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Simple

Simple

 3.9/5 (76 ratings)
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About Simple

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • ATM availability
  • FDIC-insured
  • No fees

Cons

  • No direct cash deposit

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.

Top Simple Reviews

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Rated with 5 stars
Verified

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 ot...

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Rated with 4 stars
Verified

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 s...

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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?
  • 3,428,233 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: June 14, 2021

Been a client for double digit years and am happy... On a negative note, if you wish to transfer money to another bank, you can only take out in increments, instead of a lump sum...just my opinion... Many pluses, like no fee banking, free cheques, and customer service is good...

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Rated with 5 stars
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Verified Reviewer Verified Buyer
Original review: Jan. 25, 2021

I'm disabled from brain damage. Simple gives me a way to set my expenses and fund them so I don't need to wonder if I have money left in my account to pay my bills. This is a huge help!! I've recently read that they are closing and my search for an online bank with the same features brought me here to leave a good review. I'm sad to see them go. I think it's the first time I've ever liked a bank...

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 20, 2021

    I've had a Simple account for a lot of years and for the most part it was pretty positive. I never had issues and felt that customer service was responsive. I didn't like that you didn't receive direct deposit early but that wasn't a huge deal. I recently had someone steal my banking information and drained my account to zero dollars. I contacted simple right away and was told that I couldn't do anything until the status changed from pending to posted. Two days later I called back and was able to dispute the charges. I asked when my money would be returned and she told me that it can easily take over 1 month for this investigation. It was clearly fraud as I wasn't able to fly all over the world to make these transactions.

    I asked about provisional credit and was told that it depends on how many other cases there are and that if approved, would take upwards of 10 business days. It's been nearly 2 weeks and I've had $86 returned to me. This is crazy that it can take this long knowing that people have bills to pay. I now understand why most recommend that you bank with a true banking institution and use credit cards. When I was with US Bank and this happened to me, they immediately issued provisional credit and I went on with life. I'm moving my money over because I can't take the risk that someone can fraudulently take my money and I have to wait months before it's returned to me. Please take my advice and search for a company that won't leave out in the cold when it comes to your money.

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    Rated with 1 star
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    Verified Reviewer
    Original review: Dec. 30, 2020

    I am not sure if it's the actual customer service employees fault, but the company has fallen short this year. I have been a customer for two years now and it has never been this bad. I recently got a new number. I forgot to change it in my app and online so I tried to call them. I was told someone would call me back because the wait was 2.5hrs. They eventually did and I explained what was going on. The guy I was talking to was very pleasant and helped me the best he could. So I got everything updated and tried to reset my password. Well no email or text came from the company like it was supposed to. So I waited an hour like I was told to, to try again. Well nothing happened.

    I have been trying to reach this bank for two weeks now since then to see what is going on and every time I am put on hold for 1-2 hours and after the wait they hang up on me. I call every day first thing in the morning when I wake up. Then I call in the afternoon after giving it a break. Last year I would of highly recommended this bank, but not anymore.

    3 people found this review helpful
    Rated with 3 stars
    Verified Reviewer
    Original review: Dec. 21, 2020

    Firstly, let me say that when I have spoken to anyone with Simple, they have been very kind and helpful. But I’m not kidding- I’ve waited on hold over an hour ever single time I’ve called about anything. I’ve tried different times of the day, I’ve called about different types of issues, it doesn’t seem to matter. And the “messaging”? Don’t bother. I’ve never had a message answered any sooner than 5-6 days later. When it’s 6 days before Christmas and someone stole my debit card number and drained my account, this is incredibly frustrating to say the least. I do like that books of paper checks are $5, I like that they are fair about their fees, and I simply love their “Safe to Spend”/Expenses/Goals budgeting set up. But when things go wrong or emergencies happen, I need to be able to speak to someone.

    2 people found this review helpful
    Rated with 2 stars
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    Verified Reviewer
    Original review: Oct. 26, 2020

    Simple banking is the most unnecessarily complicated savings account ever. You are forced into having three accounts with daily transfers out of your main account into "goal accounts" and emergency savings. I just want one "Simple" savings account and a bank that answers their phones. I've had the account for a month. I'm closing it and opening one with Citi bank. Horrible experience for me anyway.

    2 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Aug. 9, 2020

    Simple is an online platform for banking. The biggest problem that I've experienced with them is that each time I try to deposit a check using the app (which is supposed to be the most convenient way) I either get a message saying that the check was not accepted because the image was blurry or that the check was denied for what reason they refuse to explain. Needless to say that using the app is pretty much useless.

    2 people found this review helpful
    Rated with 3 stars
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    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 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
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    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!

    2 people found this review helpful
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    Simple Company Information

    Company Name:
    Simple
    Website:
    www.simple.com