TABLE OF CONTENTS
What Is Simple Best For? : What Does Simple Offer? : How to Check your Simple Account
What Is Simple Best For?
Simple Best is designed for those who want modern money management tools paired with a low-cost bank account. Simple might be particularly attractive if you’re looking for more:
- A payment account that works with a debit card and checks
- A clear view of your regular monthly expenses via budgeting tools
- It helps with financial goals: like a vacation fund or down payments
- The account that does not nickel-and-dime you on fees
- Competitive interest earnings on long-term savings2
- Mobile alerts whenever money leaves your account
- Zero-sum budgeting integrated into your bank account
What Does Simple Offer?
- Checking account3
- Savings account
- Certificate of deposit
How to Check your Simple Account
To check Simple Account is the primary account at Simple. It is an online checking account that lives up to its names with a simple fee structure. After you have open this account, you can use Simple’s other services for it.
- No monthly service charge
- No minimum required to open
- Mobile check deposit
- Debit card for spending
- Check writing ($5 for a book of checks)
- Built-in budgeting tools
- Pays 0.01% annual percentage yield (APY)
- No overdraft fees
- 40,000 fee-free ATMs through the Allpoint network
- No fees from Simple for using out-of-network ATMs
- 1% to 2% international transaction charge when you use your debit card outside of the U.S.
The simple bank is a modern payment account, but the service does not offer online bill payment. You can pay bills with your debit card or by writing a check, but you can’t schedule payments to go out by check, as you can with other banks.
Simple is unique because of the automated budgeting tools included with the account. The Simple earmarks funds for your expenses and you can also set up your financial goals and automated savings program to reach those goals. As the result, you always know how much money is available for additional spending-for discretionary spending or surprises—while staying on track financially.
Simple bank helps you stay on top of your finances with several categories of earmarks:
- Expenses: These are regular bills that you identify, such as rent or your mortgage.
- Goals are any priorities you specify. Examples include major purchases or vacations. Simple can automatically move a small amount of money over to your goal every day to help you follow through on funding those goals.
- Safe-to-Spend is Simple’s term for the money left over after accounting for your expenses and goals.4
Simple Savings Account
The savings account is the Protected Goals Account is Simple’s version of a savings account, but you need to open a standard Simple Account before using Protected Goals.2 You earn more on your cash, and you keep funds out of your checking account so you’re not tempted to spend more than you should.
- Pays 1% APY
- Automated saving for goals
- Requires just 1 cent to open
- No monthly service charge
If you wont to use Simple’s Savings Goals, the Protected Goals account is where your money goes while you build up your savings account. You can move funds into it also from your Simple payment account automatically, it helping you automate the process of saving.
Certificate of Deposit
If you want to lock in a rate, Simple offers a 12-month CD with no early withdrawal penalty.5
- Pays 0.70% APY
- Requires $250 to open
- Allows you to cash out at any time after seven days
Other Financial Products From Simple
The Simple has a small but evolving lineup of products. You will use it besides the deposit accounts described above, you can also use Simple for:
- Personal loans
More products may be coming in the future.
Simple Customer Service
Simple customer service is designed to work primarily online, but you can contact live representatives for help. Hours are somewhat limited compared with those offered by some major banks, with your phone support only available from 6 a.m. to 4 p.m. Pacific Time on weekdays and 7 a.m. to 2 p.m. on Saturdays.
You can Simple display the status of all its systems online to help you determine if technical issues are on your end or theirs. Mobile alerts keep you update on your spending, and you can lock your debit card with Simple’s Mobail app to reduce the chances of fraud.
How to Bank With Simple
If you wont to open an account, visit Simple.com or call 888-248-0632. At any financial institution in the U.S., you need to provide personal information when opening an account.
Benefits: With no fees besides a $5 check order charge, Simple makes it so easy to avoid annoying bank fees. Plus the built-in money management tools empower customers who need help for spending and saving. Simple’s offering can handle the basic everyday needs of most consumers that need any help, and the service continues to add functionality.
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Drawbacks: Simple still lacks some essential features. The result you might pause before ditching your brick-and-mortar bank or switching from another online bank. CD rates are mediocre, and online bill pay will be a welcome addition, once simple rolls it out. Also, Simple’s offering is a package deal: to use a CD or savings account, you need to open a Simple payment account first, which you might or might not need.
Read more: On how to you Venmo and how it works
Simple Bank How To Open An Account
To open an account with Simple Bank, you will need to be at least 18 years old, with a valid Social Security number, and an address. Once you have those ready, you can apply for an account on Simple Bank’s website.
How To Fund Your New Account With Simple Bank
There are several ways to fund your new account with Simple bank. Below are a few:
- Direct deposit
- Photo and mailed-in check deposit
- Bank transfer
- Wire transfer
- Paypal, Square Cash, Google Wallet, and other third-party services.
How To Withdraw Funds From Your Simple Account
- Over-the-counter cash advance at your local bank
- ATM withdrawal (it’s free for ATMs withing Simple Bank’s network)
- Cashback at point of sale
How To Contact Simple Bank
Tel. No. +1 888-248-0632
Address: PO Box 14400. Portland, OR 97293
Final Thoughts On Simple Bank
Simple Bank is an excellent all-in-one banking and budgeting organization. Though the bank does not have a dedicated “savings account,” I would argue that its “Protected Goals” account adequately compensates for that.
The bank is an excellent choice if you want to do away with bank fees, and you want to manage your money efficiently through thoughtful budgeting.
How To Signing Up For a Bank Account Online
With this information in hand, figure out which institution you’d like to sign up with. You can choose from a range of online banks (FDIC-insured institutions that meet a few key requirements).
Alternatively, you can sign on with a company that offers online banking services by partnering with FDIC-insured banks. Products offered may vary by the banking service provider and their partner institutions. In the Simple’s case, we partner with BBVA Compass to provide online checking accounts.
Creating your username and password
If you’re ready to open your new account, look for a link on the homepage of your chosen institution’s website, which will lead you through the signup process. For you, to get an account password, try to stay away from obvious things that others could guess like birthdays, pet names, and the word password.
Try to use a passphrase, or a string of a few common words, that means something to you. This is harder for fraudsters and computer algorithms to guess and frequently easier for you to remember instead of a complicated password full of numbers and symbols.
Whatever you choose be sure to make it unique. Don’t reuse a password from another online account. Check out this article to learn more about online banking security.