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Pros and cons of Ally vs. Simple
- 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.
- 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.
- 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.
- 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.
Ally vs. Simple checking accounts
Ally vs. Simple CDs
Ally vs. Simple other productsAlly 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:
- Credit cards
- IRA CDs
- Home loans and refinancing
- Brokerage accounts
- Portfolio management
- Money market account
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 vs. Simple special features
Both institutions have special features that separate them from their competition:
- No penalty and Raise your Rate CDs
- 24/7 customer service
- Management and savings tools
- Almost no fees
Bottom lineAlly 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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