If there is one thing that really kills me, it’s paying someone to give me money that is mine. You know what I mean, you go to the ATM, withdraw $20 and end up paying $23.50 because the bank tacks on an “ATM fee”. And don’t get me started on the monthly fees… This is perhaps the biggest reason that I use, and love, Simple Online Banking.
About Simple Online Banking
What is Simple Banking?
Simple Banking (the name of the bank as well as the concept behind their service), is a bank designed to help you to save money. With no ATM fees and no monthly maintenance costs, Simple makes sure that money that you make stays in your pocket.
Are banking fees that big of a deal? Aside from being irritating, bank fees actually are a significant concern for those living on a budget as well as those who like to get the most out of their every dollar. According to Simple, Simple Bank customers are saving 10% of their annual income! Let’s face it, who wouldn’t want to take advantage of that level of savings?
Simple Banking Features
In addition to the unique concept of letting customers keep their own money, Simple Bank also encourages saving and responsible spending through their customer tools.
When you set up and sign in to your Simple Bank account, you will get access to these tools.
Goal Saving – The goal saving tool allows you to set a savings goal and see your progress as you stash away money to save towards your goal. I love this feature because I think it always helps to give me that extra push to save more when I have a visual representation of how much I have saved. Simple Online Banking does this with a small progress bar that you customize depending on what you are saving for.
Smart Spending – The smart spending tool lets you set up limits and warnings to let you know when it is “safe” to spend money. This tool works by taking your available balance and showing you your scheduled payments as well as your savings allotment for your goals. This lets you know what it is safe to spend from your account without risking your goal savings or risking scheduled payments being returned.
In addition to these spending and savings tools, Simple Bank also boasts
- FDIC Insurance, an obvious must for any banking institution
- All smart-phone or PC banking with no need to visit banking branches
- A referral system that pays you to refer others and help them to save money too
- Simple Visa cards for all users
- Easy to use iOS and Android apps for simple management of banking online
- A zero-liability policy for fraud
- Direct deposit
- Bill pay
- Money transfers
- Account data export for budgeting and accounting software
- Integration with Mint and PayPal
- Comparable interest rates to other banking institutions
Potential Drawbacks of Simple Banking
While I find Simple Online Banking to be the ideal solution for my banking needs, there are a couple of situations where Simple may not be the best option for you. Although saving money may be of great concern to you, you need to know that Simple Banking does not offer checks with their accounts and even if you purchase your own checks, they will not work. So, if you rely on paper checks rather than bill pay solutions for your bank account, then Simple isn’t right for you.
Simple may also not be the right choice for you if you regularly need to visit your local banking branch. Since Simple is an online only banking service, they have no physical banking branches where you can go and sit down with a banking rep. This is easily solved, however, with the fast and convenient customer service helpline.
While you may not find every feature that you are looking for in banking with Simple Bank, you will find money saving potential that is hard to find anywhere else. For me, that trade off of no paper checks and no bank branch is far worth the annual savings that I reap.
I in no way work with or for Simple, therefore the information posted above was collected through personal experiences while using Simple, as well as information taken from the Simple website. I have included my referral link.
Are you using Simple for your banking needs? If so, take a moment to share your experience in the comments below. If you are using a different online banking provider and enjoy the service they provide, we would love to hear about it, take a moment and comment.