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Updated . What changed?
Simple announced on January 7, 2021 that it would be shutting down and all of its accounts would be moving over to BBVA USA. We’ll update this page as more details are released.
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… | ||
---|---|---|
Fees | Simple charges almost no fees on its accounts compared to Ally. | |
Opening deposits | Ally lets you open any account with $0, while Simple requires a $250 minimum for CDs. | |
Interest rates | You’ll earn more interest in Ally’s deposit accounts. | |
Domestic ATMs | Ally has slightly more domestic ATMs than Simple. | |
International ATMs | Simple won’t charge you any fees for using your debit card abroad, unlike Ally. | |
Third-party ATM fees | Simple won’t charge you for using out-of-network ATMs, while Ally will. | |
Checking accounts | Ally’s checking accounts have higher APYs, but Simple offers more money management tools. | |
Savings accounts | Simple’s savings account has a slightly higher APY and more tools to help you manage your money. | |
CDs | Ally offers high yield, raise your rate and no-penalty CDs, while Simple only offers no-penalty CDs. | |
Customer service | Ally has 24/7 customer service while Simple’s hours are more limited. | |
Branch locations | Neither bank has branch locations. |
Both banks are neck and neck when it comes to APYs. Ally’s savings account pays 0.5% interest compared to Simple’s 0.3%. Although Simple is known for its goal-oriented approach, Ally‘s online savings account now offers buckets to organize your money and “boosters” that allow you to round up and automate your savings. Because of this, Ally has the upper hand in this category.
Winner: Ally
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.
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.
Winner: Ally
Looking for a CD with the highest APY? Use the table to view and sort APYs across various CD terms.
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 |
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Both institutions have special features that separate them from their competition:
Winner: Tie
Wondering whether you should go with Ally or Simple? Here’s how to decide:
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