Overview

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.