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.


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.


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

  • Unrivaled built in budgeting tools to help you achieve your goals, know what’s safe to spend, and what your expenses are.

  • Joint Accounts available

  • Paper checks available for $5.00

  • Outstanding Customer Service

  • Ability to activate and deactivate your debit card from the mobile app

  • Ability to change your debit card’s pin from the mobile app

  • Built-in savings account with a 2.02% APY when maintaining a balance over $2000.00

  • 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



  • No physical locations

  • Depositing cash is inconvenient

  • Bill Pay service will no longer be available on or after July 9, 2019.

  • No round-up function

  • Savings account requires a minimum balance to have a high yield APY

Conclusion | Our thoughts

Simple does an outstanding job of connecting the needs of the customer with the tools to help them succeed and this is where Simple truly outshines other banks. It is true that Simple doesn’t have the most robust wealth building tools like the highest savings APY, built-in round ups or cash back on debit transactions, but honestly achieves a great middle ground for most of these. In a perfect world people wouldn’t need any budgeting software to help them calculate their finances or save for goals, but the fact of the matter is most of us do and that is why we at Budget Geek believe Simple is an amazing choice for banking. Overall Simple is a great bank to choose and really caters to anyone who is tired of manually tracking their finances whether you are a finance guru or someone just trying to pay rent.

Budget Geek Appraisal & Rating


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