Simple Review: Checking and Savings
Simple is a free digital checking account designed to be used mostly on your smartphone.
Overall bank rating
at Simple, Deposits are FDIC Insured
Checking
Checking
Savings
Savings
Banking experience
Banking experience
Overdraft fees
Overdraft fees
4.0
The bottom line: Simple offers free, online checking accounts designed to be used mostly on your smartphone. It's not a bank, but partners with a bank to offer insurance on its accounts. 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 0.50% APY on protected goals balances.
Cons
No way to deposit cash directly.
No bill-pay feature.
Full review
Simple Account
4.5
NerdWallet ratingMonthly 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
at Simple, Deposits are FDIC Insured
5.0
NerdWallet ratingat Simple, Deposits are FDIC Insured
APY
0.50%
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 0.50% 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
3.0
NerdWallet ratingSimple 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 financial institutions.
Overdraft fees
4.0
NerdWallet ratingSimple typically rejects transactions that would overdraw your account, and it doesn’t charge overdraft fees or offer other options for overdraft protection.
Simple Account
4.5
NerdWallet ratingMonthly 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
at Simple, Deposits are FDIC Insured
5.0
NerdWallet ratingat Simple, Deposits are FDIC Insured
APY
0.50%
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 0.50% APY and there is no monthly fee.
» Need a place to stash your savings? Check out NerdWallet’s best high-yield online savings accounts
3.0
NerdWallet ratingSimple 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 financial institutions.
4.0
NerdWallet ratingSimple typically rejects transactions that would overdraw your account, and it doesn’t charge overdraft fees or offer other options for overdraft protection.
How does Simple compare?
Deposits are FDIC Insured | Member FDIC | |
|---|---|---|
APY0.50% With $0 minimum balance | APY0.50% With $0 minimum balance | APY0.50% With $0 minimum balance |
BonusN/A | BonusN/A | BonusN/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.
