If you liked Simple, try these online banks instead
For a large part of the 2010s, Simple was a shining example of what the future of the bank could be. It offered unique features for managing money that most major banks would take years to emulate. Unfortunately, on May 8, The simple will close for good. Customers will be migrated to a BBVA account, but for those who want to keep the kind of experience they’ve had for years, there are a few options.
Simple’s appeal centered around a few key characteristics. Instead of showing users their total balance and mentally forwarding them what the money needs to go where, Simple allows users to divide their money into Goals it kept portions of their money separate. Expenses could then be used to automatically withdraw bills from certain goals, so that the money is almost invisible. Any remaining money is displayed in a safe to spend category.
This dynamic was unique when it was released, but since then other apps have offered similar functionality. Here are some of the best options if you want to stay as close to the Simple experience as possible.
Wait, BBVA could still be good!
Once the transition is complete, the single accounts will become BBVA USA accounts, which use the same debit card and routing numbers, meaning you won’t suddenly find yourself without the option to pay for anything. Of course, if you were using Simple, you probably cared more about the extra features like goals and expenses. Fortunately, these features are not entirely removed with a BBVA account.
BBVA has a collection of creative features called Financial Tools. To regular, long-time users, some features may seem familiar. Savings goals allow you to track the money you’re saving for long-term goals, and budgets allow you to categorize transactions and see if you’re going over budget for a particular category. They don’t work quite the same way as Simple’s features, so it might take some getting used to. BBVA also offers a lot more Mint-like features that let you onboard other accounts to show your net worth and track your debt repayment goals.
Some changes will not be ideal, depending on your needs. Although Simple does not offer an overdraft service, BBVA will allow overdrafts but will charge $ 32 per transaction. In general, BBVA has more fees for things like debit card replacement, bank transfers, and even paper statements (so be sure to sign up for paperless statements). However, you can make deposits from an ATM with BBVA, which you couldn’t previously with Simple, so that’s good. In general, before you get off the ship and get all your money out, it may be worth taking a little time to see if the BBVA account you’re going to get anyway is similar enough to the experience you’re used to. .
If what attracted you to Simple in the first place was a clean, modern app and simple recording features, then Carillon might sound familiar to you. It doesn’t have the kind of lenses feature that Simple does, but it does have some useful money-saving features. First, it can round all your purchases to the nearest dollar and add the excess to a savings account, just like the investing app. Tassels works. You can also set aside up to 10% of your paychecks each time you receive a deposit, so your money will be saved long before you have a chance to spend it.
Chime also offers Early direct deposit, which deposits your paycheck into your account up to two days earlier than scheduled. The service does this by depositing funds into your account on the day it receives the ACH instructions, rather than after the transaction is processed. Chime assumes your employer will pay the money, which is usually a safe bet for most transactions.