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Simple

Simple
Overall Satisfaction Rating 4.00/5
  • 5 stars
    3
  • 4 stars
    2
  • 3 stars
    3
  • 2 stars
    0
  • 1 stars
    0
Based on 8 ratings

This company is not yet accredited. See reviews below to learn more or submit your own review.

BOTTOM LINE

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.

PROS

  • ATM availability
  • FDIC-insured
  • No fees

CONS

  • No direct cash deposit

Top Simple Reviews We Found

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Rated with 5 stars
Verified Reviewer

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.

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Rated with 4 stars
Verified Reviewer

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.

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    Are you this business?

    About Simple

    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.

    Simple services

    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.
    Expenses
    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.
    Safe-to-Spend
    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.
    Security
    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:

     AndroidiPhone
    Photo check deposit
    Goals, Safe-to-Spend, Expenses, Instant Transfer
    Real-time push notifications
    Personalized transactions
    Apple Pay compatible
    3D Touch-enhanced
    Google Pay compatible
    Android Wear compatible
    Samsung Pay compatible
    Android
    iPhone

    Simple FAQ

    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.

    Simple Reviews

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    How do I know I can trust these reviews about Simple?
    How do I know I can trust these reviews about Simple?
    • 2,347,099 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.

    For more information about reviews on ConsumerAffairs.com please visit our FAQ.

    Page 1 Reviews 0 - 10
    Rated with 4 stars
    Verified Reviewer
    Original review: Aug. 9, 2019

    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.

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    Rated with 5 stars
    profile pic of the author
    Verified Reviewer
    Original review: Aug. 6, 2019

    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!

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      Rated with 5 stars
      Verified Reviewer
      Original review: July 30, 2019

      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.

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      Rated with 3 stars
      profile pic of the author
      Verified Reviewer
      Original review: July 1, 2020

      I have had my Simple account for a couple months now. Due to Covid-19 I've been receiving PUA unemployment checks. Now, the first physical check I deposited I understood would be a 9 day hold, that's defined. But then I also go a few more that were accepted and posted even before the next business day. UNTIL... I tried to photo deposit a check for 1080.00. First it was denied because it was 'blurry', notification after business hours on Friday. Retook it, spoke to customer service... said wait until later in the day for processing. It gets processed but now there is a 5-day hold on this government-issued check, starting on Monday... Feels like shenanigans. My deposit limit said 3000.00.

      I had a separate check that did go through after cutoff on Friday for a 1/4 the amount, the other part of my unemployment, and got the money Friday night. Seems very arbitrary... And now I'm nervous because I put my eBay account for managed payments starting in July to Simple. What's going to happen then? eBay holds my money, then Simple does too? Doesn't seem that Simple does it?

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      Rated with 3 stars
      Verified Reviewer
      Original review: Aug. 1, 2019

      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.

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      Rated with 5 stars
      Verified Reviewer
      Original review: June 5, 2019

      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.

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      Rated with 4 stars
      Verified Reviewer
      Original review: June 2, 2019

      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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      Rated with 3 stars
      Verified Reviewer
      Original review: May 30, 2019

      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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      Simple Company Information

      Company Name:
      Simple
      Website:
      www.simple.com