Banking Checking Accounts

Chime® vs. Ally [2025]: How Two of the Biggest Online Banking Companies Compare

In this Chime® vs. Ally comparison, we'll share what makes these two online companies similar, how they differ, and how to tell which is better for you.

By Christopher Murray
and Samantha Hawrylack

Edited by Melinda Sineriz, ABFP™

Updated Aug. 6, 2025

2025 award winner Best for Bad or No Credit

4.6

No monthly fees or minimum balance requirements¹ There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
Early access to direct deposits² 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.
No fee overdraft up to $200 for eligible members³ SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account; SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined 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 SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Credit Builder Terms and Conditions</a>.
Large network of fee-free ATMs⁴ Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Automatic savings features⁵ Save When I Get Paid automatically transfers 10% of your direct deposits of $1 or more from your Checking Account into your savings account.

Our view

Chime⁶ Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.  and Ally are fierce competitors, holding a sizable portion of online banking deposits and customers compared to other companies. The two have a lot in common, but the ways they differ are more important if you're thinking about switching from your current bank to one of these (or from one to the other).

For second-chance banking, building credit, and beginners in general, Chime comes out on top. Its products are geared toward people with little banking or financial experience and those working on fixing their finances, and it shows in the fintech's features and benefits. Ally, on the other hand, is a better choice if you're hyper-focused on saving or looking for account variety. Its automated savings tools are more robust than Chime's, with much better rates.

Learn more about how these companies stack up and which one you should choose.

How we evaluate products

Chime vs. Ally comparison

	Chime	Ally
Best for	Second-chance checking and building credit	Savings and account variety

Products offered	Checking Savings Credit-builder credit card	Checking Savings Money markets CDs Credit cards Investment accounts Mortgage loans Auto loans Personal loans
Banking features	Early access to your paycheck² <p> 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.</p> Automatic savings features Overdraft protection with SpotMe³ <p>SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account; SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined 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 SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Credit Builder Terms and Conditions</a>.</p> Cash deposits permitted⁷ <p>Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.</p>	Early access to your paycheck Automatic savings features Overdraft protection with CoverDraft
Savings APY	1.25%⁸ <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of 5/22/25. No minimum balance required. Must have $0.01 in savings to earn interest. </p>	3.50%⁹ <p class="">The APY of 3.50% is accurate as of 6/19/25. Rates are subject to change and may vary by account type and financial institution. </p>
Fee-free ATMs	50,000+⁴ <p>Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.</p>	75,000+
	Visit Chime	Learn more

When to go with Chime

Between these two popular companies, we'd consider Chime to be the better option for you if:

You're interested in second-chance banking.
You're working on improving your credit score.
You may need to make cash deposits.

Second-chance banking

Chime will come up a lot if you search for second-chance bank accounts, especially bank accounts you can open without a credit check or ChexSystems report being used, and there's good reason for that.

Not only does the fintech make a point of not using ChexSystems when you apply for a new account (as in, it's on the record saying that, which is fairly rare), but its accounts are ideal for you if you're in this situation for a few reasons.

For one, they don't have minimums or monthly fees, so you don't have to worry about what they'll cost you off the bat. For another, they offer helpful features that might bring you peace of mind and a bit of a financial cushion, including access to your paychecks up to two days early with direct deposits and fee-free overdraft coverage.

Credit building

Another way Chime supports beginners and people working on repairing their finances is with its Chime^® Credit Builder Secured Visa^® Credit Card. This product is designed to help you build credit without interest or the annual fees you'll often see attached to secured cards. It doesn't have a minimum security deposit requirement, either, so you can get started with whatever amount of money you have.

Basically, you put down a deposit when you open this card that becomes your credit limit (there's no credit check to apply). So if you put down $300, you can spend up to $300 on your card. Then, you transfer money back to the card to pay off your balance and can use up to your limit again. Chime will report your repayment activity to the three major credit bureaus, so you may build a positive credit history by making on-time payments. Enabling the Safer Credit Building feature, which automatically transfers funds to pay off your full balance each month, is a smart way to do that.

Cash deposits

This one's pretty straightforward. Chime accepts cash deposits, while Ally does not. You can add cash to your Chime Checking account at over 85,000 retail locations, and retailers include:

Walgreens
Walmart
CVS
Dollar General
Family Dollar
7-Eleven

Only deposits you make at Walgreens and CVS locations are guaranteed to be fee-free. Other retailers might charge their own fees, but Chime won't.

When to go with Ally

You might use ATMs outside the network
You have several savings goals
You want to invest

You have many savings goals

Ally's high-yield savings account offers the option to set up savings buckets. You can think of savings buckets as digital envelopes to set money aside for specific goals. For example, if you're saving up for vacation, an emergency fund, and to buy a new household appliance, you can set up three different buckets so you can see how close you are to each goal.

