Simple Bank Reviews: Is Simple a Good Bank?
With the whole world becoming more and more digitalized, it has come the time for banks to offer such digital services as well.
Online banks have been slowly rising to fame as more and more people want to access all of their accounts via a computer or a mobile app.
Simple Bank is one of the first banks to have been created to allow its users to access their personal finance by just using their phones. Not only that but also to provide with no virtual fees.
What’s also interesting about this is that this online Bank allows you to review your personal loans and take care of your saving goals.
This Simple Bank review will hopefully give you an insight more into how this online banking solution works.
Table of Contents
- Simple Bank Reviews: Topic Overview
- What is Simple Bank?
- How do Simple Checking Account and Savings Account work?
- What are the Features of Simple Bank?
- How much does Simple Bank Cost?
- Who is Simple Bank Account Best For?
- Update About Simple Bank?
- Simple Pros and Cons
- Simple Compare to other Banks
- Conclusion: Is Simple a Good Bank?
- Simple FAQs
Simple Bank Reviews: Topic Overview
Understanding how bank accounts work can be overwhelming at first glance but we’re here to help break it down so that anyone can understand it!
Check out our comprehensive review of Simple Bank’s services below: -What are the benefits? -How does it compare against other banks? -What are the Pros and Cons -Who is it best for? -How is it related to BBVA?
Everything you need to know about Wells Fargo Bank in one place. We’ve got the details for you.
What is Simple Bank?
Simple Bank is an online banking solution that works by making the whole banking experience faster and easier for many people. It offers incredible tools for improving and maintaining personal finance.
Unlike many online banks, it has protected goals with minimum monthly maintenance fees.
This incredible Bank allows you to create multiple bank accounts that you can keep track of with the Simple mobile banking app.
Although it’s not entirely a bank, it partners up with multiple other banks to improve your baking experience. You can see how much money you have and how much money it’s safe to spend.
How do Simple Checking Account and Savings Account work?
The Simple checking account
Is an online direct deposit account where you can use for free on your mobile. These accounts have minimum balance requirements of $25 to have them open.
Once all that is set up, you can directly set up a deposit to these checking accounts. This means that you can set up to get your paycheck with this account.
The Simple Account for Savings
Comes in the form of a Protected Goals Account. You can only open this account once you’ve opened a Simple Checking account. Once you’ve opened the Simple checking account, you can acquire an even higher APY.
This means that you can save up money for any financial goal you have. The protected goals account is quite competitive, and you can even save an emergency fund.
What’s also great about this option is that you don’t have any limit on how many times you can withdraw money from this Simple Account. But, if you want to have a high-interest rate, make sure to limit those withdrawals.
The only drawback to this account is that you can’t directly take money from this account. First, you have to transfer the funds from the Protected goals account to your Simple account and then use the designed debit card to take the money.
You can also create a joined checking account with a partner, friend, or family member. This account is perfect for people that have the same goals when it comes to finance and want to join those goals together as one.
What are the Features of Simple Bank?
This Bank offers several incredible features to its users. Here is some insight into what it provides and what the benefits are.
First Simple offers a Simple Protected Goals Account. Simple’s protected goals account is considered to be a high yield checking account that is almost identical to a savings account.
This type of high yield checking account is one of the highest-earning Simple accounts. First, you open a Simple account and then link these two together. There aren’t any monthly fees like a standard checking account.
This online savings account is not meant for everyday use. Thus, you can’t use out-of-network ATMs.
Second, there is a shared account. It earns 0.50% APY if it’s in the form of a Shared Protected Goals Account. Here individuals open their own Simple account, and then they automatically transfer money in this protected goals account.
How much does Simple Bank Cost?
|Simple Bank Accounts Types||Monthly Fees||Waiver Criteria||Minimum Deposit Amount|
|Online Checking Account||$0||N/A||$0|
|Simple Certificates of Deposit||$0||N/A||$250|
|Simple High-Yield Checking Account||$0||N/A||$0|
Who is Simple Bank Account Best For?
Simple accounts are designed primarily for people who want to open savings accounts and monitor their savings accounts and checking accounts from their mobile app.
It’s perfect for students, couples, friends that might want to open a shared account and manage their protected goals and saving goals with just the tap of a button.
These types of savings accounts are good if you want to share expenses with someone yet still want to have your own personal account.
It’s also a good idea to switch to this baking service if you’re interested in learning a high-interest rate but with low fees.
It is the perfect banking system for people that want to make their budget more automated. It has several in-built tools that are excellent for this money organization.
These systems improve productivity as they can set goals that can help with savings and even track spending habits. The automatic budget option helps set a monthly budget as it calculates monthly expenses, bills, and other necessary payments.
It has a friendly customer service that is available with low fees and helps its customers learn the best way to manage their personal investments.
You can store all kinds of investments, savings, and even regular paycheck. Thanks to this incredible system, you won’t have to spend hours waiting for lines like you would do at most traditional banking institutions.
Update About Simple Bank?
In early 2021, Simple Bank had announced that it will be shutting down. BBVA, their partner company will take over every Simple account created.
This meant that none of your money in your savings account nor in your checking account went anywhere.
As of late 2021, PNC has created more than 2,700 traditional bank branches and 19,000 ATMs. Not only that but all of their customers can withdraw money from ATMs with no fees charged.
Simple Pros and Cons
▶ Competitive APY
You can open a CD account that is available throughout the whole year. The CDs come with no penalty and with them, you can earn as much as 0.40 APY percentage. To open a simple CD, you will need to invest only $250.
This option gives you a Simple visa debit card to purchase items. What's great about this debit card is that you can use it branchless and doesn't require any maintenance fees.
Each month you'll get a detailed insight on where your money goes and what you can do to help cut down on expenses and unnecessary spending.
This option allows you to have no charges from Simple if you use out-of-network ATMs to withdraw money. For example, you can use ATMs in Costco, Walmart, and even Target and get no fees.
You can use any ATM in the country, mainly through AllPoint ATMs.
However, if you use the card for international purchases, you have to know that ISA ( International Service Assessment ) will apply a 1% fee on your card.
✖ Low-Interest Rates
If you sign up for a simple checking account, you might be getting an interest rate with a relatively low APY. A Simple checking account has an APY rate of only 0.01%.
But, this rate can go up higher if you decide to simultaneously open a Protected Goals Account. That way, the initial APY can go as far as 0.040%.
One of the most significant downsides to this Bank is that it has no physical branches. But instead, each user has their own debit card they can access through the mobile app or Simple's website.
This might be good as this option helps you save on time on waiting in lines. You can access all of your accounts on your mobile or the website with simple two-factor authentication, and you're good to go.
You'll get a detailed insight into your account, how you're spending your money and what's your financial status.
And, if you want to withdraw money, you can use almost any ATM what you'll get no charged fees from Simple Bank.
Simple's savings account might come with an option to borrow loans from the Bank. However, the loans only vary from $100-$1000.
Simple Compare to other Banks
|Bank||Minimum Deposit||Monthly Fee||Savings APY||Overdraft|