Best Website For: Online Bank Account with No-Fees
Reason it's on The Best Sites:
Simple, an online bank account provider, features a slick UI with awesome features for managing your cash. Unlike many brick and mortar bank accounts, Simple will never charge you an overdraft fee, they'll just deny the charge if you don't have enough money in your account.
What was initially known as BankSimple was founded in 2009 in Brooklyn by former CTO Alex Payne, CEO Joshua Reich and CFO Shamir Karkal. The initial seed capital was provided by angel investor Jerry Neumann. In August 2011, the company raised $10 million from investors led by IA Ventures, Shasta Ventures and Dave McClure's fund 500 Startups. Later that month, the company moved its headquarters to Portland, where five of the company's 17 employees already resided.
The company launched in the summer of 2012 as a limited beta.
By January 2013, the company had 20,000 customers and had processed more than $200 million in transactions. By July 2013, its customers had increased to 40,000 and total transaction values increased to greater than $1 billion. At year's end in 2013, Simple reported processing on average around 13 debit transactions per minute with an overall customer balance of $64 million.
On February 20, 2014, Simple announced it had been acquired by Banco Bilbao Vizcaya Argentaria (BBVA). Paying through its US subsidiary BBVA Compass., BBVA acquired Simple for $117 million or about $1200 per customer. BBVA was also part of the initial venture funding; it originally became interested in Simple in 2011 when a co-founder of Simple criticized the technology of banks and their approach to customer service.
On May 14, 2018, co-founder Reich announced his plans to step down as the company's CEO.
In contrast with traditional consumer banks, Simple has no physical branches. Instead, account-holders are issued Visa debit cards and have access to an online banking system accessible through Simple.com or mobile apps for Android or iOS. Simple earns revenue by collecting interest on customer deposits and through the collection of interchange fees.
Simple mobile apps became available for iOS and Android in May 2011 and January 2013, respectively.
Checks up to $3,000 USD are deposited through Simple's smartphone apps, or for any amount by postal mail or express courier. All deposits are subject to a hold, regardless of customer status.
A bill pay service prints checks and mails them to specified recipients. Previously, Simple did not provide blank checks for customers, nor did it honor checks printed by a third party. However, in February 2018, a limited beta program was rolled out to specific customers which gave customers the ability to request free books of 25 checks via mail, with no fees associated with ordering or banking (i.e. returned checks or NSF fees). This program is currently in beta phase and is gradually being rolled out to users throughout the first half of 2018.
Simple's online banking interface integrates hashtag searching, memos and location-based information for users' transaction history.
Using the Goals feature, account holders are able to schedule automatic savings on a daily basis.