Simple Bank Review: An Online Only Bank With No Fees

Read this complete Simple free checking account review to see why you should join and how to get a $20 bonus!

Disclosure: I may be compensated if you choose to sign up and/or make a purchase through any links on this page. While you don't have to sign up/purchase through my links, I really appreciate it if you do as it helps me out a lot. Thank you!

An In-Depth Review Of Simple's Free Checking Account

Update (12/4/18):

Simple has suspended their referral program so they are no longer giving out bonuses for signing up. Hopefully, the bonuses will return shortly but as of now you will no longer receive $20 for signing up through my link. I will update this if/when the program/bonus returns.

Simple Bank is an online only bank that takes pride in the fact that they charge no fees and strive to make banking well...simple.

There's no maintenance fees, no ATM fees (as long as you use an ATM in their network which is 40,000 ATMs strong), no minimum balance fees, no overdraft get the picture.

See, Simple Bank was started with the idea of being better than most banks and I think they've achieved that through a variety of means. Not only do they not charge fees, but they also give free tools to budget with as part of their checking account offer.

In addition, you can get a $20 bonus after opening a free checking account and then using your associated Visa debit card to make a purchase.

Open Your Free Account

How Do I Get The $20 Bonus?

To get your $20 bonus just make sure to do the following:
  1. Sign up for a free checking account through an invite link like the one above as you need to be referred by someone to get the bonus.
  2. Transfer some money into your new account through another bank account or one of the other options listed below.
  3. Once your debit card arrives in the mail, go buy something with it.

Your $20 should appear in your account shortly thereafter. They don't list any minimum purchase amount so it should work buy buying something as cheap as $1.

Also, they don't state anwhere that I could find how long the bonus will take to appear in your account so give it a reasonable amount of time to show up.

Once I get my bonus I'll update this to reflect how long it took for mine to show up.

How Do I Know If I'm Eligible To Sign Up?

As long as you're over the age of 18 and are a U.S. citizen living in the United States, you're probably eligible to open a Simple free checking account.

I only say probably because there are a few legal requirements that banks have to adhere to such as checking if you are connected to a high ranking politican or if you're subject to certain IRS requirements but most people don't fall into these categories.

Is Simple Bank Safe To Use?

Simple is as safe as any other major bank in the United States as it's federally insured by the FDIC. In addition, if you ever lose your debit card you can sign into your account online and deactivate your card to prevent people from draining your account.

If you ever have any security issues or concerns, I'd recommend you contact their support as they supposedly have great customer service (haven't used it myself) and actually list their phone number on both their site and app instead of making you go through an online chat or ticketing system.

Also, Simple uses two factor authentication whenever you sign in meaning they'll send you a text message with a code that you'll have to enter to make sure it's actually you signing in.

For added protection, you can also recieve push notifications whenever a purchase is made with your debit card quickly alerting you to any suspicious activity.

Open Your Free Account

How Do I Get Money In/Out Of My Account?

Their are a number of options to move money in and out of your account including the following:

  • ACH transfer from another bank
  • Direct Deposit
  • Wire Transfer
  • Check
  • Money Order
  • 3rd Party Options Including:
    • PayPal
    • Venmo
    • Google Wallet
    • Square Cash
    • Xoom
The Payments and Transfers menu in the Simple app.

How Do I Deposit Cash?

There are two main ways to deposit cash into your Simple account. The first is through a money order which I've never done before but I assume involves going to a Western Union or similar place and just filling one out using your account information.

The second is by depositing cash into a traditional bank account with a brick and mortar storefront and then moving the money into your account via an ACH transfer.

Because this is an online only bank it's not quite as easy to deposit cash as a regular bank but it's certainly doable and if you have a traditional bank account already you'll probably just want to use that account for your cash deposits.

How Do I Deposit Checks?

Since Simple is one of a growing number of online only banks, there are no physical branches to cash your check at.

That's really no problem though as you can either mail your check to them or just take a picture of your check through the app in order to deposit it into your account.

Like any other legit bank, you can also set up direct deposit so you don't even have to worry about cashing your paycheck.

I've already deposited one check using the photo method and it was really quick and easy to do.

Something to note though is that if your account is less than 30 days old they will put a hold on funds deposited by check for 9 days as a security measure so if you need the funds right away and your account is new you might want to deposit into a different bank account.

What If I Need To Send A Check?

A really cool feature Simple offers with their free checking account is the ability to have them actually print out and mail a check for you at no cost to you.

If for some reason you need to send a physical check to someone just log into the app and click on the "" link and enter your information.

Open Your Free Account

Do Any Free Budgeting Tools Come With My Account?

Yes, Simple comes with a few free budgeting tools to help you save money towards future purchases or monthly expenses.

Goals is a feature that once set up, will automatically earmark money from your general balance, called "Safe-to-Spend", to the Goal balance thereby showing you how much you've saved toward that goal so far.

When you set up a Goal you pick the amount you want to save and the day you need the total amount by and then Simple will automatically calculate and earmark the amount of money you need to save each day to reach your goal by the chosen date. Setting up a Goal in the Simple app.

Expenses is a very similar tool but used obviously for saving for expenses each month like rent or food.

Expenses can also be set up to be recurring so each month a new rent, food, utilities, etc. expense bucket gets created and money will automatically start moving to these Expenses each day.

Basically, if you need help with budgeting these tools will probably be pretty useful to you as they can automate saving for you.

Even if you don't plan on using these features there's no downside to having them as it's entirely up to you whether you want to use them or not and they're free anyway. Setting up a Goal in the Simple app.

Sounds Good But Are There Simple Bank Aternatives?

Simple Bank not your thing or maybe you've already signed up for a free checking account? No problem, here are some alternatives you might like:

Simple Bank Review Conclusion: A Great Online Only, No Fees Bank!

So there you have it, the Simple checking account has no fees, real live customer support over the phone, free check writing, direct deposit...basically anything you could want out of a bank.

Even if you don't have a need for the account right now, you may as well get the $20 bonus by signing up for a checking account and making a purchase with your debit card. As long as you buy something worth less than $20 it's like getting free money and who in their right mind would turn down free money?!

Thanks for reading my complete review. I hope you found it useful and can take advantage of their $20 bonus offer!

Open Your Free Account