Simple Bank | Banking Review

Brief History

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Simple, is a mobile and web access only bank that was started in 2009. The founders of the bank Josh Reich and Shamir Karkal were appalled by the horrid customer service and ridiculous fees of traditional banking. Thus the two set out to revolutionize the banking industry.

Since then they two have worked tirelessly to develop their own bank which is, shall we say Simple. Sometimes, all it takes to change things is to start asking questions. Simple is a company that truly tries to cater to customer needs by giving you the tools you need to succeed.


Security (Is my money safe?)

Simple is registered and FDIC insured up to $250,000. You can check here for more information.

Fees

No Fees!
One of the biggest motivators behind starting Simple was eliminating unnecessary fees, Simple operates online only and does not carry the overhead cost of a brick-and-mortar bank. They transfer these savings to their customers by offering a truly convenient checking account. They are free to start, as well as no minimum balance requirements. They also do not charge a fee if you overdraft your account.

Pros

  • No fees of any kind including overdraft, ATM, and monthly maintenance fees

  • Unrivaled built in budgeting tools

  • Simple is supported by the Allpoint ATM network with over 55,000 ATMs in the United States. You can find more information or search for Allpoint ATMs here


Cons

  • No physical locations

  • Depositing cash is inconvenient