Everyone is going digital, especially mobile banking! If you like to do everything digital then you also may want to use a bank that’s done the same thing. Simple Bank offers the same features as a physical bank would, but without the overhead.
Since Simple Bank doesn’t have the overhead that physical branches do, they pass savings to its customers. They do this by not charging fees. This includes monthly maintenance fees, overdraft fees, ACH transfer fees, and card replacement fees.
Simple Bank offers a free checking account that you tie into your financial goals. It’s budgeting software meets checking account, but a basic checking account. What you is what you get, a mobile app, website, and a checking account that you can use as you would any other checking account.
Table of Contents
- 1 How Does It Work?
- 2 Simple Product Highlights
- 3 Simple Account Options
- 4 Compare Checking Accounts
- 5 Compare Savings Accounts
- 6 Reasons to Bank with Simple Bank
- 7 Reasons Not to Bank with Simple Bank
- 8 Simple Bank Routing Number
- 9 Contact Customer Service
- 10 How Simple Bank Compares
- 11 Bottom Line
How Does It Work?
Simple Bank creates and manages the software to help you with budgeting and managing your money. From afar, Simple Bank looks like a bank, but their partner bank is the true bank, BBVA.
Simple Bank is a budgeting software that helps you save for goals, have a true understanding of your “available funds,” and offers bill paying services, all free of charge.
With a Simple Bank account, you get a Visa Debit card and a mobile app that allows you to deposit checks from your mobile app. You also have the ability to set up direct deposit, link external accounts for easy transfers and sent instant money transfers to other Simple customers.
Simple Product Highlights
- High-Yield Checking. Also open a Protected Goals Account to earn a higher APY and keep it safe from spending.
- Simple Goals Use Goals to stash away money: Save for the unexpected or automate saving for things you want. From a trip to Italy to a new bike.
- Simple Expenses. Set it & forget: Set up your Expenses one time and going forward, we’ll do the boring work of recreating the Expense for you. That way, when you pay your rent bill, your Expense is already saving up for next month’s bill. Yep, it’s our job now. (You can even split Expenses with a partner when using a Shared Account).
- Automate Your Savings. Turn on Round-up Rules and start saving up effortlessly. Whenever you make a purchase, Simple will round up what you spend to the next whole dollar amount. When the “change” from those transactions reaches or exceeds $5, Simple transfers it to your Protected Goals Account.
- Safe-to-Spend® Spend spontaneously, without derailing your budget or bills (or doing math on the spot…). We take your account balance, subtract your Expenses and Goals, and tell you exactly how much money you have leftover to spend on whatever you want. (Buy the shoes!) Banking Services provided by BBVA USA, Member FDIC. The Simple Visa® Debit Card is issued by BBVA USA pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
Simple Account Options
Their primary account is a deposit account for spending and budgeting.
- Free debit card
- Free online bill payment
- Deposit checks with your mobile device
- Link to five external accounts for ACH transfers
- No fees for overdrafts, money transfers, or a replacement debit card
- No monthly maintenance fees
- Over 40,000 fee free ATMs in Allpoint network
With the Simple account, you can use it as a checking account, but it can do more! You can set up your regular expenses and Simple automatically allocates the amount you need for that expense every time you get paid. And the leftover goes toward other goals you or it can go the money you’re free to spend.
The scheduled expenses are regular bills that you identify like rent or your mortgage.
Simple automatically move a small amount over to your goal every day to help you follow through on funding those goals. Your goals are anything you prioritize like a trip or a new car.
This is Simple Bank’s term for money left over after accounting for all of your goals. If you need to spend more than you have available, they will pull out money from your goals.
Simple is a good budgeting tool if you are in need of practice or help, it helps you categorize your expenses and predict where you pay goes. All you need to do is set up your spending categories and Simple tracks the money.
Protected Goals Account
If earning interest is your main goal while leaving your savings in a safe place, the Protected Goals Accounts is the best account for you while helping you do so. These accounts are ideal for emergency funds and high priority savings goals. Although the account is not an actual savings account, the functionality is similar.
- The ability to move money out of your primary Simple accounts, so you’re not tempted to spend it.
- The options to move it back into your primary Simple account when you’re ready to spend your savings
Compare Checking Accounts
Compare Savings Accounts
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
With the American Express® High Yield Savings Account:
• Earn 3.30% APY as of 12/22/22 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB323 by 03/15/2023
• Earn high interest rate of 3.30% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
Reasons to Bank with Simple Bank
- You can deposit $1 or $1,000 and you will be able to open a Simple bank account. Since many banks require a specific deposit or you can’t use their features. The lac of required minimum deposit makes it a good program for those just starting out.
