Simple Bank Review

Updated on August 27, 2019
EricFarmer8x profile image

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. | Source

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. | Source

Would You Use an Online-Only Bank Account?

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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, and it has a security code on the back. This is like most debit cards.

The card has a security chip like almost every new debit card does. The card does not support wireless tap payments though.

This is my Simple Bank debit card.
This is my Simple Bank debit card. | Source

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 | Source

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 | Source

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. If you need to deposit a lot of money, using PayPal is probably your best option.

You Can Deposit Checks by Taking a Picture

It Is Very Easy to Cash Checks

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 Add Information First

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

Capital One 360 doesn't make you do anything other than sign your name on the back.

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 when I first made my Simple account.

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.

Linking to Other Accounts and PayPal

I Linked Both of My Bank Accounts

Simple Bank allowed me to link to different bank account. I was using PayPal to transfer money, but I rather send money directly between my accounts if possible.

How I Use PayPal

I still use PayPal often as some of my online services pay me through PayPal. I try not to leave any balance in my PayPal account if possible. It is not that I don’t trust PayPal, but I rather have my money in a bank account if possible.

About 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

Google Pay logo
Google Pay logo | Source

Do I Recommend Simple Bank?

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

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

Questions & Answers

    © 2019 Eric Farmer

    Comments

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      • Pamela99 profile image

        Pamela Oglesby 

        3 months ago from Sunny Florida

        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.

      • EricFarmer8x profile imageAUTHOR

        Eric Farmer 

        3 months ago from Rockford Illinois

        Thanks for reading!

      • Chuck profile image

        Chuck Nugent 

        3 months ago from Tucson, Arizona

        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.

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