Simple Account

Simple Account Review

Simple Account is offered by Simple, a bank founded in 2010 and based in Portland, OR. It is made possible by a bank partnership with BBVA USA. Simple Account are available in 50 states (and Washington, DC).

Key Takeaways

• Low interest rate. The maximum annual percentage yield for this account is only 0.01%.
• $0 monthly fee. This account does not charge any monthly account fees.
• No minimum initial deposit. There is no minimum balance required to open an account online.
• No ATM fees. Simple Account does not charge fees on ATM transactions.

Simple Account Pros & Cons

Pros	Cons
Available in all 50 states. Interest-yielding account. Free debit card and the option to lock/unlock the card if lost or stolen No charge on incoming domestic or international wire transfers.	No signup bonus.

Simple Account FAQ

Are Simple Account deposits federally insured?

Yes, your Simple savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Simple offer a signup bonus?

Simple Account doesn't offer a signup bonus.

What is the minimum initial deposit for Simple Account?

There is no minimum deposit to open a Simple Account.

Simple Account Minimums

Description
Minimum Opening Deposit	Starting at $0

What APY does Simple Account offer?

Simple Account offers an APY of 0.01% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Simple Account charge?

Simple Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

What features and perks does Simple Account offer?

This savings account includes the following features:

• Fraud monitoring - Simple Account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - Simple Account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Simple Account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Simple Account?

The customer support email for Simple Account is hello@banksimple.com.