Simple is an American neobank founded in 2009 and based in Portland, Oregon. It aims to use digital processes to make bill paying, budgeting, saving, and banking much more straightforward, with transparent fees and handy features. Simple has been a part of the BBVA Group since 2014 and therefore, can offer customers FDIC-insured checking accounts to US citizens and permanent US residents. This also means that customer deposits are insured up to $250,000 by the FDIC.
Unlike many of the neobanks and challenger banks on the market, opening an account with Simple does not mean you have to download it. You can apply for a performance by heading to their website Simple.com and entering some basic personal information and verifying your identity. With that being said, Simple does state that once your account is up and running, you will get more out of their service by downloading their app. However, their availability on a desktop does add more flexibility to the service.
Simple has eliminated all fees from the financial services they offer, meaning both accounts available, the Simple Account and Protected Goals Account, are free to use.
Simple offers a list of different options to add funds, making the whole process quick, easy, and convenient. The easiest way to deposit funds is to use the account number provided with your Simple bank account to set up a direct deposit. You can also use this information to request your employer pays you into this account. You can also electronically transfer funds from another bank account at another financial institution. The Simple app also makes it possible to deposit a check into your account by taking a photo of it, which is a great leap inconvenience from traditional banks’banks’ service. Simple does also offer cash deposits by mail.
The app works smoothly and looks clean and user-friendly, placing everything you need for simple and effective banking in one convenient location. The app makes it easy to quickly access your checking and saving accounts, set up online bill paying, and get a clear and concise overview of your monthly expenses. You can use the app to set up spending goals, and Simple makes it easier to track your progress and help it grow faster. The app sends you notifications whenever your debit card is charged, but you can also opt-out if you prefer. The Simple checking account comes with zero-sum budgeting already integrated, which shows that Simple aims to help you progress your control over your finances. The round-up feature allows you to turn your spare change into significant savings, while the intuitive safe-to-spend feature is designed to do the math for you, so there is less stress over your finances.
The first account Simple offers is the ”Simple Account”, offering a checking account designed to focus on spending and budgeting. Despite the account being a spending account and not a savings account, it still offers 0.01% APY on deposits. The account comes with a free debit card sent to your chosen address once your account has been opened. This is a free account with no monthly maintenance fees, no fees for overdrafts, no fees for money transfers, and no fees for a replacement debit card. Simple also offers fee-free withdrawals at over 40,000 ATMs in the Allpoint network. You can use the account to set up an online bill payment, deposit checks via the mobile app, and take advantage of various budgeting features.
Simple also offers a ”Protected Goals Account” that allows customers to store their savings safely and earn interest on them. This account is designed to help those meet their high priority savings goals and store emergency funds safely. This is not technically a savings account, but it functions in a very similar way and will be useful for those looking to save. Those with over $2,000 in their Protected Goals Account will earn 2.02% APY. This account is helpful for those who want to section some of the money in their Simple account off separately into a safe place, and it also comes with the option to move the funds back into your Simple account whenever you are ready.
Simple does not offer an official savings account. However, the Protected Goals Account offered by Simple functions in a similar way to many savings accounts, in that it provides a safe place to store money and offers interest.
Simple does not currently offer loans or credit, focusing its service on checking and budgeting.
Simple offers a cashback program that allows customers to earn cashback on their everyday purchases. The program works through the mobile app or online banking, providing cashback offers that are based on your spending behaviors. This allows you to earn cashback in the areas that you spend the most. This service comes at no additional cost and with no catch.
Simple bank does not currently offer too many perks for traveling. If you are planning to travel with your Simple debit card, you must submit a travel notice. The daily spend limit internationally is $1,000, but they do offer to temporarily increase this to $6,000 if you request this in advance. International card transactions may incur a 1% fee. Simple cards are also banned in certain countries such as Cuba, Belarus, and Iran, and there is a different list of countries that your card may not work in – it is recommended that customers take a look at this before traveling.
This Simple Bank review shows an approach to banking that feels simplified and designed to help you excel with your finances. The automated tools make it easier than ever to see how much you are free to spend, how much you should be saving, and the round-up tool helps you save without thinking. The account allows users to manage their spending and save without stressing over it – they do the majority of tasks for you. The cashback program is effective because it tailors to your spending habits, helping you earn as much cashback as possible. The app works well, and it is nice to manage spending and saving in one place. Overall, Simple Bank fulfills its name and offers a simple service capable of sophisticated tasks, and we are excited to see more features roll out.