Simple Bank Review - ToughNickel - Money
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Simple Bank Review

Eric loves to give reviews for products. He hopes the information he shares will guide people towards making smart purchases.

Is Simple Bank Really Simple?

I am going to review Simple Bank. Simple Bank is a partner with the Bancorp and BBVA USA.

Is Simple a good bank? Is the bank easy to use as the name implies? I am going to cover these topics in this review.

This is the Simple Bank log in screen.

This is the Simple Bank log in screen.

Why Did I Decide to Use Simple Bank?

Capital One 360 Checking is my main bank for important purchases. So why did I sign up for another account at a different bank?

I heard good things about Simple online, and Simple has no fees to maintain an account. I figured I would use a new checking account for something.

I also don’t mind an online-only bank account, as I am used to it by now.

I ended up using my Simple checking account as my "fun” account. I deposit money to my Simple checking to buy things like video games and extra purchases I want to make.

This is the main account screen.

This is the main account screen.

How Easy Was It to Create a Simple Account?

Account Creation Was Easy

The account creation process was very easy. I provided information about my self to confirm who I was. The online application was not too long.

You Get Your Debit Card in the Mail

After signing up for a free checking account, Simple mails you a debit card. I forgot how long this took, but it was less than two weeks.

At the time, it seemed fast how soon I got my debit card.

What the Debit Card Looks Like

The front of the debit card is all white, and the back is blue. The numbers are on the front of the card, and it has a security code on the back.

The card has a security chip. The card does not support wireless tap payments.

This is my Simple Bank debit card.

This is my Simple Bank debit card.

Simple Bank Lives up to the Name

I use the online website a lot, and the website looks nice. The name does fit as the website is simple to use. I like that I can get to what I want to do fast.

You can find your account number and the bank routing number by clicking on account numbers under a menu.

Simple Bank, like most modern banks, has mobile applications. I use the Android app somewhat often, but I tend to do most of my banking on my desktop computer.

The app is just as easy to use as the website, and it looks about the same.

My account numbers on Simple.com

My account numbers on Simple.com

About the Allpoint ATM Network

I don’t withdraw money from ATMs often. But I do need to do this occasionally for family members.

Simple Bank uses the Allpoint ATM Network. As long as you use an ATM from this network, there are no fees.

Allpoint logo

Allpoint logo

You Can Deposit Checks by Taking a Picture

You can deposit checks by taking a picture of the front and the back. This is one of my favorite features of Simple.

You need to endorse checks by signing the back, writing your account number below your signature, and adding "for deposit only, Simple".

You Can Link to Other Bank Accounts and Paypal

You Can Link to Other Bank Accounts

This was easy to do, and I often transfer money to this account.

Simple Bank Is Easy to Use on PayPal

Transferring money from PayPal to my Simple Bank account is very easy. I also use PayPal to pay for things online. I often buy games on Steam with PayPal.

Simple Bank Works Great With Google Pay

I use Simple Bank on my Google Pay account. I had to do a bit of security setup, but once everything was complete, the mobile payment system works great.

I don’t use Google Pay too often, but it is always interesting to use. I sometimes use Google Pay on my smartphone and smartwatch.

Google Pay logo

Google Pay logo

The Bad Things About Simple Bank

Not Being Able to Deposit Cash Is Very Annoying

It is impossible to deposit money with an online-only bank. I needed a way to get this cash to my bank.

One solution I have found that works well is to deposit cash at Walmart to my PayPal account.

When Your Account Is New Checks Are Held

If you deposit a check when your account is not a month old, the bank holds your checks for nine business days.

This was mildly annoying as I had just got paid for the first time from a job I had just started.

Afterward, I got all of my check deposits the next business day. So as long as you cash a check between Monday – Thursday, you will get it the next day most of the time.

Simple Bank Has Weak Savings Options

Simple Bank does have savings in the form of goals. But the interest earned when available is very low.

I would not recommend Simple Bank for a savings account. I would consider other options.

Do I Recommend Simple Bank?

I 100% recommend Simple Bank. If you want a quick account to send and receive money, Simple is perfect.

However, if you are looking for a bank to use for long term savings, you will want to consider other options.

© 2019 Eric Farmer

Comments

Pamela Oglesby from Sunny Florida on August 10, 2019:

This review is very thorough foe Simple Bank. They are new to me and I am happy where I am currently banking. This is something to keep in mind as you explained everything in a very thorough fashion.

Eric Farmer (author) from Rockford Illinois on August 09, 2019:

Thanks for reading!

Chuck Nugent from Tucson, Arizona on August 09, 2019:

Great review. I don't use Simple Bank but my primary bank has always had no branches - deposits were either direct payroll which I used and bank by mail. A number of years ago they were among the first to put their services online and I took advantage of that immediately. Since they don't have ATMs they have a policy of rebating the fees charged by other banks when I use them up to a maximum fee amount each month. Rather than using bank by mail for deposits I opened an account with a nearby Credit Union where I deposit any checks I receive and then make an online transfer to my main bank. We have a couple of accounts at the credit union and now when I need cash I simply stop by the CU when I am out and either make withdrawal inside or use their ATM when they are closed. I am obviously a fan of online banking. Again, great review.