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Simple Review 2021

Updated December 2, 2022
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At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
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CDs

Rating: 4.2 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 5 stars out of 5

About Bankrate Score

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Overview

Simple is best for people who want to eventually have a BBVA account. On Jan. 7, Simple parent company BBVA notified Simple customers that it would be shutting down the app-based banking service.

Highlights

  • High APY
  • Low Min Deposit
  • No Monthly Fees
Compare offers
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.35
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Simple is an online-only brand of a traditional bank. On Jan. 7, Simple parent company BBVA notified Simple customers that it would be shutting down the app-based banking service. Simple accounts will be transferred to BBVA accounts in the future. For now, Simple customers can continue using the Simple app or website to access their account and money.

Pros

  • Checkmark

    Simple offers savers competitive rates.

  • Checkmark

    Simple pairs with a mobile banking app that includes features designed to make your day-to-day financial decisions easier.

  • Checkmark

    It doesn’t charge monthly banking fees.

Cons

  • Simple doesn’t offer money market accounts.

  • Simple only offers one certificate of deposit term.

Simple bank products

5.0
Rating: 5 stars out of 5
Bankrate Score

Simple savings overview

At Simple, you only need 1 cent to open a bank account and you’ll earn a very competitive rate. There is no monthly charge either.

Unlike a traditional savings account, Simple’s high-yield program is tied to your checking account. You have to have a checking account with Simple before you can use the brand’s Protected Goals Account.

Pros

  • Checkmark

    It doesn’t charge a monthly fee.

  • Checkmark

    The account offers a competitive yield.

Cons

Compare Offer
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

The online-only bank supports a well-reviewed app for iOS. Its Android score is somewhat lower, however. Regardless of what smartphone you have, Simple is known for pioneering budgeting features in digital banking, including “safe to spend.”

It also supports a customer service line, but the hours are somewhat limited compared to other banks. You can’t reach someone on a Sunday, for example.

About Simple

Simple debuted in the U.S. on a mission to disrupt traditional banking. Now, it’s an online-only unit of BBVA USA. In 2020, PNC announced it is buying BBVA Compass, which includes acquiring the Simple brand.

Simple is based in Portland, Oregon and the brand is known for its fee-free banking accounts that pair with a mobile app that helps customers manage their day-to-day spending.

On Jan. 7, Simple parent company BBVA notified Simple customers that it would be shutting down the app-based banking service. Simple accounts will be transferred to BBVA accounts in the future. For now, Simple customers can continue using the Simple app or website to access their account and money.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.