Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Chime and Ally are both strong overall.

The bottom line: You’ll likely prefer Ally to Chime if you’re searching for a strong high-yield savings account, money market account, or CD. Chime may be a better choice if you’re opening a checking account because you’ll be able to deposit cash at Walgreens locations.

Find the right savings account for you

Chime and Ally are two online banking platforms with strong 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

Pros
Cons

Receive your paycheck up to 2 days early

No foreign transaction fees

Deposit cash at select retailers (free cash deposits at Walgreens; may deposit cash at other select retail locations but you might be charged a fee)

No joint accounts
No paper checks
No physical locations
You must open a checking account to be eligible for a savings account
No CDs, money market accounts, loans, mortgages, or investment accounts

Pros and cons of Ally

Pros
Cons

Receive your paycheck up to 2 days early

24/7 live customer support

Also has CDs and a money market account

Also has mortgages, auto loans, and investment accounts

No overdraft fees

More savings tools

No way to deposit cash
No physical locations

Chime vs. Ally savings account comparisons

 
Chime Savings Account
Ally High Yield Savings Account

Annual percentage yield (APY)
Chime Savings Account
Ally High Yield Savings Account

Minimum opening deposit
Chime Savings Account
Ally High Yield Savings Account

Monthly service fee
None
None

Perks

Deposit cash for a free at Walgreens
Rounds your debit card purchases up to the nearest dollar and puts the spare change in savings

Savings buckets feature lets you separate savings to create specific goals
Surprise savings tool automatically transfers extra change from your checking account to help you save

Caveats

Must open a Chime Spending Account to qualify for a savings account
No physical branches

No physical branches
No way to deposit cash

Next steps
Chime Savings Account
Ally High Yield Savings Account

The Ally High Yield Savings Account will likely stand out to you if you’re looking for a savings account with strong budgeting features.

Ally has …read more

Source:: Business Insider

      

Chime vs Ally: Which is better for online banking?

Leave a Reply

Your email address will not be published. Required fields are marked *