Which is best for online banking?

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  • Ally and Chime are two great options for checking and savings accounts.
  • When it comes to a high yielding savings account from people you trust, Ally is the winner; it also has CDs and a money market account, unlike Chime.
  • Chime has the strongest checking account because you can deposit money and receive paychecks sooner.
  • Read Insider’s full reviews of Chime and Ally.

Chime and Ally are two online banking platforms with checks and

high yield savings accounts
. Neither requires money to open an account, and neither charges a monthly service fee.

Your choice between the two could come down to what you expect from an account. We’ve broken down the features, pros and cons of both companies and declared the winner for each section.

Featured deposit accounts

Annual percentage return (APY)

0.40% APY at 07/30/21

Annual percentage return (APY)

0.29% to 0.40% APY

Annual percentage return (APY)

0.01%

Advantages and disadvantages of Chime

Advantages and disadvantages of Ally

Savings

Annual percentage return (APY)

0.50% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • High APY
    • No minimum opening deposit
    • No monthly service fees
    • Savings compartments help you save for different purposes
    • Surprise savings transfers help you save extra money in your checking account
    The inconvenients
    • No physical branches
    • No way to deposit money
    • Create separate savings compartments in a savings account
    • Log into your Ally checking account and sign up for surprise savings transfers to transfer extra money to savings three times a week
    • Interest compounded daily, paid monthly
    • FDIC insured

    Read our review
    Read our review A long arrow, pointing to the right

    Verification

    Annual percentage return (APY)

    Nothing

  • Advantages and disadvantages

  • Details


  • Benefits
    • No minimum opening deposit
    • No monthly service fees
    • Receive your paycheck up to 2 days in advance
    • Round debit card purchases to the nearest dollar and put change in your Chime savings account
    • No overdraft fees for overdrafts up to $ 200 with SpotMe, if you qualify
    • No foreign transaction fees
    • Request checks sent to recipients online
    The inconvenients
    • Off-network ATM fee of $ 2.50
    • No overdraft protection for overdrafts over $ 100
    • Cash deposit at Green Dot locations, which may incur fees
    • No physical checkbook
    • Limited to $ 200 / day or $ 1,000 / month of transfers from external bank accounts, if initiated via Chime
    • Over 38,000 free ATMs nationwide via MoneyPass® and Visa® Plus Alliance
    • Round debit card purchases to the nearest dollar and transfer change to your Chime savings account
    • Qualify for SpotMe overdraft protection by receiving $ 500 in direct deposits per month
    • Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, NA; FDIC members.

    Read our review
    Read our review A long arrow, pointing to the right

    CD account and money market

    Chime does not offer CDs or money market accounts. Ally offers three types of CDs: high yield CDs, penalty free CDs, or Raise Your Rate CDs which increase your rate if Ally’s rates increase during your tenure.

    Ally’s Money Market Account pays a competitive interest rate. It also provides you with a debit card and paper checks, making it a handy savings tool for stashing your emergency fund and getting quick access to cash when needed.

    Annual percentage return (APY)

    0.15% to 0.80% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • Competitive APY
    • No opening deposit required
    • Low early withdrawal penalties
    The inconvenients
    • No mandate over 5 years
    • No physical branches
    • Duration ranging from 3 months to 5 years
    • 60-day early withdrawal penalty term interest penalty of 24 months or less; 90 days of interest for a period of 25 to 36 months; 120 days of interest for terms of 37 to 48 months; 150 days of interest for terms of 49 months or more
    • Interest compounded daily, paid monthly
    • FDIC insured

    Read our review
    Read our review A long arrow, pointing to the right

    Annual percentage return (APY)

    0.50% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • No opening deposit or minimum account balance
    • No monthly service fees
    • Access to a debit card
    • Access to paper checks
    • Refunds at off-grid ATMs up to $ 10 per month
    • 24/7 customer service
    • Easy to use mobile app
    • Link to other Ally bank accounts
    The inconvenients
    • Not the highest APY money market account
    • No physical branches
    • $ 10 Excess Transaction Fee (Paused During COVID-19)
    • Access to checks and a debit card
    • Interest compounded daily, paid monthly
    • FDIC insured

    Read our review
    Read our review A long arrow, pointing to the right

    Which one is the most reliable?

    Ally has no public scandals. Chime has a recent controversy: the platform used the URL “Chimebank.com” and the words “bank” and “bank”, even though Chime is not licensed to work as a bank. Although Chime is insured through a bank, it is technically a banking platform, not a bank.

    The Better Business Bureau measures the reliability of businesses by evaluating responses to customer complaints, honesty in advertising, and transparency in business practices. The BBB rates Ally a C and Chime a B in terms of reliability, mainly due to not responding to all customer complaints on the BBB website.

    Ally has received hundreds of customer complaints through the BBB over the past three years, while Chime has thousands.

    Chime and Ally are both strong businesses overall, and your choice between the two will likely depend on what you expect from a checking or savings account.


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