About Simple

Simple is not a bank. Simple replaces your bank. Funds live in FDIC-insured accounts with their partner bank, The Bancorp Bank, and Simple provides everything else. Simple allows members to make purchases with a Simple Visa® Card, deposit checks using their smartphone app (coming soon), set up direct deposit, earn interest, pay bills, transfer money, withdraw cash from over 40,000 ATMs, and more. Beautifully-designed web and mobile apps, no surprise fees, and real customer service.

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Overall Rating

A
Grade

Simple Report Card

Overall rating score 79%
Customer Rating
Based on 34 Reviews
Financial Health
Based on Texas Ratio: 15.51
Bank Fees
vs. Average
Bank Rates
vs. Average
Mobile Deposits
Mobile Deposits
Mobile Banking
Quality of Mobile Services

Customer Reviews

Most Helpful Customer Reviews

alex's Profile Image

Reviewed by alex

Sep 3rd 2012

4 out of 5 marks

Amazing Mobile and Online Banking. Terrible Rates.

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.

Is this review helpful? ▲ Yes 5 ▼ No 0

petermac's Profile Image

Reviewed by petermac

Nov 10th 2013

2 out of 5 marks

Simply Wait for something else - I've found it unreliable.

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.

Is this review helpful? ▲ Yes 7 ▼ No 1

pissedoff1's Profile Image

Reviewed by pissedoff1

Nov 4th 2013

1 out of 5 marks

Not a Simple process

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!

Is this review helpful? ▲ Yes 5 ▼ No 2

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Bank Rates

NAME RATE (APY) MIN TO EARN APY MIN TO OPEN
Simple Account

0.01%

$0

$0

Banking Fees

Type Fee National average
Monthly Inactivity

$5

$6

Non-Sufficient Fund (Overdraft)

$0

$30

Stop Payment item

$15

$27

Return Deposit

$0

$17

Domestic Wire Transfer (Outbound)

$0

$22

Domestic Wire Transfer (Inbound)

$0

$8

Non-Bank ATM

$0

Non-Allpoint ATMs: No Fee, No Refund

$1

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