance fees, or overdraft fees.14 

Ally offers built-in savings tools that function similarly to Chime. These include Round Ups, which round up purchases to the nearest dollar and transfer them to your savings account, and Surprise Savings, which monitors your checking account for extra funds and automatically transfers them to your savings account. Ally also offers a budgeting tool called Savings Buckets, which lets you organize your savings account into different categories (sort of like a digital envelope method).14 

Chime Savings Account20Ally Savings Account14
Annual percentage yield (APY)2.00%4.00%
Minimum opening deposit$0 $0
Monthly service fees$0 $0
Special featuresAutomatic savings tools like Round Ups and Save When I Get PaidAutomatic savings tools like Round Ups, Savings Buckets and Surprise Savings
ConsiderationsMust open a Chime checking account to enroll in a savings account No way to deposit cash 

Chime vs. Ally: Checking accounts

Chime checking accounts are free to open, allow you to get paid up to 2 days early³ with direct deposit, and give you access to 60,000+ fee-free ATMs.5 You don’t have to worry about overdraft fees, as Chime doesn’t charge them – and if you enroll in the SpotMe feature, they’ll also cover the difference when you overdraft your account by up to $200.²

If you need to withdraw cash, you can get cash back when checking out at participating locations (including 7-Eleven, CVS, Walgreens, and Circle K), and you can deposit cash at any Walgreens location.4 Chime also doesn’t charge any foreign transaction fees.

Along with user-friendly features like the option to set up daily account balance updates and real-time transaction alerts, Chime also offers customizable security features to keep your account safe. You can block transactions if you lose your card and protect against unauthorized charges you don’t recognize.

Like Chime, Ally’s checking account is free to open, provides early direct deposit, and gives you access to 43,000+ fee-free ATMs.7 Ally also reimburses up to $10 in ATM fees per month. Ally’s checking account also earns 0.25% in interest.7

You can’t deposit cash directly into your Ally checking account.8 Instead, you’ll have to deposit cash in another account outside of Ally, then transfer the funds to your Ally account. 

Chime Checking Account1Ally Checking Account7
Annual percentage yield (APY)None0.25%
Minimum opening deposit$0$0
Monthly service fee$0$0
Special featuresFree cash deposits at Walgreens4 Earns interest
ConsiderationsDoesn’t earn interest Can’t deposit cash 

Chime vs. Ally: ATM access

Neither Ally nor Chime have physical bank locations, so ATM access is an important consideration when comparing Chime vs. Ally. 

Chime has 60,000+ fee-free ATMs5 available for easy cash withdrawal. Withdrawal limits are up to $515 per day.21 In-network ATMs include any MoneyPass ATM in a 7-Eleven and any Allpoint or Visa Plus Alliance ATM in stores like CVS, Walgreens, Target, and Circle K. Members can also locate nearby ATMs in Chime’s app, making it easy to find a fee-free ATM wherever you are. 

Ally has 43,000+ fee-free ATMs where users can withdraw cash.7 Withdrawal limits are up to $1,000 per day.22 Ally’s ATM network includes any Allpoint ATM, which you can find in stores like Costco, Walgreens, and Target. While you’ll have fewer ATM locations available with Ally, Ally does reimburse up to $10 at the end of the month for any out-of-network ATM fees you may accrue. Like Chime, Ally’s app allows you to locate nearby in-network ATMs.

ChimeAlly
In-Network ATMs60,000+5 43,000+7 
Withdrawal limitsUp to $515/day21Up to $1,000/day22 

Chime vs. Ally: Customer service

Chime offers 24/7 customer support through phone, chat, and email. Users can reach out for anything from technical issues to specific account questions. For broader questions, Chime’s FAQ page and Chime Guides serve as quick reference points for common questions. 

Ally also offers 24/7 customer support through phone, chat, and email. Their Help & FAQs page also covers common questions for different account topics.

ChimeAlly
Phone support:Yes (24/7)Yes (24/7)
Email support:YesYes
Chat support:Yes (24/7)Yes (24/7)

Chime vs. Ally: Other financial products

Chime and Ally also offer some different financial products that are worth considering. 

For members looking to build credit, Chime offers a secured credit card called the secured Chime Credit Builder Visa Credit Card. Like Chime’s other accounts, there are no annual fees or interest.5 As well, there’s no credit check required to apply, giving those with poor credit an accessible way to possibly improve their credit.

Use Chime’s Credit Builder card for everyday purchases wherever Visa credit cards are accepted. Chime reports payments to all three major credit bureaus to help you build credit over time. Start building credit with everyday purchases and on-time payments.

