If you’re thinking about opening a checking account with Simple bank, there’s one thing you need to know: Simple isn’t its own bank. When you open a bank account with the company, your money is held by partner banks that are FDIC-insured.
So why should you choose Simple if it deposits your cash elsewhere? Because Simple provides other useful features, including integrated money management and unparalleled help in moving you closer to your financial goals.
To find out more about the perks this online bank has to offer, check out this detailed Simple bank review.
Simple bank review
Simple has the singular goal of perfecting personal spending accounts. The bank’s personal spending account is its only product. Simple doesn’t offer savings accounts, investment accounts, or credit cards.
Simple’s big selling point is its comprehensive array of money-management tools. These make it easy to track spending and savings goals. The Simple app also allows you to keep an eye on your accounts while you’re on the go.
Compared to similar apps, such as Mint, the bank takes a more proactive approach to your finances. For example, Mint collects and organizes your account information so you can track your money. Simple, on the other hand, allows you to set goals. It then automatically moves your money into special subaccounts to help you meet those goals.
While many users might appreciate the bank’s automation and its comprehensive mobile app, you won’t get a traditional banking experience. Simple doesn’t have local bank branches, for instance.
Unfortunately, the lack of in-person branches makes depositing cash with Simple online bank a hassle. To deposit cash, you have three options:
- Mail in a money order.
- Deposit a money order using the mobile app.
- Deposit the cash into a different bank account and then transfer the money to Simple.
You also can’t write checks directly from your Simple account, though it does offer fee-free online bill pay.
There are some other downsides to this online bank, including a low interest rate on checking account balances.
Simple bank products
Simple’s only product is a basic checking account, though your funds will be held by The Bancorp Bank or BBVA Compass.
With a checking account, you’ll receive:
- A Simple Visa, which serves as both your debit card and ATM card
- Access to Simple’s mobile apps for iOS and Android
- Access to Simple’s online banking features
You can also open a Simple Shared account with your partner. The Shared account is separate from your individual accounts. It has its own account number and debit card.
Simple bank online platform
Simple’s mobile and online platforms are a big selling point. The company offers unique features, including:
- Safe-to-Spend: This tool makes it easy to see how much money you have available. When you log in, Safe-to-Spend shows your available balance minus upcoming bills and any money set aside for your financial goals. With Safe-to-Spend, you’ll know at a glance how much spare cash you have.
- Goals: Within the Simple app, you can set goals for expenses. Using those goals, Simple creates subaccounts to set aside your money. You can even set a goal to save a certain amount of money by a designated date. Simple will calculate how much you need to save each day to reach your goal. It will then automatically move that money for you.
- Trackable spending: The app monitors your spending and categorizes expenses for you. You can also add photos, notes, and hashtags to purchases. Simple will then aggregate your data into charts and graphs, detailing your earnings, total spending, and spending in different categories. With these visuals, you can get a clear picture of exactly where your money is going.
- Simple Instant: Simple users can send money instantly to one another. You only need to add your friend or family member’s Simple account to your Instant contacts.
Simple also offers other common features, including online bill pay, mobile check deposit, direct deposit, and the ability to export transaction data.
Two-factor authentication and fingerprint unlock for iPhone and Android also provide added security. You’re also protected by Visa’s zero-liability policy in case of unauthorized charges to your debit card.
Simple bank interest rates and fees
Simple promises it’ll never charge you a fee. This means:
- No minimum balance fee
- No overdraft fees (Simple declines transactions if you don’t have enough money in the bank.)
- No monthly account maintenance fees
- No incoming or outgoing ACH bank transfer fees
- No account closing fee
- No debit card replacement fees
- No ATM fees. Simple users can use Allpoint ATMs at no cost. If you use other ATMs, Simple will not charge a fee, but the ATM operator might. You can use Simple’s ATM finder tool to locate one of 40,000 Allpoint ATMs throughout the U.S.
Unfortunately, interest rates are low on Simple checking accounts. The interest rate as of March 2018 is 0.01%. That’s well below Ally’s 0.10% rate on accounts under $15,000 and its 0.60% rate for accounts with a $15,000 or higher minimum daily balance.
Simple also doesn’t offer rewards or points for spending with your Visa card. And if you’re traveling internationally and use your card, Visa may charge a service fee of 1% of the transaction value.
Simple bank eligibility requirements
To open an account with Simple bank, you must be at least 18, live in the United States, and be a U.S. citizen. You can fill out an application online and open your account within minutes. You’ll need to provide basic information about yourself, including your name, contact information, occupation, and Social Security number.
You can fund your Simple account by transferring money from another bank, sending a check via mail, or depositing a check via Simple’s mobile app. You can also set up direct deposit for your Simple bank account.
Simple bank customer service
Simple bank has a C rating with the Better Business Bureau, but reviews are decidedly mixed.
In May 2017, one reviewer had nothing but positive things to say: “I love this bank! They process all deposits and payments in a timely manner. They are always quick to respond to any concerns I’ve had.”
However, other reviewers had complaints about the customer service, the difficulty in accessing their funds, and a litany of other issues. “Simple has made my life anything but simple,” wrote one customer in June 2017. “They are professionals at losing checks, taking over 30 days to deposit a check that has been mailed in, [and] failing to communicate to you about said checks.”
Using this Simple online bank review, you can decide whether the bank is the right choice for your finances.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.54% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of March 18, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 0318/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.5% effective February 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.54% – 7.12%3||Undergrad & Graduate|
|2.54% – 7.27%1||Undergrad & Graduate|
|2.67% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.69% – 7.43%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|