If youre looking for an online bank, check out our list of thebest online banks for 2021.
Simple is one such company that offers free checking accounts with built-in budgeting and saving features.
Heres the nitty gritty on what we love (and dont love) about Simple.
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Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
What Is Simple?
Aside from the budgeting buckets, Simples Checking Account works like most checking accounts.
That makes it a poor option as a primary checking account for anyone whos frequently paid in cash.
(Variable interest rates fluctuate with the market.)
Theres a minimum deposit of only $0.01, and there are no hidden fees.
Youll see your Protected Goals Account balances alongside your checking account balance.
CDs are a way to guarantee a return on your savings.
Simple CDs lock in a 0.70% interest rate for 12 months.
A Simple account gives you access to the Allpoint connection of 40,000 ATMs for free.
you might withdraw cash without paying a fee to Allpoint or Simple.
You cant deposit cash via ATM.
After all, its literally the only way you have to access and control your money.
Small Business Banking Options
Simple doesnt offersmall business bankingservices.
Simple also publishes a bunch ofsupport articlesthat may help you find the answer to your question on your own.
Heres the low-down on whats going on behind the scenes of your Simple account.
What is Simple?
BBVA holds and insures your money, and Simple provides the technology to make accessing and managing it easy.
Are Deposits FDIC Insured?
Simple account funds are held by BBVA USA, which is FDIC insured up to legal limits.
Who Owns Simple?
The company headquarters is now in Portland, Oregon.
David Hijirida has been Simples CEO since November 2018.
How Does Simple Make Money?
Does Simple Offer Other Financial Products?
Unlike most financial companies, Simple has been slow to roll out products to complement its current products.
Simple doesnt offer mortgages or investing options.
Simple offers technological functionality thats lacking with many traditional banks and even many competitor online-only providers.
But its offerings are slim compared with most financial services companies.
Whether its the right fit for you depends on your lifestyle and financial goals.
Simple might be right for you if:
Simple might not be right for you if:
Interested?
1 thing you look for in a bank.
Ratings are assigned across the following categories:
Credit card and loan products are not currently considered.
Dana Sitar contributed to this report.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
