Ally Bank vs. Simple: Which Is Best for You?
Editor's note, Jan. 7, 2021: Simple, a subsidiary of BBVA USA, is being shut down. Accounts will eventually be transitioned to and serviced exclusively by BBVA USA. For other strong online options, take a look at NerdWallet's list of the best online checking accounts.
Ally Bank and Simple are two leading online-only banking services. Customers can count on them for low fees and good online banking platforms.
Though both shine, they do so in different ways. Simple’s Safe-to-Spend tool can help you get a firm grasp on your budget. Simple also has a high-yield account that links to its existing checking account. Ally’s high-yield savings account and CDs, on the other hand, give you multiple ways to bolster your savings.
We compared Ally and Simple across several categories to help you determine the best fit.
Snapshot comparison
Ally Bank | Simple | |
Checking accounts | Ally Interest Checking
| Simple Checking
|
Savings accounts | Ally Online Savings Account
| Simple Protected Goals (High-Yield Checking)
|
Certificates of deposit | Ally High-Yield CD
| Simple no-penalty CD
|
Overdrafts, ATMs, customer service | ||
Choose Ally Bank if:
You want a full suite of banking products.
You value having several ways to reach customer service, including online chat.
You occasionally use out-of-network ATMs. (Ally offers fee reimbursements up to $10 monthly.)
Choose Simple if:
You don't want to pay overdraft fees.
You'd like a tool to help manage your spending.
Ally Bank vs. Simple: Basic checking accounts
Ally Interest Checking | Simple | |
Monthly fees | $0. | $0. |
Minimum opening deposit | $0. | $0. |
APY |
|
|
ATM fees and network |
|
|
Sign-up bonus | N/A | N/A |
» See more options on our list of best checking accounts
Ally Bank vs. Simple: Basic savings accounts
Ally Online Savings Account | Simple Protected Goals (High-Yield Checking) | |
---|---|---|
APY | 0.50% APY on all balances. | 0.50% APY on all balances. |
Monthly fee | $0. | $0. |
Minimum deposit to open | $0. | $0.01. |
Sign-up bonus | N/A | N/A |
» Looking for higher rates? Explore NerdWallet's list of top online savings accounts
Ally Bank vs. Simple: Certificates of deposit
Ally High-Yield CD | Simple | |
---|---|---|
Minimum opening deposit | $0. | $250. |
APY on one-year term | 0.60%. | 0.40% (no-penalty CD) |
APY on three-year term | 0.65%. | N/A |
APY on five-year term | 0.85%. | N/A |
» To compare, see our list of the best CD rates
Ally Bank vs. Simple: Banking experience
Ally | Simple | |
---|---|---|
Branches | 0. | 0. |
Banking apps (ratings from app store users) |
|
|
Customer service |
|
|
Ally Bank vs. Simple: Overdraft fees
Ally | Simple | |
---|---|---|
Overdraft fee | $25, maximum of one per day. | N/A |
Overdraft protection transfer fee | $0. | N/A |
Extended overdraft fee | None. | N/A |
Two excellent options with distinct strengths
Ally and Simple are both top-notch online banking services, and their services will come as a welcome change of pace for folks accustomed to high fees.
If you want help getting a better overview of your daily finances, go with Simple and take advantage of its Safe-to-Spend tool. But if you want a bank with well-rated mobile apps and strong customer service options, Ally’s suite of savings products will serve you well. You can see other options on our list of best banks and credit unions.