Simple has 3 specific offerings that make it the best consumer banking solution in the US.
1. Simple's financial incentives are in line with their customers. Simple makes money on interest and interchange. No fee revenue. While not the "sexiest" detail, this makes them fundamentally different from every other retail banking experience.
2. Simple is a technology company. Their web and mobile offerings are in a different class then any other bank. Design and UX are huge priorities.
3. Customer service. Contact Simple. Seriously, do it. (888) 248-0632 or @simplify on Twitter. Real people who really care. I know it's hard to believe, but try it for yourself.
I was really interested by this bank but it has become nothing but a nightmare recently. I work outside of the country so an online bank is exactly what I needed. The problems started in the beginning of August. I went to the US to visit my family and sent some money to my simple account. At that time they updated their systems and I was one of the unlucky ones whose card did not come back online, leaving me stranded with no money at all (and this was my only bank) Customer services solution for me was to find another form of payments until they could fix the card (impossible they had all my money!)
Then it was finally fixed..but all payments started posting double to my account. Also the money keeps dissapearing. Currently my account is showing I'm in the negative but i should have over $100.
Another issue that is a little unique to my situation is I dont have a cell phone number but all things you try to do on your account need to be verified through a 4 digit pin sent to your phone. I can't send money or even change any settings on my account. Basically my money is held hostage right now by Simple. Customer service has also been very slow at responses lately.
The bank has potential but it just isnt there yet. Proceed with caution!
First, I have written 4 reviews in my whole life, so I only write when I have conviction for something that I love or gives me great grief. I started off banking with Simple about two or three months ago and loved it. After this last update to their server, it has been one of the most challenging experiences that I have ever endured. It started with double postings in my spending log, at times it would give me inaccurate balances. Following this came the worst part....NOT MAKING PAYMENTS. I attempted to pay a credit card and send a check 3 times with no luck. After I let them know of my displeasure they gave me alternatives, including going through another bank?!? I thought their motto was that they wanted to replace my bank? After starting to migrate to another bank, I cancelled all scheduled payments through Simple. The real kicker is...yesterday they sent out a payment to my credit card and it wasn't scheduled. Customer service went south too, it takes on average 3 days to hear back from them and they will do whatever it takes to not get on the phone with you. I highly recommend avoiding this bank.
Another funny thing, they created a nice new shiny app to go along with their bank while these problems were unfolding. My suggestion, make sure you operate smoothly and manage transactions before trying to impress people with slick apps.