Simple Bank Review: One of the Highest-Yielding Checking Accounts We've Seen

Simple Bank's goal is to help make banking exactly that -- simple. Unfortunately, the jury is still out on whether or not they've succeeded. Simple Bank's checking account earns an above-average APY, but the bank doesn't offer a savings account option. Additionally, Simple has a convoluted sign-up process that may be difficult for some consumers to navigate. Read our Simple Bank review to learn more about its benefits, drawbacks, and whether it's right for you.

Simple Bank doesn't currently offer a savings account. Instead, Simple directs customers to its high-yield checking account. The high APY on the checking account makes this an acceptable alternative for most people. However , if you are specifically looking for a savings account, check out our list of the best savings accounts.

Simple Bank offers a single 12-month no-penalty CD. You can open up to five of these if you'd like. However, they will all have the same terms. Minimum deposits are low. Also, these CDs don't impose penalties on early withdrawals. That would usually mean lower APYs; however, Simple Bank is an exception. Its APY is surprisingly high for a no-penalty CD. However, its APY is the same as the APY on its checking account, so there's little advantage to keeping your money in a CD when you could earn the same amount of interest in your checking account.

The fact that Simple Bank only offers a single CD also makes it impossible to build a CD ladder or to earn a higher APY for choosing a longer CD term. If you're interested in either of these things, visit our best CD rates page or compare a few select top CD picks below.

Simple offers three checking accounts: the Simple Checking Account, the Protected Goals Account, and the Shared Checking Account.

Simple Checking Account

The Simple Checking Account is a standard checking account. It includes a debit card and checks, and it has no limitations on withdrawals or monthly maintenance fees. You can conveniently withdraw funds directly from this account. However, this account also barely earns any interest. As a result, it's not the ideal place to store the bulk of your savings. This is for money you plan to use to cover everyday expenses.

You can access a variety of budgeting tools through the Simple Checking Account. These will help you determine how much money is safe to spend and how much is reserved for your various goals. It can also help you automate savings for your day-to-day expenses.

At present, the account's online and mobile banking tools lack online bill pay. You can still pay your bills from your bank account by writing a check or charging them to your debit card, though. You can also give your bank routing and account number to the company you owe. That way, the company can debit the funds directly from your account.

Simple Protected Goals Account

The Simple Protected Goals Account is a high-yield checking account. You can only open one after you've opened a Simple Checking Account. Impressively, this account's high APY is competitive with many of the top online savings accounts. It's designed to help you set aside money for specific financial goals. You can set up a sort of envelope system within this account, including a designated emergency fund. With the Protected Goals Account, you can keep long-term goal savings separate from your other savings.

The advantage of opening checking account (as opposed to a savings account) is the lack of limitations on monthly withdrawals. You can withdraw funds from your Protected Goals Account as often as you'd like. However, if you want to earn the most in interest, you should limit your withdrawals.

There is no way to directly withdraw funds from this account. If you need to use this money, you must transfer it back to your Simple Checking Account. At that point you can use the included debit card or checks to withdraw the money. The funds should transfer instantly since both accounts are at the same bank. Nevertheless, this is another hoop you must remember to jump through.

Simple Shared Checking Account

The Simple Shared Checking Account consists of two individual checking accounts and a shared checking account. In the shared checking account, two people can save for joint financial goals together. Just as with the individual accounts, it's possible to open a joint Protected Goals Account. You still must first open a Simple Shared Checking Account.

Though Simple offers an attractive variety of checking accounts, it's possible none of them fit your banking needs. If you're looking for other options, check out our list of best checking accounts.

Simple's customer satisfaction ratings are just average. It has a B rating with the Better Business Bureau and a 2.6 out of 5 from TrustPilot. It's difficult to pinpoint the source of customers' issues because some say the bank has a feature-rich, user-friendly mobile app while others find it difficult to use. There are also customers who praise its customer support and others who condemn it.

Banks aren't known for receiving stellar customer reviews, but this is still something to weigh when exploring your options. It might not matter to you that much if you rarely speak to your bank. If it does concern you, you can always explore some other options, like the ones listed below.

Simple Bank does not offer relationship benefits, like higher APYs or discounts on fees. These are common at brick-and-mortar banks often do. However, at a brick-and-mortar bank, customers may be required sign up for multiple services to receive these benefits. Online banks, like Simple Bank, typically offer impressive APYs and no maintenance fees to every customer from the beginning. They rely on these things (rather than relationship benefits) to draw in new customers and ensure their loyalty.

If Simple Bank doesn't feel like the right home for your money, one of these other online banks might suit you better.

Ally Bank

Ally Bank is one of the best-known online banks and it offers a wide range of products. Some of these include high-yield savings accounts and several types of CDs (with a variety of terms). There's an interest-bearing checking account as well, though its APY is not as high as that of the Simple Protected Goals Account. As far as banks go, Ally has also received a surprising amount of positive feedback from customers. It might be a better choice if quality customer service is a top priority.

Barclays

For those primarily interested in a high-yield savings account or CD, Barclays could be the right fit. Its savings account rate is among the best. It also has a greater variety of CDs, though Barclays' CDs do carry a penalty if you attempt to withdraw funds early. The biggest drawback is that it doesn't currently offer a checking account. However, you can link your Barclays savings account with a checking account at any other bank and transfer funds between them as needed.

Simple is worth considering if:

• You want a high-yield checking account.
• You like automated budgeting tools that help you stay organized.
• You want a CD that won't penalize you for withdrawing funds early.