Simple is an innovative, tech savvy, new way to bank. However, it’s not technically a bank. Simple is actually a banking application and much more. It replaces your bank by providing you with the tools needed to spend wisely and save more money.
Where your money goes
Your funds will be securely held by Simple’s partner, FDIC insured Bancorp Bank. The partner bank will issue you a Simple Visa Card that works as a debit card and is usable anywhere that excepts Visa and MasterCard. It allows you to make purchases and withdraw cash from over 50,000 ATMs in the US.
In addition to the Simple Visa Card is the Android and iOS apps that enable you to set up direct deposit, save and budget with ease, earn interest, and even deposit checks by simply taking photos of the checks with your phone. Not yet sold on this banking arrangement? How does real customer service and no surprise fees sound?
No Hidden Fees
Simple has lower operating cost compared to traditional banks. Since it is solely online, there is no reason to build and maintain bank branches. These saving are passed on to the customer in the form of no hidden fees. This includes no account maintenance fees, monthly debit card fees, low account balance fees, not even overdraft charges.
The only fees that may apply are services that are too costly for the Simple to cover, such as card replacement, statement copies, and international wire transfers. And in these cases, the fees are just to cover the cost. It’s reassuring to know that Simple stands apart from typical banks in this way, earning revenue not from fees, but from Interest margin and Interchange only.
Services to come
While Simple is currently concentrating on just the basic functions of banking, they look to venture into other aspects. A couple of the services promised in the near future but not yet included are joint accounts and business accounts. In time Simple plans to expand even more and offer other extra services such as credit cards, CDs, loans and mortgages.
To be eligible for Simple, you must be over 18 years of age, a resident of the United States, have a social security number, and own either an Android OS of 2.3.3 or higher or iOS of 5.0 or higher.
What do you think Simple’s new take on banking?