Features

Simple is a mobile app and online bank rolled into one accessible bank account. Instead of charging users confusing fee, Simple just splits the net interest margin with its clients. The net interest margin is the difference between the rate banks lend at and the rate they pay to depositors. The bank has its headquarters in Portland, Oregon, and is owned by the Spanish bank Banco Bilbao Vizcaya Argentaria.

Simple has a partnership with Bancorp Bank which it uses to hold the deposits of users. This gives customers the peace of mind of having their savings insured by the FDIC. Simple has an A+ rating with the BBB.

What Are Simple’s Checking and Savings Accounts Like?

Simple only has one account that combines the features of a savings and checking account. Simple has a beautifully designed interface, a stellar customer support center, and a surprisingly useful FAQ page. The interest rate is low: 0.1%, but competitive with the rate offered by most banks. More to the point, Simple charges no maintenance fees, there is no minimum balance required, and no overdraft fee. If you run out of money, transactions will be declined but no fee is charged. Simple.

A nice perk is that customers can transfer money to other Simple users for free. Users also love their no-fee Visa card and useful budgeting apps.
Users have access to a network of 55,000 surcharge-free ATMs, which is more than what large banks like Chase (15,500 ATMs) can offer.
What Are the Advantages and Disadvantages of Simple?

Simple is a great bank for people who are tired of complicated and expensive fee schedules charged by traditional banks.

These are our favorite features:

- No fees. Period.
- Useful budgeting tools.
- Funds federally insured.
- Elegant and intuitive user interface.
- Large ATM network

These are the disadvantages of using Simple:

- Only one type of account. This is also an advantage because it keeps things simple. But it is certainly missing many banking features some power users will miss.
- Low interest rates. Other online banks, such as Ally Bank, offer rates 10 times higher.
- No CDs or money market accounts.

  • Branch
  • Online
  • CDs
  • Checking
  • IRAs
  • Savings
  • Mobile App
  • Savings Interest Rate
    0.01%
  • Checking Interest Rate
    0.01%
  • Bauer Financial A+/A Rating
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0 votes

If you can deal with not having a branch to go into and just need a basic checking or savings account, then this is definitely the place for you! They are EXACTLY what they say they are - SIMPLE!


0 votes

I didn't think this place could be fore real when I first heard about them. Finding a bank that is this dedicated to their customers is unfortunately, almost unheard of these days.


0 votes

This is more than your average banker. This bank not only has fee free ATMs and little if any other fees, they also factor in a lot of other useful tools through their app, including a "safe to spend" app that takes into account your upcoming bills for the month and then based on that info tells you what you can afford to spend. Really awesome!


0 votes

If you can deal with not having a branch to go into and just need a basic checking or savings account, then this is definitely the place for you! They are EXACTLY what they say they are - SIMPLE!


0 votes

I have a bit of a spending problem and have always run into issues with trying to guess how much money is left in my account. There is no guessing with this bank. They always give you real time balances and have saved me tons of money in overdraft fees.


0 votes

As long as you don't care that there isn't a physical bank branch you can walk into, Simple is the bank for you. Best site and banking experience I have ever dealt with.


0 votes

If you are looking for a basic bank account without any high end features, then this is the bank for you. Great product, great people, very happy.


0 votes

This bank is perhaps a little too simple. I have applied for my account a couple of days ago and have been waiting for some sort of notification that I even have one. It almost feels like everything is too basic and that makes things take longer.


0 votes

I think they have a great idea to start with, but because of the way this bank is set up it makes it kind of inconvenient to get your money. I live in a very small and very remote town, and they don't offer the kind of transfer service I am used to using.


0 votes

All of the other banks I have tried to use online are overwhelming and their sites confuse me. Simple is actually that – simple! Simple to use, simple to understand, simply the best!


0 votes

My whole life I have had nothing but bad experiences with banks. I haven't had an account in almost ten years because they have all left such a bad taste in my mouth. I saw this bank on line and decided to try it, and I am so glad I did.


0 votes

You won't find customer service representatives better than this. They are wonderful, very helpful and knowlegdable. If all you need is a simple bank account, why go anywhere else?


0 votes

Just the idea of this company gets me excited. I like to think of one day having my finances so simplified that I barely need to check in on them. They will just run like a well-oiled machine--a girl can dream, can's she? I have found it really simple to just deal with a online banker.


0 votes

This name says it all. Banking should be simple, and the simpler the better! I feel that since I switched to Simple that my banking has been easier, and I'm really happy about that. It is a bit awkward, however, that you can't write checks.I rarely write them anymore, but on occasion they are really necessary.


0 votes

What can I say but this bank makes your life much more Simple! I used to go to brick and mortar banks, but then I discovered this bank and everything changed for me. They have good customer service and the fact that you can do everything virtually makes life so much easier!


0 votes

I have to say that this company is so appropriately named! It is so simple to bank online and to not have any crappy fees. And if you're worried about the customer service, it is premo. You call, they answer and they help you with your problem.


0 votes

I wouldn't be surprised if somewhere in the near future that there aren't going to be any physical banks, or at least they will be few and far between. For that reason it's important to get used to online banking, and this company lets you do just that.


0 votes

I've been a customer for about 6 months now. At first I had to be skeptical because of all the horrible experiences I have had with banks in the past, but so far I don't have a single thing to complain about.


0 votes

I wish more people would join me on the bandwagon to a more simple life with online banking! If they only knew how simple and satisfying it can be to just do your banking from the comfort of your home. Simple has been all that I want it to be and more. I've managed to save money and to truly simplify my banking experience.


0 votes

I've found that accessing my funds quickly and easily is not so simple with Simple! It is very difficult to take out large sums of money without having to jump through hoops. I have found it necessary to keep my brick and mortar bank for certain things.


0 votes

I don't think I've ever loved any banking relationship until now. Simple really is the easiest site to use and they have made convenience a priority for the user. I will never go back to another bank again.


0 votes

Love this company! Besides being an awesome bank, their reporting abilities are so amazing. You get reports about what you've spent. This really helps me keep track of my spending. You also get photo deposit, where you just take a photo of your check and it goes into your account. This is the banking of the future!


0 votes

Great online banker. I love how you don't have to pay ATM fees ever! There is an Android and iPhone app that allows you to find ATMs that don't charge a surcharge. Their online system is also super easy to use. I wish I'd started with Simple sooner!


0 votes

I like this bank and its concepts, but they don't offer a joint checking. Are they behind the times? This is something that I totally don't understand. Why would you not? It's not causing me trouble right now, because I'm not married yet, but I will be in a couple of years. Hope they change that.


0 votes

I work from home and used to hate going out to do the banking. Now I don't have to leave my office. Any checks I get in the mail I simply deposit by taking a photo of it. And I can bank day and night with them. So at midnight after a really busy day I can check my account.


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