Simple

Deposits held and insured by BBVA

Overview / Commentary
888-248-0632
1615 SE 3rd Ave #200
Portland, OR 97214
Deposits held and insured by BBVA

Related Posts

Rate Cut At Bank Simple - 12/17/2019

I didn't think they could maintain their interest rates much longer, and unfortunately, I was right. Effective today, balances under $10,000 pay 1.75%, down from 2.02%, and balances $10,000 or more pay 1.90%, down from 2.15%.

https://www.Simple.Com/Offer Deadline Today (Earn Up To $500 And 2.15% APY) - 10/31/2019

At least 20K of 50K Marcus funds (with its $500 bonus coming in November) will likely be going to https://www.simple.com/offer If you're an American citizen the approval process appears quick (download Simple banking app on smartphone may be fastest but can also be done at simple.com), for permanent residents could involve sending documentation so any issues with this 10-31-19 4:59 PM PT (6:59 ET) sign-up deadline could try 888-248-0632. This is an even better deal than Marcus because the $500 bonus only requires 20K by 11/15 not the 50K for 3 months which if in a linked "Individual Protected (Goals) Account" could earn 2.15% APY (no fees, each coded as a checking account so not limited to 6 withdrawals). POD beneficiary form can be requested under Support & uploaded to them (space for 3 POD living beneficiaries per account on form but can attach additional pages for more than 3). Married couples can open separate accounts for $500 each. Fu

Review of Simple - 9/30/2019

Simple helps you budget, spend without anxiety and save for the future. However, if you deal with a lot of cash on a daily basis, it may not be for you.

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Reviews (5)

Very Scary Experience With A Happy Ending

Posted by: ichaelm | Nov 22, 2019

I opened an account with Simple several months ago, mainly for the generous $250 new account bonus they were offering. I transferred $10k into the account, intending to just let the money sit there and collect interest. Last week I received an email from them notifying me that the $4,000 which I attempted to transfer from my account to Best Buy had failed because there were insufficient funds in my account. After logging in, I saw that $3800 of my $10,000 had already been transferred to Best Buy and an additional $3,400 had been transferred to PayPal! I have never had an account with Best Buy and I haven't used my Paypal account in at least 5 years! I have no idea how someone was able to login to my account since no one else ever uses my computer, I have never told anyone that I have an account with Simple (or with any other bank) and I've never received a phishing email purportedly from Simple. Three days ago I sent an "Affidavit of Unauthorized ACH" to Simple for each of the felonious withdrawals from my account, and this afternoon I received an email from them stating that $7,246.85 had been credited to my account and that the case was now closed. I felt like printing and framing it!! I don't know if this can be considered identity theft, since that usually has to do with credit accounts rather than deposit accounts, but I'm sure glad that Simple had my back! THANK YOU SIMPLE!

Love This Bank!

Posted by: katsehh | Jul 12, 2017

There are a good deal of cons, but for me the pros outweigh them by a lot.

Pros:
* Fees are low and few.
* App is amazing. Clean and yet full of great features, like Goals, check deposit, photo attachments, memos, tags, and more.
* Scheduled Payments.
* Instantly block your card if you lose it.
* Instant notification for every purchase.
* Great customer service.

Cons:
* Debit card, not credit.
* Low interest rate.
* No savings account (or any other account).
* Depositing cash is a hassle.
* No checkbooks. You can use the app to send checks to people, but you cannot write them yourself.

For more details, check out my full, detailed review:
http://www.whateverthehelliwant.net/2017/07/simple-bank-review/

Decent But Not Really For Users Of This Site

Posted by: bankingar | Jan 20, 2020

tl;dr Simple has on point branding and a smooth app experience, however, it is very much tailored to Simple being your only bank with their debit card being your only card. I imagine most users of this site have multiple accounts in use to various degrees looking for the best savings rate as well as multiple rewards credit cards (or even just one decent one).

If you operate in those limited parameters you'll gain a lot of insight into your spending and help you with savings goals. It automatically categorizes your purchases (with simple manual correction if necessary) and "learns" from your behavior. It can set aside money that is "safe to spend" while pulling money into a pool for goals you set. You need to get up on their lingo though as these "goals" do not earn interest unlike their "protected goal" which is a separate savings account that cannot be used to automatically fund your checking account in the event of an overdraft. This account is earning 1.7% APY (1.9% APY for 10k+ balances) as of today which isn't bad but not the top of the pack.

For us though this means a less than useful interface for basic banking and moving cash around as necessary. Their ACH is awful so be prepared to have your accounts set up to push or pull from them.

Overall I'd recommend Simple to newbies as it is "simple." It's a one-stop-shop for folks just entering the work force from school to not pay any fees and get a handle on their spending before they get themselves into trouble. For DA readers though, you might want to shop around.

PS: I'm not a binary rater. 3/5 stars for me means exactly average. 5 stars would have to be absolutely incredible and 1 star would be Satan (i.e. Bank of America or Chase).

