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

4 5
Collapse

Most Helpful Positive Review

Mar 26, 2020
Great budgeting tools and services
ileneg Account Holder

Great bank for young adults well anybody that can't nugget this bank does it for you

more ...

Was this review helpful?

 

Most Helpful Negative Review

Dec 24, 2019
NEVER PUT YOUR MONEY IN SIMPLE BANK!
KR8090 Account Holder

Don't put your money here because you will not be able to get it out when you need it! Simple Bank is not actually a bank, they are an internet facilitator. The money you think is at Simple is really at BBVA USA. Simple bank can't wire or perform instant transfers like other banks can because they DON'T HAVE THE MONEY. They have to request it from BBVA. I have been a mortgage broker for 30 years. My clients, first time buyers, bank with Simple. When they contacted them to ask for their down payment money to be wired to the title company so they could close, Simple Bank said no. Simple's "solution" is for them to transfer no more than 10K per day to a different bank that the clients link to Simple. Then that transfer takes 3 days to occur, then they need to wait until the funds have been in the second bank long enough to wire. We dont have that kind of time. We did a conference call to Simple Bank, Tanya at Simple Bank refused to transfer us to a supervisor - said their supervisors don't take calls. Then we got a customer experience rep who was the one who admitted they can do a rush on a cashiers check because they dont' actually have the money. This "bank" is a fraud and a scam. if I could give them zero stars I would.

more ...

Was this review helpful?

 

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

Mar 26, 2020
Great budgeting tools and services
ileneg Account Holder

Great bank for young adults well anybody that can't nugget this bank does it for you

more ...
Mar 26, 2020
Friendly and always helpful
ileneg Account Holder

It's a great bank the services are wonderful great bank for young adults who need a little help bugeting

more ...
Mar 05, 2020
No Fee Banking at It's Best!
CandidCashflow Account Holder

I love the no fee banking model I enjoy with Simple. I have more control over my money, account, and debit card than I ever did with a traditional bank. It fits my needs perfectly. It was easy to start an account, get a joint account, and I have many industry-leading savings options. Their support is always helpful and friendly. I would recomment Simple to anyone! 

more ...
Mar 05, 2020
No Fee Banking at It's Best!
CandidCashflow Account Holder

I've been banking with Simple for 6 years. I love the no fee banking model. I also love the control that I have over my account and debit card. Their support is always helpful and friendly. I would recommend Simple to anyone!

more ...
Mar 04, 2020
No fees and great support!
xanderd Account Holder

I've had this bank account for years. I realize some people were upset about them getting rid of the Bill Pay feature but, come on. If you need to write checks, write them yourself, or set up ACH payments if possible. The business has needs too and I for one am REALLY happy that they got rid of a feature I didn't need or use anyway, and hopefuly will be allocating those fund to features that better serve the greater good. Get out of the dark ages people.

Support is ALWAYS friendly and the goals features are great. I've managed to pay off over $6,000 of medical debt by using these features, and now that's done with, I hope to start saving to put a down payment on a mortgage. I couldn't imagine accomplishing this with any other bank. Simple makes it so easy.

more ...
Mar 04, 2020
The Original Innovator in Online Banking
scottko Account Holder

The first, best and most well known in the online banking evolution away from brick and motar locations. App is clean, services easy to understand, and support if super accessible and helpful. Every business eventually disappoints a few customers here and there but majority ratings show Simple is pretty solid. I do miss the days when their ATM network included TCF because I will not use my ATM card at the free CVS/gas station-type venues they have available due to card skimming fraud (TCF was an ATM I could trust, but they moved off the network).

more ...
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.

more ...
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.

more ...
Feb 07, 2020
Innovative but slow cust svc
ZygarDude Account Holder

Simple has changed the way I budget.  I make heavy use of their "expenses" feature which allows me to categorize and allocate my funds into various bills and other categories.  While their customer service is often friendly and helpful, I've found their response time to be lacking, especially for the rare occasion of needing help quickly. I've never seen a bank close down for an hour or two because of an internal meeting (or, at least announce that).  Other than that, I highly recommend them.

more ...
Feb 06, 2020
No fees and awesome support
user00265 Account Holder

I started with Simple by signing up for their waitlist, and finally got the email in 2012 to join. Even back then their process was straightforward and to the point. Fast forward a few years and they sold to BBVA and they switched the underlying bank from Bancorp to BBVA Compass, then a little while later they finally added checks and did away with their bill pay solution. While I don't like that they got rid of their bill pay solution (nearly every bank nowadays has a bill pay system), the checks were a welcome addition and has made my finances simpler.

The lack of fees, their simple to use app and web app, their helpful support (who seems to actually care, unlike many other institutions) are some of the top reasons why I recommend Simple to friends and family (and strangers!).

They have tools for managing your expenses and goals, as well as other tools to help you save and manage your money. If you're looking to get your finances in order and perhaps even share that journey with your significant other, Simple is your answer.

Thank you, Simple.

more ...
Add a Review

Add Your Review

I Own It I Had It I Applied

Please state your experience.

How would you rate this bank overall?

Please select a rating

What should others know about this bank?

Optional

How was application process?

How was customer service?

Join the Credit Karma Community

It’s free, and you’ll get tools and info that can help you improve your financial health:

  • Credit scores and reports
  • Credit monitoring
  • Personalized recommendations