- If you have the habit of looking at your current available balance and spending what’s there, you may find yourself overspending. The “Safe to Spend feature considers your upcoming bills and goals, giving you an available balance that is truly available. This will help you avoid bouncing checks or paying bills late,
- There is no cost to open an account. You don’t need to have a minimum average daily balance to waive the monthly fee either, there’s no fee to waive.
- You can automate your savings. If you set up a “goal” in Simple Bank’s app, it automatically saves a little bit towards that goal in increments that you set.
- For example, you could set it up to pay your goal from your “Safe to Spend” amount every payday, every Friday, or once a month.
- You can pay bills or another person can electronically with Simple Bank. All you need to do is enter the payment details in the “Pay Bills” or “Mail a
- Check” section, and your money will be electronically transferred or sent via paper check. There is no charge for this service.
- You don’t need multiple apps to manage, you can do everything with Simple Bank. Their budgeting software mimics what you might find in Mint, another budgeting app. Having it all in one place can help you stay more organized with the potential to get more financially secure.
- You can view reports that help you understand your spending. Whether you like graphs, charts or categorized reports, you can get any or all of these with
- Simple Bank. You can label the transactions and manage them as you see fit t o help you get a better handle on your spending. You can even add photos or hashtags to help you remember why you spend what you did.
- With two factor authentication, Visa zero-liability policies, chip technology, and fingerprint unlock, Simple Bank helps you keep your financial information safe from hackers. Keep mind that no amount of security if foolproof, so you should still be cautious whenever you are dealing with you bank account and information.
- Your checking account if FDIC insured. This protects your money should the partner bank, BBVA, go out of business. Your funds insures up to $250,000 per account.
- You can set up alerts for you know instantly when a purchase is made with your Simple Bank Visa. You can also block your card, if lost or stolen, by pressing the block button within the app.
Reasons Not to Bank with Simple Bank
- If you are the type of person who likes to go into physical bank branches, you might be disappointed with Simple Bank. Every transaction you make is either online or complete at an Allpoint ATM.
- Deposited funds may take a while to be available. During the first 30 days as a Simple Bank customer, your funds aren’t available for 9 business days.
- After the period, they may be available within one business day if you deposit the funds before 5pm ET. Any checks deposited after 5PM ET won’t process until the next business days, which means potential 2 days before your funds are available/
- In can be hard to deposit cash. You can’t use an ATM to deposit cash like you can at other banks. Instead, Simple Bank encourages you to get a money order, which you can then deposit with their mobile check deposit. You can also deposit the cash in your local bank and then transfer it electronically to Simple Bank. It just takes time.
Simple Bank Routing Number
Your account and routine numbers can be used to set up direct deposit, use third party payment services, receive a wire transfer, or make payments via auto debit. You can find them on the web or the mobile app.
Finding your account or routing number:
- After signing in on the web, hove your mouse over your name in the upper right corner and select Account numbers.
- You will see all your routing or transit number and account number! If you also have a Protected Goal Account, you will also find those numbers here as well.
Contact Customer Service
1 (888) 248-0632
- 6AM to 4PM PT on business days, and from 7AM to 2PM PT on Saturdays.
- Closed on holidays and Sundays.
How Simple Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Bank of America: Bank of America offers a nationwide network, various account options, and user-friendly online banking. Although not all of their accounts stand out, the reliability and consistency of this bank has lead many to be loyal customers.
- Capital One: Capital One 360 is an online bank offering great banking services and high savings. They offer savings, checking, CDs, and money market accounts. Since it is an online only bank, they have less overhead, which translates to higher interest rates, better service, and no monthly fees.
- Ally Bank: Ally Bank is an online bank with competitive interest rates compared to other online banks and higher rates than most brick and mortar ones. The products they offer have no minimum balance requirements or service fees.
If you consider yourself technologically modernized then Simple Bank is a great solution. This bank is best for those who have a hard time budgeting their money, tending to overspend. If you find yourself when a bill comes due, the “Safe to Spend” feature can be helpful.
As with any bank account, read the fine print and see how it pertains to you situation. There’s no reason to pay unnecessary fees or have bank accounts that offer services that you won’t use. Find the on that is just right for you to make it easier to keep your finances on track.
If you’re interested in banking with Simple Bank, see what they have to offer through Simple Bank Promotions! And while you’re here on HMB, check our full list of Best Bank Promotions for more options!