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Simple Online Bank (BBVA) Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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Simple is an online bank that allows consumers to manage a bank account entirely via the mobile app. Banking services are provided by BBVA, a subsidiary of the Spain-based international bank, BBVA. Simple charges zero fees and provides its customers with convenient budgeting features to manage their spending and save up for future expenses.
 
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How is Simple rated?

Breakdown

4.0/5
Availability/Customer Service
4.0/5
Accounts Performance and Fees
4.0/5
Financial Strength

Overall Rating: 4 / 5 (Very good)

Simple Bank, partnered with BBVA, stands out in many ways. First and foremost, the lack of fees. Many banks offer free checking accounts, however, this generally means that they do not charge a monthly or annual maintenance fee. Simple goes much farther. It charges no fees at all, not even for overdrawing the account or ordering a replacement card.
Second, its easy-to-use budgeting tools make it incredibly easy to save and stick to a budget. With its "safe-to-spend" feature, the user gets a more realistic picture of what they can spend, as it shows the balance taking into account upcoming bills and savings goals. Simple also offers an "Emergency Fund" and a Goals feature to help the customer establish a habit of saving.
On the con side, however, over 100 complaints have been filed against Simple with the Better Business Bureau. Customers report arbitrary account closures, checks that take much longer than normal to clear, and technical glitches that have made their money inaccessible. Some have also reported trouble in having fraudulent transactions reversed in their account.

Simple has plenty of great features going for it, however, consumer complaints - especially those involving account closures and inefficient handling of fraudulent transactions - are problems that still need to be addressed.

Simple General Banking Services

Availability/Customer Service - 4 / 5

Simple Bank has plenty of features to set it apart. While other banks offer free checking, this generally means they do not charge a maintenance fee but will charge for other transactions. Simple, on the other hand, will not charge any fees at all, not even for overdrawing your account or ordering a replacement card. The only fees that users could come across are from withdrawing in out-of-network ATMs, which depends on the ATM's operator.

Savings Accounts

Savings Account
Emergency Fund

Checking Accounts

Checking Account
Simple Checking Account

Additional Services

Cards
Debit/ATM Cards
Physical Branches
Simple is an online-only bank.
Rewards Programs/Special Offers
As of September 2018, Simple offers a referral bonus: users who refer friends and you both get $20 as soon as they use their Simple card.

Simple Digital Banking Services

Accounts Performance and Fees - 4 / 5

Simple stands out for its budgeting features. Its "safe-to-spend" feature shows users how much they can spend, taking into account upcoming bills and savings goals. Their "Goals" program also makes it easy to visualize and save for particular goals. As an online-only bank, every transaction can be done through its app, including check deposits.
Mobile App
Yes
Mobile Features
Photo Check Deposit
Transfer Funds
Bill Pay
Online Banking Features
Direct Deposit
Online Bill Pay
Transfer Funds
Account Alerts (Text/Email)
Resources/Additional Features
Budgeting Tools

Simple Financial Strength and Reputation

Financial Strength - 4 / 5

Simple Bank's parent company, Spain-based international bank, BBVA, is one of the largest banks in the world and highly rated by every major credit rating agency. Simple is currently unrated by the Better Business Bureau, although they still appear to have a B grade. The company has been the subject of over 100 complaints on the BBB website. Many of these involve the bank's allegedly closing some customer's accounts without notice or taking a long time to process checks leaving some in limbo. Customers also reported a number of glitches and technical outages.
Year Founded
2009
Standard & Poor's Financial Rating
A-
Moody's Financial Rating
A2
Live Help 24/7
No
Customer Support Hours
6 am to 4 pm PT (9 am to 7 pm ET) on business days, and from 7 am to 2 pm PT (10 am to 5 pm ET) on Saturdays
Contact Methods
Phone
Email
Social Media
BBB Rating
B
BBB Total Complaints
124
Date Collected
2018-09-17

Company Profile

Full Name
Simple Online Bank (BBVA)
Company Website
https://www.simple.com
Headquarters
1615 SE 3rd Avenue, Suite 200, Portland, OR, 97214

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