Simple Review: Checking and Savings

Simple was a free digital checking account designed to be used mostly on your smartphone. It was shut down in early 2021.
Jun 15, 2020

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Overall bank rating

Simple

    4.0

    NerdWallet rating 

    The bottom line:

    Editor's note, Jan. 7, 2021: Simple, a subsidiary of BBVA USA, has shut down. Accounts transitioned to and became serviced exclusively by BBVA USA. Read more about what the bank closure means for current Simple customers, and learn about alternatives worth considering. If you're in the market for a neobank account, see 19 alternatives.

    Simple offered free, online checking accounts designed to be used mostly on your smartphone. It wasn't a bank, but partnered with a bank to offer insurance on its accounts. It had a Visa debit card and a handful of first-rate mobile banking tools.

    Pros

    • No monthly maintenance fees or minimum balances.
    • 40,000+ surcharge-free domestic ATMs.
    • No overdraft fees.

    Cons

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

    Methodology

    NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.