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.

 

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

Radius Bank

Hybrid Checking

NerdWallet Rating

at Radius Bank,

Member, FDIC

APY

1.00%

Monthly Fees

$0

Bonus features

N/A

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
Fair
Rates
Good
Fees
Low
Excellent Online Bank for Budgeting
So I've read some really bad reviews about how long deposits take. I've never experienced that. Now they did hold deposits for the first 30 days but after that if I deposit a check before 5pm it is available by 3am the very next morning. That's excellent. I've also read reviews from people saying this account is for people that are bad with money. Not true at all. I'm very responsible when it comes to my spending and this bank simplifies that process. When my paycheck hits, every bill is taken care of automatically. I know exactly how much is left to spend and what needs transferred to my savings. I've not had to call for customer service but I've submitted a few questions online -- it can take 3-7 days to get a response and the response usually doesn't answer the question entirely. Luckily I've not needed important service. Finally, the biggest negative which is also a big complaint is that they are removing their online bill pay. That's insane to me that a 100% online bank is not going to provide a service to pay bills. What's even more of a problem is that they won't allow you to buy checks anywhere else. You have to buy their checks at $5 for 25. That's ridiculous and if you pay a lot of bills via check or online then do not consider Simple. If you want to automate your budgeting and earn interest on savings then this is the bank for you!
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
Low
Untrustworthy
They were incorrectly showing me my account balance by a whopping $300 due to a severe bug in my account. I spent money because my account said I had it and, months later when I tried to close one of my goals, it suddenly said I had "over-spent" $300. Phone support was almost completely useless, just repeating the same cookie-cutter response over and over again, until finally, after 50 minutes, they consented there was a bug in my account and they would forward it to the right people. 5 days later and they still haven't gotten back to me on anything, and I'm $300 shorter than I thought, which means I can't afford to pay my rent this month. Do not use this bank.
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