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2 Answers

Nicholas Wright
Nicholas Wright
17,497 Points

Hey Timothy,

I seriously considered Simple at one point, but didn't end up signing up. The two biggest reasons why I didn't were:

  1. Simple is not a bank, they are an intermediary. They use another bank's structure to facilitate your transactions. I forget what the bank they used was called, but that bank doesn't have very good reviews. (side note: A lot of the bad reviews of Simple that I read seemed to be originating from their underlying bank, not them. So I guess its a good thing as in it's not Simple, but a bad thing in they cannot really fix it. Complaints had to do with processing times, issues with physical world (see next reason).

  2. You have to basically do everything online. If you deposit or write checks at lot it isn't really a good fit. You can write checks online, but I read it can take a long time to process. Or they charge money if you want paper statements, etc. You basically have to assume you do everything virtually if you don't want any fees.

Also, while I'm all for supporting startups, there are a lot of weird things that might make some people (including myself) uncomfortable with them handling your money for now.

Hope that helps.


I am using Simple right now and I LOVE it! I have everything through direct deposit so I don't have to worry about depositing checks or adding cash - I just keep the cash on hand, and if someone is giving me money I will ask them to do it via Square Cash so that it goes directly into my account. I also love the fact that it essentially has built in budgeting software - I use that on a daily basis.

I do think that it depends on what you are using it for though. For example, Simple isn't connected to a lot, if any, budgeting or accounting systems online so if you are using one of those a lot then maybe Simple isn't right for you. But if you are just using it as your regular bank and are okay with not having a physical branch to interact with then I think you should totally check it out.

P.S. not having a physical branch hasn't been an issue for me - I can actually get in touch with the people at Simple easier and faster than I could when I had to drive and wait in line at BofA...

Just my two cents :-)