Ally Bank vs Chime
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of Ally Bank vs. Chime
As of August 29, 2025 Ally Bank offers an APY of 3.50% for its Savings Account, compared to Chime's 3.75% APY for its Chime Savings Account account.
Chime yields $25 more than Ally Bank on a $10,000 balance after one year. Ally Bank pays $350, while Chime pays $375 - an APY advantage for Chime.
Ally Bank
Strengths
- Ally Bank offers a competitive APY of 3.50% with no direct deposit requirement.
- Ally Bank has a high App Store rating of 4.7.
- Ally Bank has no maintenance fees for its savings account.
Potential Drawbacks
- Ally Bank's APY has not changed in the last 30 days.
- Ally Bank does not offer a direct deposit option for its savings account.
Chime
Strengths
- Chime offers a higher APY of 3.75% with a qualifying direct deposit.
- Chime has an excellent Google Play rating of 4.7.
- Chime has no maintenance fees for its savings account.
Potential Drawbacks
- Chime requires a direct deposit of $200 to qualify for the 3.75% APY.
- Chime's APY is significantly lower at 1.25% without a direct deposit.
Summary: Ally Bank provides a stable APY of 3.50% without a direct deposit requirement, while Chime offers a higher APY of 3.75% but mandates direct deposits. Ally Bank's App Store rating is 4.7, slightly lower than Chime's 4.8 on Google Play. Both banks have no maintenance fees, but Chime's lower APY of 1.25% without direct deposit may deter some customers.
Compare Ally Bank's vs Chime's Savings Accounts
| Ally Bank | Chime | ||
|---|---|---|---|
| Product | Savings Account | vs | Chime Savings Account |
| APY | 3.50% (as of 8/29/2025) | 1.25% - 3.75% (as of 8/29/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0.01 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | Yes. You need to receive a qualifying direct deposit of $200 or more within the preceding 34 days | |
| Note | Chime® is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. To open a savings account you must first open a checking account. To qualify for Chime+ with the 3.75% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.25%. | ||
| App Store Rating | 4.7/5 | 4.8/5 | |
| Google Play Rating | 4.4/5 | 4.7/5 | |
| BBB Rating | A+ | A- |
Comparative Historical APY Insights (Last 7 Months)
| Ally Bank | Chime | ||
|---|---|---|---|
| Product | Savings Account | vs | Chime Savings Account |
| Latest APY | 3.50 % | 3.75 % | |
| Trend | Sideways | Rising | |
| Slope (bps/mo) | -4.1 | 29.3 | |
| Rate Changes / Mo | 0.42 | 0.14 | |
| Days Since Last Change | 73 | 152 | |
| High (-7 m) | 3.80 % | 3.75 % | |
| Low (-7 m) | 3.50 % | 2.00 % | |
| Draw-down from High | -7.9 % | 0.0 % | |
| Volatility (CV) | 0.025 | 0.239 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-7 m)
- Highest APY in the last 212 days.
- Low (-7 m)
- Lowest APY in the last 212 days.
- Draw-down from High
- How far today sits below the 7-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Ally Bank vs Chime
All calculations are based on APY.
Ally Bank
APY: 3.50%
Total savings breakdown:
- Interest earned: $2,114.1 (10.51%)
- Total contributions: $13,000 (64.63%)
- Initial deposit: $5,000 (24.86%)
Your total balance
$20,114.10
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewChime
APY: 3.75%
Total savings breakdown:
- Interest earned: $2,273.8 (11.22%)
- Total contributions: $13,000 (64.12%)
- Initial deposit: $5,000 (24.66%)
Your total balance
$20,273.80
Effective APY: 3.75% (based on your deposit and contributions)
Total balance: $20,273.8
Earnings: $2,273.8
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Ally Bank's total earnings would be $159.7 lower than Chime's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Ally Bank's APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Ally Bank vs American Express | 3.50% | $0 |
| Ally Bank vs Axos Bank | 4.46% | $0 |
| Ally Bank vs Bank of America | 0.01% | $100 |
| Ally Bank vs Barclays | 4.10% | $0 |
| Ally Bank vs Capital One | 3.50% | $0 |
| Ally Bank vs Chase Bank | 0.01% | $0 |
| Ally Bank vs CIT Bank | 4.00% | $100 |
| Ally Bank vs Discover Bank | 3.50% | $0 |
| Ally Bank vs Fitness Bank | 4.85% | $100 |
| Ally Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Ally Bank vs Presidential Bank | 4.50% | $5,000 |
| Ally Bank vs SoFi Bank | 3.80% | $0 |
| Ally Bank vs Synchrony Bank | 3.80% | $0 |
| Ally Bank vs UFB Direct | 4.21% | $5000 |
| Ally Bank vs Varo Bank | 5.00% | $0 |
| Ally Bank vs Wells Fargo | 2.51% | $25 |
Compare Chime's APY of 3.75% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Chime vs American Express | 3.50% | $0 |
| Chime vs Axos Bank | 4.46% | $0 |
| Chime vs Bank of America | 0.01% | $100 |
| Chime vs Barclays | 4.10% | $0 |
| Chime vs Capital One | 3.50% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs CIT Bank | 4.00% | $100 |
| Chime vs Discover Bank | 3.50% | $0 |
| Chime vs Fitness Bank | 4.85% | $100 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs Presidential Bank | 4.50% | $5,000 |
| Chime vs SoFi Bank | 3.80% | $0 |
| Chime vs Synchrony Bank | 3.80% | $0 |
| Chime vs UFB Direct | 4.21% | $5000 |
| Chime vs Varo Bank | 5.00% | $0 |
| Chime vs Wells Fargo | 2.51% | $25 |