You want to invest, not just save

Ally offers more than just a savings account. While their high-yield savings account pays a healthy APY, they also offer a money market account and CDs, each of which pay high yield rates, helping you earn more interest.

Ally also offers two traditional investing accounts:

Automated investing: Ally manages this built-for-you portfolio, so all you have to do is deposit the funds in the account and ensure it aligns with your goals.
Self-directed investing: You can set up and manage your own investment account, including stocks, bonds, and ETFs.

You need access to out-of-network ATMs

Chime charges a fee of $2.50 to use out-of-network ATMs, plus you must pay whatever fee the ATM provider charges. Ally, however, reimburses you for any out-of-network ATM fees up to $10 per month. If you travel frequently or know you'll need easy access to an ATM and might need to go out of network, Ally may be a better option to keep more money in your pocket.

Key differences between Ally and Chime

Ally and Chime have a lot in common as online-only financial institutions with minimal fees, but there are differences that can make one better than the other for you.

APYs on savings and checking products

Winner: Ally is the clear winner when it comes to offering interest because it provides higher rates on both its savings and checking products.

Both Chime and Ally offer accounts that earn you interest, but they do so in different ways. Chime offers interest just on its savings account and caps rates at 1.25% APY.⁸ The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of 5/22/25. No minimum balance required. Must have $0.01 in savings to earn interest.  This is a decent rate, but not a great one.

Ally offers interest on both its savings and checking accounts. Its checking APY is low at just 0.10% (as of 05/02/25), but considering most checking accounts offer no interest at all, Ally's is one of the best checking accounts around. Ally's APY is much higher at 3.50% for its savings account.

Number and type of accounts

Winner: If you're looking for more than a checking or savings account, Ally is the clear winner. However, Chime does a great job with its checking and savings accounts.

Chime and Ally offer basic checking and savings accounts, but Ally goes above and beyond with a much larger account selection, including:

Money market
High-yield CD
Raise your Rate CD
No Penalty CD
Four credit cards
Automated investing
Self-directed investing

Automatic savings features

Winner: Ally comes out slightly on top, offering a few extra features that make saving uncomplicated.

Saving money is easy with both Chime and Ally. Both offer automatic savings features like round-ups that help put savings on autopilot.¹⁰ 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.  Chime also offers the ability to move a percentage of money over to savings each paycheck.

But Ally steps up its saving features, surprising you with extra savings when your budget allows. Ally carefully looks at your spending and finds small amounts of money to move to savings from time to time. Ally also helps you save for individual goals through savings buckets, but the high 3.50% APY applies to your total balance, so those savings buckets won't affect your compound interest earnings.

FAQ

Is Chime worth banking with?

Absolutely. Chime is a worthwhile fintech company for customers looking for an easy-to-use mobile banking experience. No monthly fees make it a popular option, as proved by the millions of customers currently using Chime.

What is Ally's biggest downside?

Ally's biggest drawback is the criteria for its checking account. While its checking offer seems appealing at first, you can only earn the highest APY if you have a balance of over $15,000.

What is the downside of Chime?

Unlike many fintech companies that offer APYs in the 4% to 5% range, Chime caps its savings APY at just 1.25% — respectable but not the highest in the biz.⁸ The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of 5/22/25. No minimum balance required. Must have $0.01 in savings to earn interest.

Bottom line

The best financial companies give you a combination of compelling features that make managing your money easy. While Ally and Chime each fit the bill, Ally has a bit more to offer customers, especially if you want a one-stop shop for all your banking needs, or earning interest on your checking account balance is important to you.

That doesn't mean Chime doesn't have its benefits, though. Chime stands out for its credit-build focus, offering one of the only no-annual-fee, no-security-deposit, and no-credit-check secured credit cards.¹¹ Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, and you can spend up to this amount. You can use money deposited in your Secured Deposit Account to pay off your charges at the end of every month. Paired with its savings APY and huge ATM network, a variety of customers will find a lot to appreciate.⁴ Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. (Note that you can only open a savings account if you have a checking account.)

Ally takes the cake because it focuses on providing the highest APYs on both checking and savings products. It also provides extra features like overdraft protection and savings buckets to help you meet your savings goals.

Get Your Paycheck Early

4.6

2025 award winner Best for Bad or No Credit

Chime® Benefits

Get no fee overdraft up to $200 with SpotMe®³ SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account; SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined 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 SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Credit Builder Terms and Conditions</a>.
Get paid up to 2 days earlier than you would with some traditional banks² 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.
24/7 live support with a real human
FDIC insured through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC

4.6

Visit Chime®