Who is Simple?
Our Simple Bank review has the facts. Simple does things differently since they are not actually a bank. The first Simple account was opened in 2012 and since then, the number of users has continued to grow.
Simple is a tool to help you learn to budget and learn to save money. As a user, you are given a debit card and access to the website and mobile app. The money attached to the debit card is held at Bankcorp Bank, an FDIC insured partner of Simple.
Account holders will be able to track and manage spending on the go, helping to prevent the risk of overdrafts and late payments. Simple is set up entirely to help you understand how to budget and easily track where your money is being spent. The mobile app helps you budget around your own lifestyle, instead of having to change your lifestyle to fit a budget.
In this Simple Bank review we’ve know the benefits to their service. Simple is different because they integrate the way people use their mobile devices and their bank account. Simple offers fun features like tagging, mapping, and photos.
Even though Simple isn’t a regular bank, you can still:
- Transfer money to and from an existing account with any participating US banking institution.
- Use written checks. Simple will write out the check and send it at no cost to you.
- Pay bills. You can set them up to come out automatically or send them right then.
- With Simple you can transfer money from your account to other Simple users.
- Deposit a check using Photo Check Deposit on your phone or you can sign up for direct deposit.
- Use ATMs. Simple has over 55,000 ATMs that will not cost you to use.
- Plus, there is no minimum balance, required balance or monthly maintenance fees.
The saving side of Simple allows you to establish different categories that are earmarked for spending, saving, and bills. Simple helps you understand how much you can safely spend before you end up dipping into the fund from other accounts that have money set aside for different goals or priorities. Users are given instant text messages with account updates to their mobile device.
You can turn a debit card on or off with your mobile device, and you can tag purchases to make it easy to manage your spending.
Without any cons, this wouldn’t be a proper Simple Bank Review. There’s not an actual savings option with Simple. You are able to learn about the concept of saving and budgeting your money, but there is not a savings account where funds can be set aside to earn interest.
Simple tries not to charge any fees, and they don’t have fees for overdraft, bounced checks or monthly fees. You will be charged a fee if you receive cash over the counter, use an international ATM or need a treasures check.
Is Simple a Good Choice?
For the end note of this Simple Bank review just know this; If your goal is to learn how to manage money and to stop living paycheck-to-paycheck, it is time to sign up for Simple. Their mobile access is lightning fast, and it’s incredibly easy to manage your accounts in an instant from your Smartphone. Using Simple will help you better track where your money is going and see firsthand ways that you can cut back. Their app and their tracking systems allow you to have better knowledge about how much money you actually have and be kept up to date on your account information
If you are looking for a way to help you learn about your money, Simple is a great option for you.
Simple Finance Technology Corp.
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