Simple Review: Checking and Savings

Simple is a free digital checking account designed to be used mostly on your smartphone.

Spencer TierneyJune 15, 2020

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Overall bank rating

Simple

at Simple,

Deposits are FDIC Insured

  • Checking

    Checking

  • Savings

    Savings

  • Banking experience

    Banking experience

  • Overdraft fees

    Overdraft fees

4.5

NerdWallet rating 

The bottom line: Simple offers free, online checking accounts designed to be used mostly on your smartphone. It has 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.

Pros

  • No monthly maintenance fees or minimum balances.

  • 40,000+ surcharge-free domestic ATMs.

  • No overdraft fees.

  • Earn 0.60% APY on protected goals balances.

Cons

  • No way to deposit cash directly.

  • No bill-pay feature.

Full review

Simple Simple Account

Simple Account

4.5

NerdWallet rating 
Monthly Fee

$0

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 gives you a detailed view of your spending. And it’s not all about online — you can still order checks.

» Compare your options with NerdWallet’s best online checking

Simple Simple Checking & Budgeting

at Simple,

Deposits are FDIC Insured

4.5

NerdWallet rating 

at Simple,

Deposits are FDIC Insured

APY

0.60%

With $0 minimum balance

Simple’s Protected Goals Account is separate from your standard Simple balance account. This helps keep your money safe from accidental spending. The account pays 0.60% APY and there is no monthly fee.

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

Banking experience

4.0

NerdWallet rating 

Simple doesn’t have any branches, but you can manage your account with its smartphone app. You can also contact Simple customer service via phone Mondays through Saturdays and get support through Twitter.

Unlike some other online institutions, Simple doesn’t reimburse out-of-network ATM fees charged by other banks.

Overdraft fees

4.0

NerdWallet rating 

Simple typically rejects transactions that would overdraw your account, and it doesn’t charge overdraft fees or offer other options for overdraft protection.

Simple Simple Account

Simple Account

4.5

NerdWallet rating 
Monthly Fee

$0

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 gives you a detailed view of your spending. And it’s not all about online — you can still order checks.

» Compare your options with NerdWallet’s best online checking

How does Simple compare?

Deposits are FDIC Insured

Federally insured by the NCUA

APY

0.60%

With $0 minimum balance

APY

0.60%

With $0 minimum balance

APY

0.65%

With $100 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

N/A

RATING 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.