This past week I finally closed my bank account with a large east coast bank and lost money for the last time! Those 14.99 service fees that randomly show up or other random “confusion” costs won’t touch my wallet again. Those, limiting transfer fees, bank fees, they all suck.
That is where Simple.com and their amazing service comes in.
Simple is “The fastest, most intuitive way to pay your friends and pay your bills–by check or electronic funds transfer.”
Now I know most of you out there love using those ancient checks and that really fun checkbook ledger to maintain your finances. But why deal with the headache that is banking? The confusion and change in terms. Simple is simple.
Here is why.
What I like
The simplicity of Simple’s banking system really is where it shines. It’s so simple to use the app, the website is gorgeous with tons of purposeful tools that help in savings, and even in spending!
The iOS app is gorgeous. I don’t want to sit here and say simple too many times, but it is truly a simple to use app. Login, and you are presented with your recent transactions and at the top of the app always is your “safe to spend” total. See screenshots below.
“Safe to Spend” really is a great concept. Safe to Spend is a tool that monitors your account for any upcoming transactions or any money set aside for goals and gives you up to the second numbers that are safe to spend. If my wife heads to the grocery store and needs to pick up a few items, she doesn’t need to do anything except pull up the Simple app and she knows exactly how much she can spend without dipping into our goals or bills.
Notifications within the Simple iOS app are fantastic and well done. They are quick, informative and a necessary evil. The wife and I are on the Dave Ramsey plan and every penny counts at our house. We have a few weekly goals set aside that we like to keep ourselves accountable to, such as no Starbucks or Target for the wife, and no 7-11 or online purchase for myself. The accountability of Simple is a great thing. If I hit up 7-11, she gets a notification from Simple on her phone that I went; right away.
It makes you think twice about spending just to spend.
At Simple they currently only offer a single account. So you get one card and one account to share. This is the way it should be. The communication in couples around money has always been a terrible thing. A large number of money arguments are the leading reason for divorce in many couples these days. The conversations around money that my wife and I are now forced to have has been refreshing. A simple thing such as only having one card to use on gas, or lunch, or groceries, forces us to spend wisely and openly communicate when someone needs gas in which car and not wait till the last second and run out.
A large reason I have come to love Simple in the last month or so is the customer service. They are awesome, friendly, prompt and they are even available via a chat right from your iOS device!
What I Don’t Like
When you first join, you can transfer money via your old bank account to you new fancy Simple account but there is a caveat with checks. As part of Simple’s contract with the bank that backs them, there is a nasty 9 day waiting period for all checks within your first 30 days of activating your Simple account. This is more of a pain in the arse than anything else, an understandable pain, but a pain non the less.
Cash is something that Simple doesn’t have a really great grasp on at this time. If Grandpa forks over some cash and you want to throw it into your account, it’s not as easy and going to your local branch and doing a deposit. Simple has no branches. They are 100% virtual. So you would need to take your cash to the post office and pay a dollar to get a certified check. Once home you would just take a picture of it with the Simple app, and if before 5pm, you will have 200 of it the next morning, the full thing by the day.
Two very minor things, that again only make you plan more around your finances.
Use or Don’t Use
I don’t see ANY true reasons not to try this service out. There are no hidden fees, no fees and amazing customer service. The iPhone app alone is a large reason why the wife and I switched so fast.
I would and already have recommended this to neighbors and friends. Even co-workers have heard me speak about Simple. This is a must have banking experience for all!
Simple is by invite only at this time, but I have few to give away. Hit us up in the comments if you want in. Use your real email address as that is how I can send invites out.
If you have questions check out their FAQ here – but I will help in anyway I possibly can to persuade you to check out this amazing service!
Check out their iPhone app here or a few shots below from my own iDevice.