Ally vs. Simple

Two digital banking options with low fees and convenient features, but which is right for you?

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Ally and Simple bank logos

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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 1.8% interest compared to Simple’s 2.15%, Simple’s goal-oriented approach could make it easier to save, giving it the upper hand in this category.

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Winner: Simple

Name Product Interest rate (APY) Fee Minimum deposit to open
1.80%
$0
$0
An online-only savings account with no maintenance or hidden fees.
1.00%
$0
$0
This money market savings account comes with a debit card and no minimum balance fees.

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Name Product APY ATMs Fee
2.15% on balances of $10,000+
2.02% on balances of $0 to $9,999
40,000 AllPoint ATMs in Simple’s network
$0
Banking and budgeting in one simple app.

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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.

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Winner: Simple

Name Product APY ATMs Fee
2.15% on balances of $10,000+
2.02% on balances of $0 to $9,999
40,000 AllPoint ATMs in Simple’s network
$0
Banking and budgeting in one simple app.
0.60% on balances of $15,000+
0.10% on balances of $0 to $14,999
Free at any Allpoint ATM in the US
$0
A checking account with no monthly maintenance fees, but a high minimum daily balance if you're looking to get a decent APY.

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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.

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Winner: Ally

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
2%
2.05% on CDs of $25,000+

2% on CDs of $5,000 to $24,999

1.9% on CDs of $0 to $4,999
2.1% on CDs of $25,000+

2.05% on CDs of $5,000 to $24,999

1.95% on CDs of $0 to $4,999
2.25%
2.05%

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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
  • Phone 24/7
  • Social media
  • Live chat
  • Email
  • Phone weekdays from 9 a.m. to 7 p.m., Saturdays from 10 a.m. to 5 p.m. ET
  • Social media
  • No live chat
  • No email

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

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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.

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