Simple Bank | Banking Review

Simple, is a mobile only bank that was started in 2009. The founders of the bank Josh Reich and Shamir Karkal. Josh was appalled by the horrid customer service of his bank and ridiculous fees. Since then they two have worked tirelessly to develop their own bank which is, shall we say Simple.


Fee Free

Simple operates online and doesn’t have the overhead cost of brick and mortar banks, There is no monthly cost for your account or a minimum balance.


Simple Bank uses a network of about 40,000 ATM’s across the Nation. Which do not carry any additional charge for using them.


No overdraft Fees

Simple’s goal is to save you money, therefore there is no additional penalty for when your balance goes in the red.

High APY

You can get up to a 2.02 APY. To achieve this simply create a savings goal and move $2,000 into the goal account.

Safe to Spend

With the Simple interface you set up your budget to keep track of expenses and Simple will do the math and tell you what money is safe to spend or save.


Bill Tracking

Simple’s automated bill pay is unable to process certain payments. This can be quite vexing as this means you have to track that bill manually.

Cash Deposits

Simple has no way to deposit cash directly, instead you must use a money order.

Limited to Checking

At the current time Simple does not have options for a Savings Account or Certificate of Deposit. (CD)