Simple Reviews

Simple Reviews
4.0 out of 5 stars
39 Reviews

From Account Holders in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

4.5 out of 5 stars

Customer Service

4 out of 5 stars

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2 star reviews (4) See All

These reviews were written by current and former account holders in the last year.

Jun 03, 2020
Great App, Impossible to get your money
devolve76 Account Holder

App is great, website is great. The moment you need to make a big official purchase, you are screwed. there are no cashier's checks, no billpayment.  Buying a house, car, etc is going to be a huge problem with simple.

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Feb 27, 2020
Hard to get your money
JoelBelmont Account Holder

I depositied 35000 at Simple Bank because of a higher interest rate and a $500 bonus. I did get the bonus and the higher rate (now that rate has dropped). It is very difficult and frustrating to get your money transferred out. You have to deals with goals and protected accts, etc. I spent at least a hour on their web site and tried to figure it out.

I thought I had my transfers all set to send my money back to a "normal" bank, but two transfers were rejected with no notice. Finally, I called and got a support person who basically read from a script and was totally worthless.

I called back and did get someone who seemed to be intelligent and he was of some assistance. I now have multiple transfers set up. Will now by tomorrow if they work.

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Feb 07, 2020
I really wanted to like them
emikoala Account Holder

I really wanted to like Simple. I was looking for a high-yield checking account so I could earn a little something on my daily spending money. At first, Simple seemed perfect - and the budgeting tools seemed like a nice value-add. What I didn't realize until after I started trying to get set up is that Simple requires you to treat your high-yield account almost exactly like a savings account, with the only difference being no monthly limits on withdrawals.

1) All of the budgeting tools for expenses and goals can only be used in the primary Simple account, which earns negligible interest.

2) The interest-bearing account can only have two savings goals - one that is funded on an automatic schedule with a target date and amount, and a catch-all for the rest of your savings. You also can't write checks or make ACH payments out of the interest-bearing account. You have to move money out of it into the other account to be able to spend it. Why would I want to be "setting aside" money for future bills or goals and not earn interest on it?

3) The activity feed is a mess. It's a ledger for the zero-interest account, but there's no running balance . There is no ledger available at all for the protected account. You have to infer the history by looking for transfers on the activity feed, where a transfer into the protected account shows up as "spending" money.

4) When I received my first interest payment I got a notification on my phone with the amount, dismissed it, and then discovered that because the protected account has no ledger, there's no record of the interest being deposited beyond that phone notification - it has to be inferred from the protected account balance being higher than the amount you "spent" out of your zero-interest account.

5) Deposits directly into the protected account from an external bank show up on this activity feed as a deposit. Which means both positive and negative amounts in the activity feed can indicate a deposit into the protected account.

6) Direct deposit of my paycheck from my employer into the protected account doesn't make any entry at all on the activity feed! You have to just notice your balance has gone up in savings and hope you remember what yesterday's balance is to figure out how much was deposited. 

7) Transfers from zero-interest to protected accounts are categorized in the same "Financial" bucket as credit card payments - it is really not a helpful filter for me to see debt payments and savings lumped together under one line item.

8) When I was trying to set up an expense that I pay on the 28th of every month, and the site kept trying to set the recurrence to "last day of the month" - which would be late in most months - I contacted support about it, assuming it was a coding logic oversight. Their response was that recurring expenses on the 28th are not available. I'm appalled that they seem to think that's a reasonable shortcoming that doesn't need to be addressed.

9) One day, I had a payment scheduled to come out and a Venmo deposit due to hit my account on the same day. My old bank always credited depostis in the morning and debits in the afternoon, but not Simple - they tried to debit my mortgage payment at 1 AM and returned it for insufficient funds before crediting my deposit - more than enough to have covered it - at 8 AM. 

It seems like every day I find something else to be frustrated about. I've already started moving funds over to a new bank after only 3 weeks. This bank seemed like such a great concept but it has been horribly executed. Why in the world they would omit such a basic feature like a ledger with a running balance for each account is beyond me. Maybe other people are content to just trust the "current balance" number is accurate and don't care if there's no record of their paycheck being deposited or exactly how much interest they earned.

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Dec 04, 2019
Ensure you have a backup bank
nickisaacs Account Holder

Thought they were going until recently. Going through the home buying process with Simple, the following things came to light:

- they don't support outbound wire transfers

- I was given false promises about getting statements

- I was given sloppy support around sending cashiers checks

- I was denied a joint account with my partner because I'm a permanent resident (Chase allowed us to open an account no problem)

- recently support messages aren't answered same day, which they used to be

Overall it's fine for straightforward checking needs (although they did stop their check sending service, which makes it less helpful for paying some bills). Substantial banking needs or large purchases should be done with more capable banks.

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Jun 28, 2020

This is sad and painful

 
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