Has anyone used Simple for checking and knows if their new 2% rate would apply to the entire checking balance (if greater than the $2,000 threshold) or does it apply only to balances greater than $2,000 inside one of the goofy savings goals you set in the app? Their promotional material suggests it's the latter. Their terms describe a "base account" vs the savings goals and it's not clear that this rate applies to the base account. The only way you are allowed to message them is to ask is by signing up for an account or by sharing your social media details to ask via FB or Twitter. At this 2% rate, with no debit card requirements, I'd consider using this bank as my primary checking account -- but if the rate doesn't apply to money in the main balance, it wouldn't be worth it to set this up, I think.
Answers

" Rates are variable and are subject to change after the account is opened." This is from their 'fine print'.
High rates offered for checking and savings accounts are teaser rates, they drop dramatically. CD's offer high rates because you essentially lose access the money for the term.. I would be weary of 2.02% APY on your account lasting indefinitely.


