Simple Bank

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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RonSwanson1776
Posts: 10
Joined: Thu Dec 29, 2016 11:12 am

Simple Bank

Post by RonSwanson1776 »

Does anyone have experience with Simple?

https://www.simple.com/2percent

With 2% interest, the rate is appealing. The UI looks great as well.
arf30
Posts: 892
Joined: Sat Dec 28, 2013 10:55 am

Re: Simple Bank

Post by arf30 »

Have looked at them in the past - slick app and website. Cons are no checkwriting, small ATM network, and they use someone else's bank under the hood instead of operating their own so when problems happen they may be out of their control.
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abuss368
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Re: Simple Bank

Post by abuss368 »

I never heard of them.
John C. Bogle: “Simplicity is the master key to financial success."
tbpt
Posts: 6
Joined: Fri Mar 30, 2018 6:12 pm

Re: Simple Bank

Post by tbpt »

I use Simple Bank primarily because they have shared accounts. Our nanny runs a lot of errands/buys groceries for us and uses a debit card linked to an account that I share with her. We each have our own individual accounts. This was the only way I could figure out how to have her use a card for expenses and track them easily without using cash.

The interface is app based and it is very intuitive. ACH transfers take 1-day. The primary cons (for me) are no interest for the checking account and I'm losing out on rewards because of our current setup. I need to investigate the new savings account and transfer limits to see if I can park cash in there and transfer to the shared account.
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