Simple Bank – Saving Money Using Simple Fee-Free Virtual Bank

When I first started trying to adult, I knew one of the first things I needed to do was to get a legit bank account.

Being worried about how I was going to accomplish this, I didn’t have good credit, probably not even neutral credit.

I didn’t have the extra money to pay any bank fees, nor was I even sure I could keep a minimum amount of money deposited in my bank account at all times.

So I was asking around and was introduced to Simple Bank over a year ago. The idea of having a fee free bank account a lone was enticing, then I find out there isn’t a minimum requirement of the amount of money I had to keep deposited at any given time!

The idea of a completely fee free virtual bank account was compelling, but would it work just as well as if I went to a local physical bank branch? Before I give you my opinion on this, let me go ahead and tell you a little more about Simple Bank.









What is Simple Bank?

Simple is partnered with The Bancorp and is part of the STAR network for surcharge-free access to around 55,000 ATMs.

Based in Portland, Oregon, the company is FDIC-Insured checking for US Citizens, although in 2014, they became a part of BBVA Group, one of the largest banks in Europe!

How does Simple Bank work?

Simple bank has no physical branches, so they are a completely 100% virtual (online) bank. After sign up, account holders are given a Visa debit card and access to their online banking system through their website or mobile apps (Android/iOS).

Deposit money

Using Simple’s mobile apps, you are able to easily manage your accounts online.

Through their online system, a user has the options to deposit money via money transfers from other checking or savings accounts.

You may also link your Simple accounts to your other online accounts, such as PayPal, Google Wallet and even Amazon for a few examples.

Another great feature to deposit money, you can easily deposit any check or money order directly into your Simple account by taking a picture of it via the mobile app!

That’s right, just open the app and snap a picture of your payroll check or easily grab a money order from the local post office and snap a picture.

It’s as easy as taking a selfie!

Paying bills

With your new online account, you can easily pay bills online, or have Simple send a pre-made check to your recipients for you!

Using this method of paying bills via checks is more secure, Simple will NEVER print a blank check, nor will checks ever be printed by a third party be accepted by Simple.

This way, you can still have paper checks sent to pay your bills, with added security!


With the Goals feature, you can easily set your account up to save money online for you automatically, even savings on a daily basis!

Using tools that are a lot like and other budgeting tools, Simple has built in budgeting software that can be used by their account holders, free!

Along with Goals, another great feature is called Safe-to-Spend. Utilizing this great feature, you can ensure you never accidentally over- spend too much money.

It’s a great way to help you save money while cutting back on the mental stress of always trying to keep budgets and track of expenses constantly in your head!


Using a Simple bank account to save money is also another great way to ensure you NEVER spend more money then you really have.

The best overdraft protection in my honest opinion is to not have the option to overdraft.

Remember, this is a great starter bank account for any one that is just getting started on their way to adulthood, or like myself, trying to get back on the right financial track.



While I know their are other banking accounts out there, some that offer even more features, I still highly believe this is the best option for anyone new to banking or just trying to get their finances back on track.

It doesn’t cost you any monthly fees and has an abundance of great free tools included to help you manage and save money easily.

So anyone that may fit into these categories, or you still would like a Simple Bank account for other reasons, please feel free to click here now to start your own path to proper adulting!


“So is virtual online banking better?” – Let me know your opinions in the comments below!

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[…] If I were to ask you how you define what being “rich” was you would most likely think of someone with quite a few extra zero’s in their bank account. […]

Ryan Goldstein

With interest rates as low as they are (averaging something like 0.1% annually), Simple is a great bank to consider using. Although their current interest rate is nominal (0.01%), they have excellent customer support and great features, like a well-designed website and mobile apps, including mobile check deposit, fee-free ATM withdrawals, etc.