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Simple, the Popular Banking Service, Is Shutting Down
Chanelle Bessette is a personal finance writer at NerdWallet covering banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She is also a spokesperson for the banking team, and her expertise has appeared in The New York Times, Vox and Apartment Therapy.
Carolyn Kimball Assigning Editor - Banking | Los Angeles Times, San Jose Mercury News
Carolyn has worked in newsrooms around the country as a reporter and editor. Her interests include personal finance, sci-fi novels and ridiculous Broadway musicals.
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After more than a decade in business, online banking service Simple is shutting down. News reached customers by email Thursday that their bank accounts under the Simple banner will soon be transitioned to Simple’s parent company, BBVA.
Accounts will continue to be housed in these FDIC-insured deposit accounts but under the full-time account servicing of BBVA USA instead of Simple. In the email, BBVA called this move a “strategic decision” and said that customers can expect to receive additional information in the near future about when their accounts will be fully transitioned.
The decision comes not long after the late 2020 acquisition of BBVA USA by the PNC Financial Services Group. In a press release from PNC on Nov. 16, 2020, PNC CEO William S. Demchak said that the acquisition of BBVA would “accelerate [the company’s] growth trajectory and drive long-term shareholder value.”
Customers were told they can continue to use the Simple app for the time being. According to an email from a BBVA USA spokesperson, “As part of BBVA USA, Simple customers will have access to a much broader suite of products and services, alongside the bank’s award-winning mobile app, which includes BBVA Financial Tools."
The email to customers advises that BBVA’s customer service representatives won't be able to address questions about Simple’s closure at this time, although customers can still reach out about regular banking needs.
4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
5.50%*Base annual percentage yield (variable) is 4.75% as of 7/31/23. 5.50% APY reflects a .75% boost available as a special offer with qualifying deposit. Terms apply. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
5.55%All Bread Savings APYs are accurate as of 11/30/2023. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time.
0.50%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
The abrupt news of Simple’s closure led some customers to take to Twitter to express their dismay, concerned that they'll lose its ease of use and budgeting tools. For those soon-to-be former Simple users who are looking for other online banking options, there are alternatives that offer solid interest rates and tech-friendly features; Simple’s rivals in the space include institutions like LendingClub, Chime and Varo.
BBVA changes also include the closing of the Azlo business banking platform. Customers were notified that there would be no immediate changes to their business checking accounts or service, but initially received no additional updates.
Well-known for its fee-free, online business checking accounts, Azlo has been a leader in the digital banking space since 2017. Small-business owners looking for alternatives to this account might consider Bluevine, Novo or LendingClub for their banking needs.
NerdWallet writer Randa Kriss contributed to this report.
