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Ally vs Chime: A Side-by-Side Review of Leading Online Banks for Maximum Financial Convenience (2023 Edition)

Because both Ally and chime are excellent financial services, choosing one may be challenging. Fortunately, this essay offers a thorough examination of the parallels and contrasts between the two. 

Let’s dive in!

Related article: How to Setup an Ecom Business

Our Pick

As a financial institution, Ally undoubtedly provides more comprehensive financial services to its customers than Chime does. For this reason, it may be many people’s preferred choice, especially regarding savings, as it even has a checking account that bears interest. However, if you need more streamlined services or need to build your credit, Chime would be better for you since it offers secure credit cards.

About Ally

AllyAlly is a great online bank for folks who don’t like to venture out of their comfort zones. All you need to do, just like any other online bank, is to pick up your mobile and carry out your transactions. Ally was founded in 2009 as Ally Bank.

The company had existed before that, but its name was the General Motors Acceptance Corporation (GMAC). However, in 2010, they were rebranded as Ally Financial. Since then, they have increased their services and constantly improved. They offer several things you might not get from a regular online bank.

When you open a bank account with Ally, they will assist you with online banking. This banking option is very similar to a standard bank account, except that it is entirely web-based and mobile-accessible.

However, you can access your account any time you want. Some of their banking services are personal loans, mortgages, investment services, etc. Ally gives you the liberty to choose from different options regarding your online savings accounts, money market accounts, and other services.

Most of the time, these options are superior to the norm other banks offer. You can’t deposit cash, so you’ll have to transfer funds from another account or mail a check.


Digital Banking

Due to its nature as an online banking service, internet access is required. It’s technological foundation means it’s hassle-free and stress-free to use. There will be moments when you need to conduct transactions but are too exhausted or unwilling to exert much effort.

Ally has a mobile app that works on Android, Windows, and iOS. The app has good ratings on Google and App Store given by those who have used it. You can use this app anytime, and to ensure smooth usage, the company has great customer service. This customer service is always available, so customers can always feel free to report any issues. You can make transfers, check your balance, deposit cheques, and pay some of your bills from the app. 

No Maintenance Fees

Most physical banks take money out of your account at a particular rate for maintenance. Some banks have been known to take substantial sums of money from customers over time, sums which, when saved, could be used to meet various needs. However, with Ally, your money belongs to you alone. 

Certificate of Deposits

Ally offers three different types of certificates of deposit so you can choose which suits you best. They have the High Yield, Raise Your Rate, and No Penalty certificates of deposit. You can also choose your number of terms length, and there is no minimum amount you must deposit to be part of this. However, it is important to understand each type before you go ahead to pick one. 

Online Savings Account

Banks generally give you interest when you save money with them, but some are higher than others. Most times, online banks offer better rates. Ally bank gives you a 2.35% Annual Percentage Yield, one of the best rates you can get from most financial institutions. Furthermore, they offer a checking account that accrues interest.

Money Market Account

Ally also offers a money market account. They pay a 2.35% Annual Percentage Yield (APY) on this account. Apart from the good rate, there is no charge for making deposits and withdrawals. 



About Chime

ChimeChime is a financial technology company. People often mistake it for a bank because of the services it renders. Bancorp Bank and Stride Bank provide the banking services that Chime offers. It was founded in 2012 and has been improving its services constantly ever since. Just like online banks, Chime does not have physical branches. However, it has some features that stand out and are commonly used. Chime has two bank account options for you to choose from. They are the Chime Checking account and the Chime high-yield savings account. 


No Fees

There are several fees that other banks take from your account. These fees are charged on a range of services like overdraft, maintenance, ATM use, and transfers. Chime does not charge for any of these services, so you can save extra money to use for the things you need. You can get a chime debit card delivered to you for free. In addition, if the card gets misplaced or stolen, it will also get replaced for free. 

Online Banking

Chime makes use of a mobile app and internet access to function. Its different features make it a top choice for your various transactions. The app has been used by various people who rate it highly. Each time you use the account, the app will notify you of whatever has been done so that nobody can access your account without your knowledge. Also, you can use the app to disable different things in your account if you wish. This makes it very useful for you if your card ends up in the wrong hands. 

This card’s Visa status means it can be used anyplace else Visa is accepted. In addition, the Chime mobile app allows you to deposit funds via check.

