Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Ally vs. Simple

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

Updated . What changed?

Fact checked
Ally and Simple bank logos
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.

Quick comparison of Ally vs. Simple

Ally offers a much wider selection of bank accounts and other financial products. While Simple has more saving, budgeting and money management tools than Ally. Let’s see how these two banks stack up against each other:

Who is best in terms of…
FeesSimple charges almost no fees on its accounts compared to Ally.
Opening depositsAlly lets you open any account with $0, while Simple requires a $250 minimum for CDs.
Interest ratesYou’ll earn more interest in Ally’s deposit accounts.
Domestic ATMsAlly has slightly more domestic ATMs than Simple.
International ATMsSimple won’t charge you any fees for using your debit card abroad, unlike Ally.
Third-party ATM feesSimple won’t charge you for using out-of-network ATMs, while Ally will.
Checking accountsAlly’s checking accounts have higher APYs, but Simple offers more money management tools.
Savings accountsSimple’s savings account has a slightly higher APY and more tools to help you manage your money.
CDsAlly offers high yield, raise your rate and no-penalty CDs, while Simple only offers no-penalty CDs.
Customer serviceAlly has 24/7 customer service while Simple’s hours are more limited.
Branch locationsNeither bank has branch locations.

Ally vs. Simple savings accounts

Both banks are neck and neck when it comes to APYs. Ally’s savings account pays 0.6% interest compared to Simple’s 0.6%, Simple’s goal-oriented approach could make it easier to save. Because of this, Simple has the upper hand in this category.

Trophy icon
Winner: Simple

Click the tabs on the table to view savings accounts from Ally and Simple. Sort each list by APY, fees and minimum opening deposit depending on what you’re looking for.

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
Ally Bank Online Savings Account
0.60%
$0
$0
An online-only savings account with no maintenance or hidden fees.
Ally Money Market
0.50%
$0
$0
This money market savings account comes with a debit card and no minimum balance fees.
loading

Compare up to 4 providers

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Simple
$0
40,000 AllPoint ATMs in Simple’s network
$0
Banking and budgeting in one simple app.
loading

Compare up to 4 providers

Ally vs. Simple checking accounts

Ally’s checking account pays interest, but it also has overdraft fees and foreign transaction fees. On the other hand, Simple doesn’t charge for overdrafts, foreign transactions, insufficient funds or out-of-network ATMs. Plus, it has robust money management tools to help you track your spending. Because of this, Simple comes out on top.

Trophy icon
Winner: Simple

The table breaks down top details for Ally and Simple’s checking accounts. To view even more information — such as overdraft fees, foreign transaction fees and deposit methods — click the “Compare” box next to each account.

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Simple
$0
40,000 AllPoint ATMs in Simple’s network
$0
Banking and budgeting in one simple app.
Ally Bank Interest Checking
$0
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.
loading

Compare up to 4 providers

Ally vs. Simple CDs

Ally offers high yield, raise your rate and no-penalty CD options. Each has high APYs, $0 opening deposits and flexible terms. Simple only offers one CD — a no-penalty option with a 12-month term and a $250 opening deposit. If you want the ultimate flexibility when it comes to locking your money away for an extended period of time, Ally is the clear choice.

Trophy icon
Winner: Ally

Looking for a CD with the highest APY? Use the table to view and sort APYs across various CD terms.

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Ally High Yield CDs
0.65%
0.7%
0.75%
1%
Ally Raise Your Rate CDs
0.7%
loading

Compare up to 4 providers

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:

AllySimple
Branches00
ATMs43,00040,000
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

Trophy icon
Winner: Tie

Ally vs. Simple: Which one is best for me?

Wondering whether you should go with Ally or Simple? Here’s how to decide:

  • Choose Ally if…if you want the highest APYs and access to a broader range of financial products.
  • Choose Simple if… you want access to savings and money management tools that help you stay in control of your finances.

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

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

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site