Ally also offers certificates of deposit (CDs) and money market accounts (MMAs). Ally has three different CDs: High-yield CDs, Raise Your Rate CDs, and No Penalty CDs. Each comes with different APYs ranging from 3.75% to 5.00% and a variety of terms to choose from.16 As for Ally’s money market account, it comes with a 4.15% APY and no monthly fees.15 There are also no minimum balance requirements.

Find the best online platform for your banking

Both Chime and Ally are dependable choices if you’re after an online platform for your banking. Your choice between Chime vs. Ally ultimately comes down to personal preferences and the features that best align with your financial goals. 

Chime may be best suited for those who want a simple, low-cost way to streamline their finances, improve or establish credit, and an easy way to save more money with automatic savings tools. Ally may appeal most to those interested in competitive interest rates and a wider range of financial products like money market accounts or CDs.

If you aren't a member yet, we're confident you'll love our features and products. Apply today for a Chime Checking Account.

FAQs about Chime vs. Ally

Still have questions about Chime vs. Ally? Find answers below.

Is Chime or Ally better?

Whether Chime or Ally is better comes down to your individual needs. If your priority is finding an affordable online banking platform for everyday checking and savings, helpful savings tools, and credit-building resources, you may prefer Chime. If you want access to other financial products like money market accounts or CDs, you’ll likely favor Ally. 

Is Chime FDIC insured?

Deposits in Chime accounts are FDIC insured up to $250,000 per depositor through its partner banks, Stride Bank, N.A. or The Bancorp Bank, N.A., Members FDIC.

How do I deposit cash with Ally?

Ally doesn’t accept direct cash deposits. Instead, you can make a deposit in your account through a remote check deposit or online transfers from another bank account.8 

Where can you deposit cash for Chime?

You can find Chime deposit locations at over 8,500 Walgreens locations and 75,000+ retail locations overall, including 7-Eleven, Walmart, and CVS.

How long does Chime take to deposit a check?

Most mobile check deposits post within five business days.13 Direct deposits from your employer or payer, on the other hand, are posted to your Chime checking account as soon as they are received.  

Why should I switch to Chime?

You may want to switch to Chime if you’re looking for an intuitive mobile-first banking experience with no monthly fees, access to your paycheck up to 2 days early with direct deposit³, and access to a secured credit card. 

Will I ever be charged an overdraft fee through Chime?

No. If you do not have sufficient funds in your Chime Checking Account, or have reached your SpotMe® limit (if enrolled), then your Chime Visa Debit Card will be declined. There is no fee for declining transactions or for utilizing SpotMe.

Chime® is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card and the Chime Credit Builder Visa® Credit Card are issued by The Bancorp Bank, N.A. or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit and credit cards are accepted. Please see the back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

Third-party trademarks referenced for informational purposes only; no endorsements implied.

Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank, N.A. and Stride Bank, N.A. (“Banks”). Banks are not responsible for the accuracy of any content provided by author(s) or contributor(s).

* On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

1 Information from Chime’s Online Checking Account: Checking account with no monthly fees as of 5/11/2023: https://www.chime.com/checking-account/

2 Chime SpotMe® is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account at least once every 34 days. All qualifying members will be allowed to overdraw their Checking account and/or credit card Secured Account up to $20 on debit and/or credit card purchases or cash withdrawals but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions. [Links: STRIDE || BANCORP]

3 Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

4 Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.

5 Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

6 Out of network ATM withdrawal fees may apply. See here for details.

7 Information from Ally’s Straight Talk Product Guide: Interest Checking Account as of 5/11/2023: https://www.ally.com/content/dam/pdf/bank/ally-bank-straight-talk-checking.pdf

8 Information from Ally’s Deposits FAQs as of 5/11/2023: https://www.ally.com/help/bank/deposits/

9 Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. See your issuing bank’s Deposit Account Agreement for full Pay Anyone Transfers details.

10 Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Checking Account into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

11 To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

12 Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

13 Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.

14 Information from Ally’s Savings Account as of 5/11/2023: https://www.ally.com/bank/online-savings-account/?CP=onsite-homepage-hero-497400

15 Information from Ally’s Money Market Account as of 5/11/2023: https://www.ally.com/bank/money-market-account/

16 Information from Ally’s Compare CDs as of 5/11/2023: https://www.ally.com/bank/cd-rates/

17 The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of 06/26/2023. No minimum balance required. Must have $0.01 in savings to earn interest.

18 Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

19 Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

20 Information from Chime’s High-Yield Savings Account: Grow Your Money Faster as of 5/11/2023: https://www.chime.com/savings-account/

21 Information from Chime’s What are my spending and cash withdrawal limits? as of 5/11/2023: https://help.chime.com/hc/en-us/articles/221487907-What-are-my-spending-and-cash-withdrawal-limits-

22 Information from Ally’s ATMs Withdrawals FAQs as of 5/11/2023: https://www.ally.com/help/bank/atms-withdrawals/

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