Simple Bank Review: No Fees and Helpful Budget Tools

Find out if online banking with Simple is right for you.

Simple is an online and mobile bank that offers a low-cost checking alternative to traditional, national banks . The bank has a range of features like mobile deposit and external account linking and even provides interactive tools like the Simple banking app to make keeping track of your spending easier. Read through this Simple online bank review to decide whether or not to open an online bank account.

Simple Bank Account Review

Anyone can apply to open a Simple bank account directly on the company’s website. After opening and funding an account, users can unlock access to features including:

  • Visa debit cards
  • Photo check deposit
  • Direct deposit
  • External account linking
  • Instant money transfers to other Simple users

The Simple web and app interface are available for Android and iOS devices, and you can set up other payment services like Apple Pay with your Simple account .

Compare: 15 Best Mobile Banking Apps and Services

Simple Bank Account Features

Once your application is approved, a Simple Visa debit card is mailed to your address . The card is a debit card tied to a Simple checking account. With your account, Simple offers an array of banking services, such as:

  • Photo check deposit: Take a clear photo of a check and submit it on the mobile banking app for processing on any business day before 2 p.m. PST (5 p.m. EST) .
  • Simple Instant: Instantly transfer money to other Simple customers in your contacts .
  • Goals: Simple can help you set financial goals. Set up emergency funds, designated budgets, and savings deadlines in your account, paired with helpful and fun graphics .
  • Safe-to-Spend: The Safe-to-Spend tool provides a more accurate idea of how much you can spend today by subtracting upcoming bills — like rent, pending transactions and goals you’re saving for — from your current balance .
  • Payment Goals: With your goal connected to a scheduled payment, money will be automatically set aside from your Safe-to-Spend balance until the goal is completed and payment is sent .
  • Online bill pay: Use the Simple app to pay bills by setting up recurring bill payment and link to completion of goals .

With no monthly maintenance fees, overdraft fees, or required minimum balance, the process to open a Simple bank account is, well, simple . Simple Bank employs multiple levels of network and software security, like two-factor authentication, to keep the information on your mobile app safe .

If suspicious spending occurs, you can instantly block your card using the Simple mobile app. Additionally, the Visa zero liability policy protects customers against fraud .

Simple Bank Account Conditions

Simple Bank only offers checking accounts, not savings or business accounts . The bank’s checking account terms include:

  • Deposit limit: All Simple users must comply with the deposit limit, which can vary depending on the account age and recent deposit activity . All checks over the deposit limit can be mailed, but accounts under 31 days old are subjected to a hold of nine business days before the funds are available .
  • APY: A Simple online bank account earns a 0.01% APY .
  • No rebates on ATM fees: Simple doesn’t charge for using ATMs outside of its network, but it does not reimburse the ATM fee charged by out-of-network machines . Staying in network can save you money when you want to access cash in your online bank account.
  • Device limitations: In order to fully access all Simple mobile and online services, you must have a device that runs Apple iOS 10.0+ or Android 5.0+ (Lollipop) and have the correct web browser.
  • Check process limitations: Simple cannot take a variety of check types, including but not limited to printed eChecks, most loan checks, traveler’s checks and checks from another personal account in your ownership .

Related: Free Checking Accounts With No Minimum Deposit

Bottom Line

For a basic, cost-efficient financial checking experience, Simple can meet several banking needs through its line of support tools and no fees. Without the high costs of opening a traditional bank account, Simple provides an accessible platform for customers new to banking, tired of traditional banking, on a shoestring budget and others.

If you’re looking for a broader variety of banking services beyond basic checking, however, Simple might not be a good fit for you. It’s mobile experience is best suited for people who don’t need a brick-and-mortar branch.

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GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

About the Author

Steffi Cao is a Editorial (SEO) intern at GOBankingRates. She is a rising junior studying Communications at the University of Michigan, and her work has been featured in Teen Vogue and Tostada Magazine.