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

4.5

Simple offers free, online checking and savings accounts designed to be used mostly on your smartphone. It comes with a Visa debit card and a handful of first-rate mobile banking tools. It’s a good bet for those who want to avoid fees and overdrafts and want to bank primarily over an app.

 

Ratings methodology | Updated July 25, 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, and it lets you save up for monthly bills and other expenses with each paycheck. And it’s not all about online — you can still order checks.

 

» Compare your options with NerdWallet’s best online checking

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
Poor
Rates
Fair
Fees
Fair
Horrible!!
Weird account opening procedures. Odd restrictions. Poorly trained (or inept) customer service. At best, confusing. At worst, deceptive/mis-Ieading practices. I tried to open their 'Protected Goals ' goals account. It was supposed to have a 2.02% APY + a $250 bonus. The web link for this promo is still active. The application process was odd. They don't just want your Driver's License/State ID #, they want pictures of your ID. They also want a selfie. I've never heard of this before. I sent all of this, but was rejected. The email didn't say why I was rejected, just that something was wrong with my pix. After re-sending the pix and getting another rejection email, I called them. They said the selfie had to be of me by my home's address sign?? I live in a rural area where the address signs are on the road, far from the houses. I could take a selfie in front of any address sign out here, what does that prove? If I somehow went through the trouble of having a fake ID, you don't think I could take a fake selfie?? The account finally was opened. They required $10,000 be in the account to receive the $250 bonus. When I tried to transfer the $10,000 into the account, I found that they put deposit/withdrawal limits on the account for the first month. This forced me to go to my existing bank to transfer the money out to Simple. Finally, I thought the account was sent to go. Then I received my first statement. I only received .01%, not the promised 2.02% APY. I emailed customer service. They said that I had opened a 'regular' checking account, not a Protected Goals account. I called BS and provided the web link I had used to open the account. They countered that I could open the PG account (I had to do it, they couldn't), but I would have to keep the other account open. Something about 'not a stand-alone' account. I directed them to their web link for the promo and asked where it said anything about having to have 2 accounts (PG + regular checking). Started to get the run around, so I transferred all funds out and am closing the account. Weirdest/worst online banking experience I've ever had.
Overall
Customer service
Poor
Website / app
Good
Rates
Fair
Fees
Low
No fees means no service
DO NOT BANK WITH SIMPLE!!! Yes, you don't get fees. Yes, they have a snazzy app. But, when it comes to important things, like buying a house, they are woefully and frustratingly incompetent. We tried to get a cashier's check, since Simple won't initiate wire transfers, and we were assured that we would get it the day before closing. Then, because of red tape, they said by 9am day of closing. Ok fine- super stressful, we're supposed to do our walk through, but we can juggle that. Now, it's not going to arrive until 8pm, HOURS AFTER THE TITLE OFFICE CLOSES. You know what that means? We're totally screwed and can't move in until Monday. Our family took off so they could come in from out of town to help us move, we both had to take off from work, we had all of our utilities scheduled to be switched and pest control to come spray... but now none of that can happen because they can't conceive how buying a house works. So long story short- if you are just using this for every day transactions and to help you figure out how to budget, that's fine. But, when it comes to important purchases, don't expect them to give a flying fart on the moon. After all, they aren't getting money from fees off of you, why should they care?
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