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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. 

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The Good

  • Budget tool
  • Features and services
  • Great website

Budget Tool

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.

Features and Services

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:

  • Branchless service: everything consumers need is always accessible
  • Tracking: saving for anything and set attainable goals
  • Safe-to-spend: spend spontaneously without derailing the budget
  • Security: support and tools that put protection in the clients' hands
  • Visualized spending: actually see how money is spent and pinpoint easy ways to save
  • Mobile app: Simple works on both the iPhone and Android

Great Website

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.

The Bad

  • Lacking information
  • No high yield savings account
  • Limited offerings

Lacking Information

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.

No High Yield Savings Account

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:

  • Homes/mortgages
  • Auto loans

Limited Offerings

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.

The Bottom Line

Simple lives up to its' name. A built in budget tool, information to track your spending and no monthly fees does sound pretty simple. Having multiple "savings accounts" built-in to the account ensures less hassle and work.

All in all, this might just be one of the best of the best online checking accounts. They are still young and growing but if current trends are any indicator of what the future will be like for Simple then the future is bright. Those that use Simple Bank can expect the following from their services:

  1. Goal setting features
  2. Branchless service
  3. Advanced Security
  4. No fees
  5. Limited background information

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