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Simple is an online bank specializing in e-checking accounts and online bill pay services. It's FDIC insured and has a wide network of ATMs.
- ATM availability
- No fees
- No direct cash deposit
I like that Simple is online only and they have low to no fees. And they have very efficient customer service. I don't have to talk to anyone and there are never any crashes or other problems with the app. But the login process gets a little complicated sometimes.Read Full Review
I love the features especially the set money aside for bills feature. They are pretty quick to get back with you using their online messaging. I like they don't charge most fees such as overdraft fees. They need to offer early direct deposit [and] add a service feature such as popmoney.Read Full Review
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Simple is an FDIC-insured online bank available to US residents. Simple’s primary offering is an online checking account attached to a Visa debit card with special services and built-in budgeting tools. These tools tell users how much money is safe to spend after automatically holding amounts for savings and scheduled bills. A Simple account allows users to deposit checks, pay bills online, and withdraw money from more than 50,000 ATMs.
Although Simple has no physical branches, you can carry out personal banking whenever you need and wherever you are with Simple’s mobile app or website. Whether you’re at work, at home or on the go, you’ll have constant access to the following online banking features:
- Mobile Banking
- Although Simple has no physical branches, you can do personal banking whenever you need and wherever you are with Simple’s mobile app or website. Whether you’re at work, at home or on the go, you’ll have constant access to the following online banking features:
- Visa debit card
- Direct deposit
- Photo check deposit
- Transfers to other Simple accounts
- Linking to external bank accounts
- Access to third-party payment platforms like PayPal, Square and Venmo
- Blocking your card if it is lost or stolen
- Goals Envelope Budgeting
- Saving for emergencies and reaching financial goals you’ve always wanted to achieve is difficult. Simple makes it easy for you by helping you save a little at a time without draining your pocket. Just hit the “Create a Goal” button, choose an item for what you want to save for, the amount you want to save, how often you wish to save, then a completion date and Goals will help keep you on track.
- Simple automatically saves for recurring bills before they become due. You don’t have to worry if there’s enough for rent, utilities and other monthly bills. If you ever get off track, they’ll let you know so you can deposit the needed amount.
- Doing the math on your own in a spreadsheet is time-consuming. The "safe-to-spend" feature updates in real time to let you know how much money you have available for spending after deducting the recurring bills.
- Trackable Spending
- This service helps you study your spending habits so you can learn from past spending mistakes. You can track your spending in detailed reports in the form of graphs, charts and categories. It highlights areas where you overspend and should cut back. You can add photos, labels, notes or hashtags to every purchase for easier tracking.
- Shared Accounts
- A shared account is a single deposit account with two Visa debit cards so two individuals can easily track spending. Simple designed this account to encourage financial transparency between account co-owners, spouses, a parent and a child, and partners — legal or otherwise. And, yes, romantic couples, roommates and friends are included.
- Your account with Simple is safe because it is insured with the FDIC and protected by Visa’s Zero Liability policy. It comes with foolproof security features, including two-factor authentication and fingerprint unlocking for Android and iPhone devices. The gold chip on your Visa card also generates a single-use code for every transaction, making it difficult for fraudsters to crack. The moment you make a purchase, your phone receives real-time push notifications for purchase verification. Finally, you can block your card with a tap case it gets misplaced or stolen.
- Photo Check Deposit
- You can deposit checks and money orders using the iOS and Android apps. Take a clear photo of your check and submit the deposit before 5:00 p.m. ET for same-day processing, making the funds available after 24-hours. Photo check deposits are subject to your individual Photo Check Deposit limit. Limits vary depending on how long you’ve been a Simple customer, how many checks you’ve deposited recently and other Simple photo check deposit policies. You can check the mobile app to know your current limit.
Simple’s Mobile Banking App
The Simple mobile banking app works on both iPhone and Android devices. Here are the services available on both systems:
|Photo check deposit|
|Goals, Safe-to-Spend, Expenses, Instant Transfer|
|Real-time push notifications|
|Apple Pay compatible|
|Google Pay compatible|
|Android Wear compatible|
|Samsung Pay compatible|
- Does Simple charge fees?
- Simple typically doesn’t charge fees. You’ll pay $5 if you want a checkbook to cover the cost of materials and shipping. If you use an ATM that is not a member of Simple's ATM network, that ATM company may charge you transaction fees. Also, Visa may charge you one percent of the total transaction if you use your Visa debit card internationally.
- How secure is Simple?
- Funds in all Simple accounts are held by Simple’s partner bank, BBVA Compass, which is a member of FDIC. Simple goes through great lengths scrutinizing, testing and auditing their network and server, software and web application, data retention and disaster recovery, and organizational security. Accounts are also covered by the Visa Zero Liability policy.
- What are Simple’s interest rates?
- Simple offers a 2.02 percent Annual Percentage Yield on Protected Goals accounts available to current account owners. APY is the actual percentage a customer will earn in one year.
After you open a Simple checking or shared account, you can open a Protected Goals account as an Emergency Fund and set a savings goal. Simple will transfer funds every day from your Safe-to-Spend balance or other Goals to your Emergency Fund. Simple applies a daily periodic rate in calculating your interest on a compounding basis. Your daily interest calculations are added and credited to your Emergency Fund at the end of each month. The more frequently you apply cash to your Emergency Fund, the more frequently compounding occurs and higher the APY.
- Does Simple allow joint accounts?
- Yes. Simple allows joint accounts to create a way for partners to share and manage money. Details of the account are discussed above.
Do we recommend Simple?
With free checking and shared accounts, plus 2.02 percent APY on Protected Goals accounts, Simple is a solid choice in the online banking category. It has excellent mobile banking tools, so it is best for customers who are tech-savvy and always on the go. We also recommend it to people who want to save on fees and charges.
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It's an okay product. The bank fees are reasonable. The daily rate could be a little higher. Overall it's a good company, I would recommend it. It has a great service and it good for teenagers. The card looks like a regular debit card.
After your wait time of your first initial deposit of a check it’s the best way to bank! Just take a picture of the check and usually the very day or possibly the next day you have access to the money. I absolutely love this online bank! No more insufficient funds, monthly fees etc. I direct deposit my payroll check and my monthly social security check; no more high priced banking fees for me anymore!
They have a very easy to use web app that lets me take a photo of a cheque and deposit it, transfers are a snap with Interact e-transfer and I can check my balance right on my phone. If I need cash I just find an atm machine but for the most part I just pull out my debit card and pay with a tap.
I like that Simple is online only and they have low to no fees. And they have very efficient customer service. I don't have to talk to anyone and there are never any crashes or other problems with the app. But the login process gets a little complicated sometimes. Having to use a passphrase instead of just a password is kinda of ridiculous sometimes. I can never remember it.
I love the features especially the set money aside for bills feature. They are pretty quick to get back with you using their online messaging. I like they dont charge most fees such as overdraft fees. However, they need to stop charging foreign transaction fees, when they claim they do not. They need to offer early direct deposit. They need to add a service feature such as popmoney to allow for bank to outside bank transfers. Also I find the occasional need for paper checks to give directly to landlord.
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They're not too bad but trying to get a live person to assist when needed is a bit painful. Automated phones are not the way to go, things need to be more personal. When someone is trying to get some help on a problem they're not going to make the call unless talking to a live person is needed.
I like that this bank offers 24/7 assistance. I also like that it is simple to navigate. I appreciate the abundance of information this bank has. I am able to budget while making smart decisions with my funds. I love that there are no overdraft fees! One thing I do not like about Simple banking is not being able to deposit cash directly into my account. I also do not like that some payments like my taxes can not be processed on bill pay.
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