Credit Card

Chime stands apart from the competition thanks to this special quality. It allows you to apply for a Secured Chime Credit Builder Visa® Credit Card, which can be a great tool for establishing or improving your credit. This card, however, is only available to those who have a Chime Checking Account. 



Similarities between Ally and Chime

  • High-Interest Saving Accounts

Both Chime and Ally bank offer great interest rates for their savings accounts. Their rates are similar at somewhere above 2% per annum. However, Chime’s savings account interest rates are variable; they are subject to change depending on the institution.

You also don’t need to have a checking account with either to open a savings account. You can just go ahead to open a free saving account without minimum deposit requirements. Furthermore, the account opening process for both is quite straightforward, and you can open the account in the comfort of your home. All you need is a smartphone or computer and an internet connection.

Finally, with both Chime and Ally, you can set up direct deposits to your accounts so that you can receive your paycheck in your checking or savings account.

  • Debit Cards

Both Chime and Ally Bank offer secure debit cards linked to your checking account so that you can access and spend your money. Each of their checking accounts comes with distinct features that make them attractive. Ally has a round-up feature that directs a certain amount to your linked savings account every time you spend money from your checking account. On the other hand, Chime gives you up to $200 with no overdraft fees depending on your eligibility.

  • Loans

Both banks provide services through which you can get some money that you can pay back later. Ally has a lending division through which you can access loans for certain things like medical bills but no personal loans. Their loans typically do not require any application fees.

While Chime does not directly offer loans, its credit card services and free overdraft feature may present the same benefits for you. In a way, you can take these as personal loans that you will repay later.

  • Online Banking Services Provided

You can access Ally and Chime’s comprehensive services via the internet. Chime is like an online bank offering mobile banking services through its app. Via the app, you can access all of their services without needing to visit physical locations for anything.

If you need anything, Chime has a comprehensive help page with answers to most of your questions. Furthermore, it has FAQs to answer customers’ most pressing questions. And if you need to speak to a customer care staff, you can contact both of them either through email or phone call.

Credit Cards
Differences Between Ally and Chime

  • Bank vs Financial Technology Company

This is the biggest difference between the two establishments. While Ally is registered as a bank under Ally Financial in the United States, Chime is not a bank. As such, Chime does not offer some extensive banking services that Ally offers, like mortgages and investment services.

That said, Chime offers a few banking services which are provided by the organization’s affiliates, namely The Bancorp Bank or Stride Bank. However, both are members of the Federal Deposit Insurance Corporation (FDIC), meaning that your money with either one of them is safely insured.

  • Checking Accounts

Checking accounts are a type of transactional bank account used mostly for making purchases. A checking account can be called your spending account since you can deposit cash and withdraw from it at will, unlike savings accounts, which are meant to store later money.

Both banks offer free checking accounts. Chime follows the traditional no-interest model for its checking accounts, but with Ally, you get some interest on the money in your cash account at a rate of between 0.10% – 0.25%. While this rate is quite low, it is way better than what you get from most other financial institutions.

  • Credit Cards

One big difference between both institutions is that Ally Bank does not offer credit cards to all its customers. Before 2022, Ally did not offer credit cards at all. However, in early 2022, they announced the launch of three different credit cards with attractive features. But these cards are invite-only, meaning that you cannot simply apply for the card.

On the other hand, Chime also offers three different credit cards. But anyone with an account with them can apply for the card that suits their taste. Notably, they have a Chime Credit Builder Secured Credit Card with zero APR, no credit check to apply, and no minimum security deposit requirement.

The features of this card make it such that almost anybody can qualify for it. Therefore, in terms of credit building, Chime is a much more convenient platform than Ally.

  • Foreign Transaction Fees

Foreign transaction fees are usually a percentage of the money involved in the transaction. Ally charges up to 1% on foreign transactions, which is one of the lowest rates available. However, Chime’s foreign transactions are fee-free, and there are no hidden fees, although there may be charges by the ATM owner depending on the kind of ATM you use overseas.


Chime is a great financial technology company offering simplicity, deposit benefits, and interest rates. On the other hand, as a bank, Ally offers you robust opportunities like CDs and investment opportunities. You also get great interest rates, although they don’t offer credit cards, so you may find it difficult to build your credit with them.

The truth is that the best institution for you will depend solely on your needs as they do not provide exactly the same services. Both institutions are great in their own right, objectively speaking. So, the best way for you to decide which you would go for is to go through their features, pros, and cons and pick the one that favors you best when starting or managing your ecom business