finder US
US
AU
NZ
UK
CA
HK
SG
MX
US
AU
NZ
UK
CA
HK
SG
MX
Home
Checking Accounts
Advertiser Disclosure

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Simple app and debit card review

Katia Iervasi
Katia Iervasi
Last updated:  

If you’re comfortable banking online, this new-gen account may be a good fit.

Aimed at the mobile-savvy, this fee-free account makes it easy to manage your money from your phone. Designed for budgeting and saving, this checking account is a moneymaker — you can earn up to 2.15% APY as long as you set money aside in a separate Protected Goals Account.

$0

Monthly fee

2.15%

APY

$0

Minimum deposit to open

Details

APY2.15% on balances of $10,000+
2.02% on balances of $0 to $9,999
Monthly fee$0
Minimum deposit to open$0
ATMs40,000 AllPoint ATMs in Simple’s network
ATM transaction fee$0
Out-of-network ATM fee$0
Overdraft fee$0
Nonsufficient funds fee$0

What are the benefits of a checking account with Simple?

In Simple‘s words, “you shouldn’t pay to use your own money.” But you’re in for more than low costs.

  • No fees. There’s no minimum opening deposit or balance, and there are no monthly maintenance, overdraft, transfer or card replacement fees.
  • Complimentary ATMs. The fee-free theme continues with the 40,000 AllPoint ATMs in Simple‘s network. For outside and international ATMs, Simple won’t charge a fee — but the ATM operator might.
  • Competitive APYs. Simple stands out for its sky-high 2.15% APY that applies if you open a Protected Goals Account with a balance of $10,000 or more. Any balance in a Protected Goals Account under $10,000 will earn 2.02% APY. With only a Simple checking account, your balances will earn a 0.01% APY.
  • Built-in budgeting. Unique to Simple, Safe-to-Spend is designed to help you stick to a budget. Rather than showing your full balance online, it deducts your scheduled bills, savings and transfers from your checking balance so you don’t spend money that’s earmarked for other purposes.

Simple‘s ATM network and fees

Dip your Simple Visa Debit Card into any one of the 40,000 AllPoint ATMs across the country to withdraw up to $500 every 24 hours. They’re free to use, and you can typically find them in Walmart, Walgreens, Costco, Dunkin’, Target, Hess, CVS and Safeway stores, as well as BBVA bank branches.

If you choose to use ATMs outside the AllPoint network, Simple won’t charge a fee but the ATM operator might.

What should I look out for?

Simple is staunchly modern and might have its downsides if you like the comforts of a traditional account:
  • No physical branches. The bank — and the checking account — is purely online. Call 888-248-0632 daily from 6 a.m. to 7 p.m. PT or complete an online form to speak with a rep.
  • Requirements for high APY. To earn the widely advertised 2.15% APY, you’ll need to open a Protected Goals Account and keep a balance of $10,000, which may be a reach for some.
  • No bill pay. Simple no longer offers an electronic bill pay service, and you’ll have to pay $5 for a pack of personal checks.
  • No cash deposit. To deposit cash into your account, you’ll need to link an external account, use a third-party payment service like Venmo or deposit a money order or check through the app. The bank doesn’t support ATM deposits just yet.

Compare with other checking accounts

Name Product APY ATMs Fee
BBVA Online Checking
BBVA Online Checking
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
Go to site
More Info
BBVA Premium Checking
BBVA Premium Checking
0.05%
More than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$19/month
(can be waived)
A full-service interest checking account that offers automatic rebates of ATM fees.
Go to site
Chase Total Checking
Chase Total Checking
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$12/month
(can be waived)
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.
Go to site
More Info
Chime Spending account
Chime Spending account
0.01%
38,000 fee-free ATMs nationwide
$0
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
Go to site
More Info
BBVA Free Checking
BBVA Free Checking
1,000 fee-free ATMs across the country
$0
Pay a $0 monthly service charge and get free access to BBVA ATMs.
Go to site
More Info
Chase Premier Plus Checking
Chase Premier Plus Checking
0.01%
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$25/month
(can be waived)
Get a $300 signup bonus as a new Chase checking customer when you open a Chase Premier Plus Checking account and set up direct deposit.
Go to site
More Info

Compare up to 4 providers

How much do I need to open an account?

The minimum opening deposit is $0. To earn the 2.15% APY, you’ll need to open a Protected Goals Account and deposit and maintain at least $10,000. Otherwise, you’ll earn 2.02% interest on any balance under $10,000 in your Protected Goals Account. Balances in your Simple checking account only earn 0.01% APY.

How do I apply?

Sign up in minutes online:

  1. Go to the Simple website and click Apply Now.
  2. Create a username and password with your email address. Click Next.
  3. When you’re asked “What do you plan to use Simple for?” select an answer from the dropdown.
  4. Continue through the steps with your personal info and provide documents to establish your identity.
  5. Review and submit your application.

Eligibility

To open a checking account with Simple, you must be:

  • A US citizen or permanent resident.
  • At least 18 years old.

Required information

The application will ask for your:

  • Social Security number.
  • A valid government-issued ID, such as a driver’s license, state ID or passport.

Case study: Ryan’s experience

profile pic

Ryan Brinks
Assistant Publisher

I was excited about using Simple for a few months until they unexpectedly froze my account for more than a month without even notifying me, claiming that they needed more identity verification documents than what I provided months earlier when I opened the account. Unfortunately, it took them several weeks to even review the additional documents after I sent them in, and it was a mess to change all the automatic payments I had set up. You see, it’s important to me to keep track of where my money is going and when my bills are coming due, and I hadn’t found a personal finance website or app that showed me clearly what my future cash flow would look like … until Simple. It showed me what expenses were up next and automatically allocated my checking account balance to cover those bills ahead of time. With a quick glance, I could see where I was at for the month ahead.

Needless to say, that cool feature quickly took a back seat to the lack of trust I now have in Simple. To its credit, the company did apologize and reimburse me for two returned payment fees I incurred while my money sat locked up.

What other checking options does Simple offer?

The bank is built on simplicity, offering only one checking account. Simple also offers a Protected Goals savings account that you can activate through your checking account.

Does this bank offer business services?

No. There’s a single checking account, and it’s designed for personal use.

Bottom line

If you don’t mind a digital banking experience, Simple‘s checking account is worth looking into. It rewards customers with low fees and an interest rate that’s much higher than most brick-and-mortar banks. But if you want to earn the 2.15% APY, you’ll need to open a separate account and keep at least $10,000 stashed away.

If you make frequent cash deposits and are looking for a high-yield checking account that doesn’t require the opening of a separate account, you’ll want to compare your options with our guide to checking accounts.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site