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I prefer to keep everything in my financial life as simple and transparent as possible and Simple has definitely made that more possible for me this year! At the start of this year, I wanted to transition into all online banking as I really have no need for a brick & mortar bank location. I researched many different possibilities, plus I considered online banks where I hold savings and retirement accounts. I was even denied for an online checking account at one popular online bank (huh?), but the best free account for me was definitely the one offered by Simple.
I’m always looking for convenience and NO FEES when it comes to managing my money. My Simple account offers both. As someone who often runs the balance on my bank account down to a minimal amount, I always have to know my balance. With a typical bank account, written checks don’t always appear out of your online balance in a timely manner and if you forget you wrote one, say hello to overdraft fees! That doesn’t happen with my Simple account. First, Simple doesn’t offer paper checks with their accounts, so you don’t have to worry about forgetting to record a check and keeping a balance in check! Second, the Simple mobile app (available for iPhone and Android) shows an up-to-date balance that reflects your scheduled payments and any savings goals so that you have set up so that you don’t overspend.
Speaking of fees, Simple is serious about no fees. There are no monthly fees, maintenance fees, and no minimal balance is required. It’s so much easier to keep more of my money this way. Once you sign up with Simple, you will receive a Visa Debit card so you can spend your money almost anywhere. If you need to withdraw from an ATM, there are 50,000 network ATMs nationwide that you can use without being charged a fee!! WHAT!? Without any physical branches, this makes it super easy for you to grab cash when you need it! However, if you have to use an ATM outside of the network, you might be charged a fee. I’ve never had an instance where I’ve been too far from a network ATM, even in my not-so-populated Midwest city.
Simple accepts direct deposit and mobile check deposits up to a certain amount. However, if you should need to deposit a larger check, you can mail it in to be processed. The mobile check deposit system is very easy to use and you have your money within 2 days at most.
My favorite part of the Simple platform is the way it lets you plan for expenses and goals. I plan for my rent each month and all I have to do is set the date and the amount I need and Simple automatically puts a little aside each day to meet that set goal. It would be so easy to set up special savings goals (events, travel, weddings, etc.) and set a bit aside each day without any extra thought. After planning for expenses, my next favorite part is being able to track my income and spending over periods of time. For each charge or deposit on your account, you can add notes, photos, and categories to help you remember and track purchases. Another thing I really enjoy about Simple is when I go to a restaurant or use an Uber, for example, the app automatically assumes I’m going to leave a 20% tip, which means my available balance includes that amount so that I’m not setting myself up to overspend! Obviously, I have many praises to sing about Simple.
I only have one downside that I’ve ever experienced with Simple. ONE. It has to do with depositing cash. Since they have no branches, there’s no place to deposit cash. As someone who often gets cash as income, this can be tricky, but it has never been impossible to deal with.
If you’re in the market for a new and SIMPLE (see what I did there?) account to manage your money, I certainly hope you’ll consider Simple. It’s been an amazing tool for me when tracking my money, paying bills, and saving for goals.
Have you heard of Simple? Do you use it? How was/is your experience?
All photos courtesy of Simple.
One more BROKE TWENTY-SOMETHING 