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Overview / Commentary
1615 SE 3rd Ave #200
Portland, OR 97214
Reviews (3)

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.

* 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.

* 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:

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.

Can't Write Customer Service, Account Denied With No Explanation

Posted by: unagi | Oct 9, 2018

The only way you can message them is by signing up for an account -- they have no email address -- or by sending a message via FB or Twitter, thus exposing your social media info. So I went ahead and applied for an account just so I can ask the question I posted in the forums here -- whether the 2% APY on the checking account applies to the "base balance" or only the balances within a "protected savings goal" (their T&Cs are ambiguous). But my application was denied with only a message that they can't ever tell me why. So I guess now there's really no way to ever message them! Oh well, I'll stick with my 1.6% MemoryBank checking account since they are so responsive and the account is straightforward.


Health Grade Components

FDIC Certificate #19048
Year Established1964
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.57%
Return on Equity - YTD4.11%
Annual Interest Income$902.7MM
Assets and Liabilities
AssetsQ1 2019vs Q1 2018$92.64B$86.61B
LoansQ1 2019vs Q1 2018$64.07B$61.45B
DepositsQ1 2019vs Q1 2018$74.71B$70.23B
Equity CapitalQ1 2019vs Q1 2018$12.75B$12.22B
Loan Loss AllowanceQ1 2019vs Q1 2018$966.0MM$832.1MM
Unbacked Noncurrent LoansQ1 2019vs Q1 2018$844.0MM$661.2MM
Real Estate OwnedQ1 2019vs Q1 2018$15.0MM$16.1MM
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Simple Savings Account Rates

2.02%--Protected Goal Account

Simple Checking Account Rates

2.02%--Checking Account + Protected Goals Account*

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

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