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Find the right savings account for you
Chime and Ally are two online banking platforms with checking and high-yield savings accounts.
Your choice between the two could come down to the nitty-gritty of what you want out of an account. We've broken down the features, pros, and cons of both companies, and declared the winner for each section.
Pros and Cons of Chime
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Pros and Cons of Ally
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Chime vs. Ally Savings Account Comparisons
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Ally has several robust savings tools. For example, you can save for specific savings goals through a feature called savings buckets. You can assign labels for a goal and track your progress by setting a goal amount. You'll also be able to automatically transfer extra change from your checking account to help you save.
Chime's savings account lets you round up debit card purchases to help you save, but its savings tools aren't as robust.
Something you'll also want to keep in mind is that you must open a
Chime vs. Ally Checking Account Comparisons
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Deciding between Chime and Ally checking accounts will likely depend on minor preferences.
The most notable distinction between the two accounts is how you'll deposit cash into the account.
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If you'd like to deposit cash at Ally, you'll have to take extra steps. You'll need to deposit cash at an external bank account, then transfer the money to your Ally checking account. Usually, transactions take a few business days to process.
Ally checks your credit score and banking history when you apply for an account, while Chime does not. This means you may qualify for an account with Chime even if you don't with Ally.
Chime vs. Ally CD and Money Market Account
Chime doesn't offer CDs or a money market account. Ally has three types of CDs: high-yield CDs, no-penalty CDs, or Raise Your Rate CDs that increase your rate if Ally's rates go up during your term.
Ally's money market account pays a competitive interest rate. It also provides you with a debit card and paper checks, making it a convenient savings tool for stashing your emergency fund and accessing money quickly if necessary.
Chime vs. Ally Trustworthiness and BBB Ratings
The Better Business Bureau measures companies by evaluating responses to customer complaints, honesty in advertising, and transparency about business practices. Ally received an A rating from the BBB because it has three unresolved complaints. Chime has an F rating it because it has a high volume of unresolved customer complaints, and it still hasn't responded to some of them.
There has also been government action against Chime. Chime used the URL "Chimebank.com" as well as using the words "bank" and "banking," even though the company is not licensed to operate as a bank in any jurisdiction. In a 2021 settlement with The Commissioner of Financial Protection and Innovation, Chime agreed to make it clear in future advertising that it is not a bank.
Many users have filed complaints with the Consumer Financial Protection Bureau, saying that Chime has unexpectedly closed their accounts and sometimes kept them from accessing their money.
Chime vs. Ally: Frequently Asked Questions
Is Chime or Ally better?
Deciding between Chime and Ally will likely depend on which accounts you'd like to open. Ally offers CDs and money market accounts, which Chime doesn't have. If you'd like to open a Chime savings account, you'll also have to open a Chime checking account first. Chime may be a stronger option if you're searching for a checking account that makes it easy to deposit cash into your bank account.
Which banking platform, Chime or Ally, has the higher interest rate?
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