at Simple,

Deposits are FDIC Insured

Pros

No monthly maintenance fees or minimum balances.
About 40,000 domestic ATMs available.
No overdraft fees.
Strong 2.02% APY on protected goals balances.

Cons

No way to deposit cash directly.
No bill-pay feature.

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Overall

4.0

Simple is a free, online checking account designed to be used mostly on your smartphone. It comes with a Visa debit card and a handful of first-rate mobile banking tools.

 

Ratings methodology | Updated Jan. 31, 2019

Checking

4.5

Simple offers a free checking account with mobile budgeting tools — but no way to deposit cash directly. The mobile app keeps a running tally of how much money is "safe to spend" after accounting for scheduled bills, savings and transfers. It's a good bet for those who want to avoid fees and overdrafts and want to bank primarily over an app.

 

If you have a protected goals account, that money will earn 2.02% APY.

 

Simple also offers a bonus: Earn up to $500 on top of 2.02% annual percentage yield when you open a new Individual and Shared Protected Goals Account with qualifying activities.

 

Simple says: “How to earn a $250 bonus for each new Protected Goals Account (Individual and Shared): Open your new Protected Goals Account(s) by 7/31/19 4:59 p.m. PT. Deposit(s) totaling $10,000 or more must post to the new Protected Goals Account(s) by 8/15/19 4:59 p.m. PT. Maintain a balance of at least $10,000 in each new Protected Goals Account through 10/31/19 4:59 p.m. PT. Eligible customers will receive the bonus credit to their Protected Goals Account by 11/15/19 4:59 p.m. PT.”

 

Need a place to stash your savings? Check out NerdWallet’s best high-yield online savings accounts

Checking & Budgeting
APY
2.02%
Monthly fee
$0
Balance to waive monthly fee
$0

at Simple,

Deposits are FDIC Insured

How does Simple compare?

Simple

Checking & Budgeting

NerdWallet Rating

at Simple

APY

2.02%

Monthly Fees

$0

Bonus features

No overdraft/NSF fees

No Monthly Fee

10,000+ ATMs

Chime

Spending Account

NerdWallet Rating

at Chime,

Member, FDIC

APY

N/A

Monthly Fees

$0

Bonus features

No Monthly Fee

No overdraft/NSF fees

10,000+ ATMs

Axos Bank™

Rewards Checking

NerdWallet Rating

at Axos Bank™,

Member, FDIC

APY

1.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

No overdraft/NSF fees

ATM reimbursements

Not for you? Read more bank reviews
NerdWallet reviews are the result of independent research by our editorial team while accountholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Games/$cam/Misleading
Can't access your money as simple as simple says you can. Customer service is a joke and if one says something you will hear it differently from another. They are rude and very unpleasant and not very experienced. I demanded my money and was refused I demanded an address change and I was refused. I demanded the account to be closed and I was refused. I demanded to speak to someone with authority and still I was refused. My money my decision and I want it now not when they say I can but when I say I can.
Overall
Customer service
Good
Website / app
Good
Rates
Good
Fees
Low
Love Simple Bank
I simply love Simple. I have used many different budgeting apps over the years and none have allowed me to allocate money to bills and goals the way Simple has. I don't just see how much I have in my account and where it went. I see where my money is going to go and how much I actually have left to spend. I have had very few "banking" issues and have always been able to resolve them with customer service. I would open up three accounts for my kids today if I could. I recommend Simple every chance I get.
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