Simple is a bank account, budget tool and mobile banking app all rolled into one. Simple’s partner bank, BanCorp., holds the funds deposited into Simple. This online bank goes beyond supplying an available balance, by allowing customers to pinpoint and separate the amount into ‘holding’ sections. Simple is a bank that prides itself on keeping banking….well, simple.
Simple provides the standard mobile banking apps such as mobile deposit, mobile bill pay and direct deposit. In addition, it offers a budgeting tool. Instead of transferring money into savings, the budget tool allows a portion of the available balance to be categorized and "frozen" for later. . By earmarking a portion of the available balance for 'vacation', 'shoes' and 'groceries', the customer will have a great understanding of how much cash is actually available.
Another great fact about Simple is that there are 55,000 fee-free ATMs nationwide. And, if an external wire transfer is needed, the service is free between your Simple account and any other account you own, at participating US financial institutions. Simple banking features that all of their clients enjoy include the following:
You know what else is simple? The layout of their website. Toned down and peaceful, and it owns an easy, relaxed look. It wasn't a busy or crammed up page, but instead it screamed confidence and reassurance. Scrolling through the website, I remember thinking how every website should be 'simple' like this. Every piece of information seemed to flow seamlessly into another. This is the best website that I have seen in quite a while.
Not much can be found in regards to Bancop Bank, although it does fund a prepaid debit card company, Kaiku. Not much is known about this bank's background or the funding bank's background. Simple was launched in 2012 so the company is still fairly new which can be a concern for some customers but we feel like the company has proven to be trustworthy and reliable.
Online banking is a competitive industry. Advances in technology are allowing companies to do more with online banking than ever before and Simple is one of the pioneers in the industry in regards to making online banking more convenient and accessible for customers.
Simple has eliminated a lot of fees that they feel are unnecessary but one of the consequences of that is that they do not offer a high yield savings account. Their interest rates for a savings account are very low. They also do not offer many loan options. Users will not be able to get loans for the following:
Another consequence of being a new company and focusing primarily on the basics is that Simple does not offer credit cards, brokerage accounts, CDs, mortgages, or loans. They may offer helpful products and services in the future for customers who want more than just a convenient way to manage their money but for now easy money management is what Simple puts most of their efforts into.