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Ally vs. Simple
Two digital banking options with low fees and convenient features, but which is right for you?
Ally and Simple both operate entirely online, allowing them to offer competitive rates and low fees. And while Ally offers a wide range of financial products, Simple takes a straightforward approach with just a checking and savings account plus innovative tools. Compare the two to find out which is better for you.
Pros and cons of Ally vs. Simple
Ally
Pros
- Higher interest rates. You’ll earn more interest in Ally’s deposit accounts.
- Wider range of products. Ally offers a much wider selection of bank accounts and other financial products.
- 24/7 customer service. Customer service is available around the clock.
Cons
- More fees. Ally generally charges higher fees than Simple.
- Fewer tools. Ally isn’t as well-equipped as Simple when it comes to saving, budgeting and money management tools.
- Limited ATM reimbursements. You’ll only be reimbursed up to $10 per month for out-of-network ATM fees.
Simple
Pros
- Free to use other ATMs. Simple won’t charge you to use any ATM.
- Innovative mobile banking. Simple is designed for mobile devices and comes packed with tools, alerts and notifications that can help you manage your money more effectively.
- Low fees. Simple charges almost no fees on its accounts.
Cons
- Limited banking products. Unlike Ally, which has a wide range of products, Simple only offers a checking account with optional savings goals.
- Lower interest rates. You won’t earn any interest on Simple’s checking account and goals don’t pay interest until they reach a balance of at least $10,000.
- No 24/7 customer service. Simple customer service is only available during business hours.
Ally vs. Simple savings accounts
While Ally’s savings account pays 1.6% interest compared to Simple’s 1.9%, Simple’s goal-oriented approach could make it easier to save, giving it the upper hand in this category.
Winner: Simple
Ally vs. Simple checking accounts
Ally’s checking account pays interest, but Simple’s account has lower fees, money management tools, no fees at out-of-network ATMs and more, so it comes out on top.
Winner: Simple
Ally vs. Simple CDs
Ally is the only one that offers certificates of deposit, so it’s the clear choice if you’re looking to put away some money for an extended period of time.
Winner: Ally
Ally vs. Simple other products
Ally has a much more extensive product lineup, so it’s the better choice if you’re looking to do all of your banking in one place:Ally
- Credit cards
- IRAs
- IRA CDs
- Home loans and refinancing
- Brokerage accounts
- Portfolio management
- Money market account
Simple
- none
Ally vs. Simple branches and ATMs
Digital banking is convenient, but with a lack of branches, access to customer service is even more important. Here’s how these two online institutions compare:
| Ally | Simple | |
|---|---|---|
| Branches | 0 | 0 |
| ATMs | 43,000 | 40,000 |
| Customer service |
|
|
Ally vs. Simple special features
Both institutions have special features that separate them from their competition:
Ally
- No penalty and Raise your Rate CDs
- 24/7 customer service
Simple
- Management and savings tools
- Almost no fees
Winner: Tie
Bottom line
Ally and Simple are two innovative financial institutions that aim to make it easier to manage and save your money. Choose Ally if you’re looking for higher rates or a wider range of products, or go with Simple if you value mobile banking and want tools to help you reach your goals. Either way, you can compare other accounts to find one that’s right for you.Frequently asked questions
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