Bumpy Road Trying To Open The Account

Posted by: Jeanie324 | Jul 17, 2019

I opened the account 9 days ago and they still haven't been able to "verify" me. The money I was transferring into the new Simple account was pulled the very next day but then I received an email that they weren't able to verify me so I needed to submit copies of bank statements, drivers license and social security card to "unfreeze" my account. 3 days after I submitted them I hadn't heard anything so I called to follow up and then they requested I send in my W-2. I sent it the next morning, waited another day and called them. The last person I spoke to could not give me a time frame as to when my account would be unfrozen. She said that they would notify me when It was done. I also received the debit card in the mail which I tried to activate and apparently I am unable to do it because my account is still frozen. I have never gone through this much trouble to open an account. Let's see how much longer this is going to take and how long my opening deposit will be in limbo. 9 days have passed and the deposit does not show in the Simple account.

Worst Financial Institution

Posted by: richn | Aug 24, 2019

This is the worst financial institution I have ever encountered. First they opened my account and allowed me to initiate a transfer of 5K to them. They then froze my account pending color pictures of my ID and SS card (PDF's not allowed)along with Pdf's of my other banks statements. I furnished them almost 2 weeks ago and nothing from them. My 5K is in limbo since it has left my other bank but has not entered my Simple account since it is frozen. Repeated contacts get me nowhere. I have contacted the Federal Reserve Board but they take time to move. Also I tried to open an account for my wife and was rejected a month ago. I guess I was lucky they didn't allow her to open one in hindsight. All I hope to do is get my 5K back and close this account.



Health
A

Data as of Q3 2019

Data displayed below is for insuring bank: BBVA
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #19048
Year Established1964
Employees9964
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.65%
Return on Equity - YTD4.63%
Annual Interest Income$2.68B
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$91.98B$89.11B
LoansQ3 2019vs Q3 2018$62.53B$63.66B
DepositsQ3 2019vs Q3 2018$74.08B$70.73B
Equity CapitalQ3 2019vs Q3 2018$12.98B$12.37B
Loan Loss AllowanceQ3 2019vs Q3 2018$942.2MM$875.4MM
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$698.1MM$649.6MM
Real Estate OwnedQ3 2019vs Q3 2018$18.9MM$18.7MM
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Rate Cut At Bank Simple

ichaelm   |  
I didn't think they could maintain their interest rates much longer, and unfortunately, I was right. Effective today, balances under $10,000 pay 1.75%, down from 2.02%, and balances $10,000 or more pay 1.90%, down from 2.15%.

https://www.Simple.Com/Offer Deadline Today (Earn Up To $500 And 2.15% APY)

InterestYields   |  
At least 20K of 50K Marcus funds (with its $500 bonus coming in November) will likely be going to https://www.simple.com/offer If you're an American citizen the approval process appears quick (download Simple banking app on smartphone may be fastest but can also be done at simple.com), for permanent residents could involve sending documentation so any issues with this 10-31-19 4:59 PM PT (6:59 ET) sign-up deadline could try 888-248-0632. This is an even better deal than Marcus because the $500 bonus only requires 20K by 11/15 not the 50K for 3 months which if in a linked "Individual Protected (Goals) Account" could earn 2.15% APY (no fees, each coded as a checking account so not limited to 6 withdrawals). POD beneficiary form can be requested under Support & uploaded to them (space for 3 POD living beneficiaries per account on form but can attach additional pages for more than 3). Married couples can open separate accounts for $500 each. Full details at https://www.simple.com/offer

"How to earn a $500 bonus:

Open a new Simple Account by 10/31/19 4:59 PM PT.
Deposit(s) totaling $20,000 or more must post to the new account by 11/15/19 4:59 PM PT.
Maintain a balance of at least $20,000 through 1/31/20 4:59 PM PT.
OR

How to earn a $250 bonus:

Open a new Simple Account by 10/31/19 4:59 PM PT.
Deposit(s) totaling $10,000 or more must post to the new account by 11/15/19 4:59 PM PT.
Maintain a balance of at least $10,000 through 1/31/20 4:59 PM PT.

How to earn the APY:

Balances in your Simple Account earn 0.01% APY. Also, open an Individual Protected Goals Account to earn up to 2.15% APY and keep it safe from spending. Then we’ll use the combined balance between your Simple Account and Protected Goals Account to calculate your eligibility for the bonus.

What to know:

Qualifying customers will receive the bonus credit to their Simple Account by 2/14/20 4:59 PM PT.
Accounts must be open and in good standing with a balance greater than or equal to $0.00 at the time of the bonus credit.
Maximum of one (1) $500 bonus OR one (1) $250 bonus per customer."

This is a follow-up from my Oct 4 post about this deal at https://www.depositaccounts.com/banks/marcus-goldman-sachs.html#promo39100

Rates
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Always verify rates and promotions with the bank or credit union. We are not Simple; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Simple Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.90%*$10k*-Protected Goal Account
OTHER TIERS: 1.75% Up to $10k

Simple Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.90%*$10k*-Checking Account + Protected Goals Account*
OTHER TIERS: 1.75% Up to $10k
0.01%-- Simple Checking w/o Protected Goals Account
Locations

Simple is an Internet only bank and does not have branch locations. Its headquarters is located at 1615 SE 3rd Ave #200 - Portland, OR 97214

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.