With mobile and online banks on the rise, banks without a physical location are becoming a great addition to the financial world! Like most online banks, Simple Bank, does not require a staff which means extra savings return to you through the form of rewards! For a limited time, the Simple is offering residents a bonus when they sign up and open a new free Simple Visa Debit Card.
To qualify for the bonus, simply use the card and make your first purchase of any amount. With your new account, you can enjoy no account fees, access to 40,000 totally free ATMs, instant mobile notifications and many more. If you are interested, make sure you take advantage of the Simple Bank Checking Promotion and sign up today!
Get started by pressing the “Sign Up” button below, begin opening an account. After your account is open, transfer money into your Simple Visa Debit Card, complete a qualifying purchase and your bonus should be rewarded within 24 hours of completing requirements!
What is Simple
Founded in 2009, by Josh Reich and Shamir Karkal, Simple is a newly formed banking software that focuses on reaching financial goals through the creation and tracking of multiple savings goals via their website or mobile app.
You start by signing up for a free account, creating a new goal with a custom name/purpose, and then setting up automatic savings transfers starting at $1 or more. Once you sign up to a free account, you’re given a Visa card that’s attached to your Simple bank account.
From there you get access to all their features, including microsavings goals, and the best part is, it’s free. In addition, they offer spending and budget tracking features that allow you to view spending habits to find holes where you could be saving more money.
How Simple Works
Although Simple calls themselves a bank, all the funds in your account are held by their partner bank, BBVA Compass, Member FDIC. Your money is insured by BBVA Compass up to the FDIC maximum (currently $250,000).
Basically, they’ve partnered with BBVA Compass, who holds your funds so you can use their banking software for budgeting, goals, and bill-paying features. They look and operate like a bank but still use a partner to process the transactions. Simple’s design is worlds apart from the other banking apps and websites out there.
Simple Pros & Cons
- Innovative Software: Simple stands out with its simplistic design, desire to help customers have a better banking experience, and the drive to make saving money a breeze!
- Personal Debit Card: When you open a new bank account with Simple they send you a personal Visa debit card, just like any other bank will.
- Simplified Goals: One of the main appeals to using Simple is for saving money to reach specific goals. Once you set up a future goal and allocate a certain amount towards it each month, Simple will deduct this amount out of your Safe-to-Spend amount, which makes saving money super easy.
- Limited Budgeting: While Simple offers categorization and budgeting features that are similar to Mint it’s only limited to your Simple bank account. If you have multiple banks and debit cards, Simple won’t give you the whole financial picture.
- Online Only: There’s no physical banking location which means everything has to be done online. This can be a pro or con depending on how you prefer to do your banking. For me, it’s not a pro because I need a physical location to deposit checks (which clear a lot faster than mobile deposits and don’t have daily maximums).
- Not Available Internationally: Unlike Chase or Schwab, Simple is only available in the U.S. They’re focusing on the basics but they plan to expand internationally at some point.
Simple Checking Account Features
Features | Explanation |
---|---|
Referral Promotion | Unlimited $20 Referral Bonuses |
Easy to Open | Open your free Simple account in just a couple of minutes |
Go Branchless | Get complete online and mobile access to your Simple bank account at all times |
No Fees | Simple does not charge any types of fees |
Free Simple Card | Get a Free Simple Visa Debit Card to make purchases and access your money |
Visualize Your Spending | Learn how you spend your money and find easy ways to save more of it. |
Simple App | Access your money anywhere with their iPhone and Android apps |
FDIC-Insured | Your funds are FDIC-insured to at least $250,000 through Simple’s partner banks, Compass Bank and The Bancorp Bank |
Simple Checking Account Info
- Sign Up Link
- Account Type: Simple Checking Account
- Availability: Nationwide (ATM Locator)
- Expiration Date: None
- Credit Inquiry: Soft Pull
- Chexsystems: Unknown, Let us know
- Opening Deposit: None
- Credit Card Funding: Unknown, Let us know
- Direct Deposit Requirement: None
- Monthly Fee: No monthly fees
- Closing Account Fee: None
Simple Bank Mobile App Deposit
Using their mobile app, you can take a picture of a check and have it deposited directly into your account, for a maximum of $5,000 per day (and a per-check limit of $2,000). The funds will be available between 1-9 business days after the deposit is processed. The check deposit maximum is 10 checks per week or a total of 15 checks per each 30-day period.
Other ways to fund your account:
- Direct deposit
- Transfer funds electronically from an account at another institution
- Deposits by mail
- Cash – Get a money order at any USPS, local grocery or convenience store then deposit it with the mobile app
Direct deposit is the easiest way to fund your account. You can also transfer funds electronically from an account at another institution, or deposit a check by taking a photo of it with our mobile app. We can also accept deposits by mail. Cash is a bit trickier, but still possible.
How To Earn Simple Checking Bonus
Once you have an account set up with Simple Bank, which is free to open with no minimum opening deposit or minimum balance requirements, you can start making $20 per referral. Your referrals will also earn a $20 bonus as well. There is no limit to the number of referrals you may make.
You must be a new Simple customer who has not previously had an account to be referred and receive the bonus. The account must be open and in good standing at the time the bonus is deposited. Simple may report the value of the bonus to the IRS as required by law.
Bottom Line
With mobile banks rapidly growing, Simple Bank offers you a non-traditional banking experience. If you are interested, why not give them a try and earn a generous bonus along the way!
Keep in mind that the account will not fulfill all your banking needs as compared to a Savings, Money Market or even a CD Account. However, it does offer you a free debit card with a range of account features tied into it. If you are up for trying out a free account that monitors and track your spending, then I definitely recommend checking out the promotion!
If you are not interested in this promotion by Simple, check out our complete list of Bank Bonuses filled with deals like this one with all sorts of financial institutions ranging from banks, credit unions, and even federal credit unions!
The Ink Business Cash® Credit Card offers $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening. You'll earn: • 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year • 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year • 1% cash back on all other card purchases with no limit to the amount you can earn. • 10% Business Relationship Bonus If you have the Ink Business Cash card plus a Chase Business Checking account on your first card anniversary This card comes with no annual fee. You'll be able to take advantage of employee cards at no additional cost. |