B+ MyBankTracker Rating

Simple

About Simple

While Simple might seem like a bank, all of Simple's banking services actually come from their partner bank, the Bancorp Bank. Funds live in FDIC-insured accounts with 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.

MyBankTracker rated based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank. See how it’s rated.

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Customer Reviews

Most Helpful Simple Bank Customer Reviews

  •  
    P
    Reviewed By petermac Nov 10, 2013

    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.

    Thank you for your feedback Is this review helpful?
  •  
    Picture of Alex M.
    Reviewed By Alex M. Sep 3, 2012

    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.

    Thank you for your feedback Is this review helpful?
  •  
    S
    Reviewed By simplesucksrates0 Nov 16, 2016

    Simple should not get away with holding your money!

    This online bank will hold your money if you try to withdraw funds. I have had problems with this bank and all they tell me is to wait because they are reviewing my account. Here is a link to file a complaint with the FDIC that will look into their banking services that keep funds from depositers. Just follow this link and fill out the forms to complain about Simple Online bank.
    Simple Bank is FDIC Insured!!!!!
    Don't let this bank push you around and make money in interest off your money, complain NOW!

    https://www5.fdic.gov/starsmail/index.asp

    The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds.
    FDIC insurance covers all deposit accounts, including:
    Checking accounts
    Savings accounts
    Money market deposit accounts
    Certificates of deposit
    FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities or securities.
    The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

    Thank you for your feedback Is this review helpful?

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  • Type Fee National Average
  • Monthly Inactivity N/A
  • Non-Sufficient Fund (Overdraft) N/A 0
  • Stop Payment item N/A 0
  • Return Deposit N/A 0
  • Domestic Wire Transfer (Outbound) N/A 0
  • Domestic Wire Transfer (Inbound) N/A 0
  • Non-Bank ATM N/A