Simple is fee-free banking brought to brand new life through elegant mobile design, built-in budgeting and saving tools, and a support team
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Simple is fee-free banking brought to brand new life through elegant mobile design, built-in budgeting and saving tools, and a support team
i’m mad this hold music got me jammin like this
I love banking with Simple. I think you will too! Use this link to get started, and check them out for yourself.
Simple.
For anyone looking to get out of a bank that charges fees, fees, and more fees, I have a pretty solid solution for you. It’s called Simple.
First thing to note: there are no physical branches. That’s right. No banks. Secondly: there are no fees. The only downside to that is if you need cash, you have to get cashback from a purchase, find an Allpoint ATM near you (which you can use for free), or pay to use another ATM.
Because Simple is an online bank, they’ve made a clean, modern, easy-to-use app for Apple and Android phones. You set a 4-digit code to unlock the app, and you’re in. If you have an Android phone you can set 4 different widgets for the app: one that lists your Goal (will explain later), one that lists Safe-to-Spend (will explain later), one that lists both, and one that’s “Simple Instant Connect” (I have no idea what that one does).
When you first sign up for Simple you’ll have to provide your information and it’ll take a while (I’d say 5 - 9 days) for them to verify your identity. Once that’s done, you’ll be able to access the full app and explore what it has to offer, but it’ll still take another 14 days or so to receive your debit card.
While you’re waiting on your debit card, there’s a couple things you can do.
1. You can set up transfers from your other bank(s). Each transfer from your other banks into Simple will take 3-5 business days, while your transfers from Simple to your other banks will typically take 1-3 business days. For example, I set my transfers on Thursdays (when I get paid via. Direct Deposit) and the money is in Simple by the following Monday.
2. You can set up Goals for when there is money in your account. (Note: Pause Goals when there is no money in the account to make new Goals) Goals can be used for things like: savings, vacation money, rent, textbooks, going out, etc. You can set it to take the money “out” of your account that day, or take a few dollars every day by a certain date. For example, I want to save up for a Sony a6300 & lenses & accessories by February 24th, 2017. I gave myself a $2000 Goal and started Aug. 8th, 2016, so it’ll be putting $10.00/day into that Goal.
Now let me explain what Safe-to-Spend is. Safe-to-Spend is not how much money you have in your account. Safe-to-Spend is how much money you have available to spend after subtracting your Goals. I transferred $140 into Simple, and have two goals. After a few days, I have $87 that’s Safe-to-Spend.
One of the best things about the Safe-to-Spend system is that you can’t overdraw your account. If you have money in Goals and you overspend Safe-to-Spend, the money gets pulled from your Goals. If you don’t have any Goals and try to overspend, your card will be declined. Remember, no fees.
I don’t work for Simple and have no affiliation with the company besides being a member. I just really like the Goals and Safe-to-Spend system and the app and the no-fees and even the customer service guy I talked to was super nice to me. So if you’re looking into a way to help you budget or save money, Simple is the way to go.
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Does anyone have experience with Simple or another online-only bank? Thoughts?
I’m in the market for a new bank because my current one has no branches in my new city.
Just signed up for Simple Bank!
Getting off of BOA's teet.
And if you need reasons why read this article.