Simple is definitely a different kind of online bank.
While many of todays top online banks focus on offering the highest interest rates for savings, cds and checking accounts. Simple chooses to be the best when it comes to the actual online banking experience. This is obvious by the 0.01% APY currently being offered on their checking and/or savings account.
Mirroring an almost Mint link money management interface, both their online and mobile app are a thing of beauty. While still missing features such as mobile deposit (& remote deposit), the ability to set and track goals as well as categorize my purchases is better than any other bank I am a member of (Chase and Ally).
If you don't care about interest rates or debit rewards, but instead want a checking account that helps you become a smart spender, than Simple is probably right for you.
Eventually got my invite, signed up. In my mid-20s, always liked the "separate envelope" approach to saving for goals. So I loved the concept to begin with. However, over time, four things annoyed me:
(1) "Check Hold" for all deposits over $200 is confusing. Bottom line - you have to wait to access your money
(2) On two separate occasions, I had duplicate entries. One time I had six releases of $600, meaning I suddenly had $3,000 in the bank that I should not have had. The second time was a small check for $20. Both entries are permanently stored in my record. Confusing and annoying. Should I really trust my money with them?
(3) Today, I went to transfer $1600 to my local bank. It was expected to arrive in 8 days. That float period is too long.
(4) I have had a few errors with check deposits either not getting accepted or the processing getting pushed back a day. Solution - mail the check. If they'll accept it. I was told a check of mine is void, even though it doesn't say so on the check. I'll go to a local bank to have it taken care of.
The responses from customer support were cute and friendly, complete with smiley face emoticons. Nice for conversation with friends. But not what I expect when my money is in question.
All that, given, it is a new startup. I may continue to use Simple to save for small personal goals, but I won't continue to use the bank for any significant banking because I have found it unreliable.
Well, that was disappointing. After I signed up, gave them my social, bank info to deposit, and birthday, they emailed me a letter saying my application was denied. What a way to get all my information. What a scam!
|Non-Sufficient Fund (Overdraft)||$0||$30|
|Stop Payment item||$15||$27|
|Domestic Wire Transfer (Outbound)||$0||$22|
|Domestic Wire Transfer (Inbound)||$0||$9|
Non-Allpoint ATMs: No Fee, No Refund