Online banks are becoming more and more popular for a number of reasons. As we move closer to a cashless society in 2017, physical locations and taking out cash is becoming less and less important to consumers. Individuals can perform virtually all of their banking needs online or over the phone. Online banks have nothing holding them back and are growing rapidly. Simple.com is one online bank that is gaining in popularity. It has a number of modern tools that consumers love.
Update: Simple.com is now BBVA
Simple does not offer all of the features of a traditional bank but is much more attuned to the requirements of consumers today. It is totally online and has an intuitive website that is easy to use. In addition, it has a mobile app that can be used on phones or tablets to manage money.
After signing up using the online form, consumers can upload funds to the account using a wire, ACH, direct deposit or other methods. Users can even mail a traditional paper check to the online bank’s headquarters for uploading. For any problems, users can reach a human by phone for direct support.
Simple then offers a bank-linked card that acts as a Visa branded debit card to access the funds immediately. Purchases made on the card are immediately logged into the back-end of the site so it is easy for consumers to view and manage.
Simple also offers ATM availability for those people that need cash. In fact, they have 55,000 fee-free ATMs across the country which is more than any other online bank. Consumers can identify the ATMs using the Android or iOS app on their phone.
In fact, Simple does not have any direct fees to the consumer. The firm does not believe in charging the array of traditional fees of the big banks. Those banks have tremendous legacy costs and layers of management, as well as real estate costs. To support all of those costs, they are forced to charge exorbitant fees. By contrast, Simple makes money from deposits and the interchange fees on the bank cards. None of those fees are taken from the consumer’s pocket which is why the company is gaining more and more popularity.
Perhaps the best feature on Simple is its sophisticated financial management tools that encourage savings and investment. The tools create the ability to set goals, to manage day-to-day spending and update the results every month. Savers love this tool because it keeps them honest and updated on their progress. The dashboards and reporting features show when you are spending your funds and what you are spending them on. These tools help nudge you towards lifestyle changes that can make you wealthier, healthier and better informed.
Bank transfers usually take up to a day to reach another customer using the traditional banking system. That is extremely slow when you are trying to exchange goods or services. However, Simple customers that transfer funds between each other will instantly see the value leave their account or placed into their account. The instant transfer makes exchanging goods or services much more easy and convenient.
Simple’s app is easy to use and very intuitive. It offers push notifications and instant balance updates as well. Finally, it has the dashboards and reports that consumers need to make the right decisions on the go.
Banks.org is a leading site to compare banks independently. Our third party site provides objective analysis and comparisons of banks, mortgages, consumer banking and other products. Consumers around the country use the site to help them make educated decisions on choosing an online bank or other financial product. To compare Simple.com to other online savings accounts, visit our savings account rate page.