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While they have some products in common, Ally and Chime have a different banking product line, but does this mean one is a better bank?
We’ll need to look a little closer to make that determination.
When Ally Bank Wins?
Ally has quite a comprehensive banking product line that could easily rival a conventional bank. There is a savings account, checking account, CDs, investments via Ally Invest, retirement products, personal loans, auto loans, and mortgages available.
Ally Bank can be a better choice than Chime if:
You want to earn interest on your checking account
You want to access loans and mortgages
You’re interested in CDs
When Chime Wins?
Chime’s product line is more streamlined. All Chime products are structured to help customers rebuild or build credit. There is just one savings account, one checking account and one credit card option.
Open account on Chime can be a better choice than Ally if:
You want a secured credit card
You want to build your credit
You want access to a fee free overdraft facility.
Ally | Chime | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
As of [month-year], Ally savings rates are higher. Neither account has a minimum deposit, so you can enjoy a great rate regardless of how much you hold in your account.
However, there are some stand out features for both banks. For example, the Ally savings account has buckets to allow you to organize your savings. This means that you can allocate funds for different savings goals without needing to manage multiple accounts.
However, Chime has a When I Get Paid feature that automatically saves a percentage of your paycheck each time you get paid. Both these account features are designed to make it easier to save towards achieving your financial goals.
Ally | Chime | |
|---|---|---|
APY | 4.00% | 2.00% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
Checking Needed? | No | No |
Main Benefits |
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