Simple had some good ideas, but I eventually moved on to more "grown up" banking solutions. What caused me to leave was the inability to write paper checks, which I only needed once or twice a year but is a useful and reasonable-to-expect feature in a "checking" account. Going to a web form and requesting they mail a check on my behalf wasn't an adequate replacement for my needs... scenarios like money in a Christmas card, security deposit on a desirable apartment that a landlord isn't going to hold for me without that deposit, etc.
Simple Bank Is Closing
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Re: Simple Bank Is Closing
#292Ive used Simple on and off since the beta. Customer service was always top notch. One time they had a few hours downtime and they just gave me $50 for the nuisance. Didnt ask, just suddenly gave me $50.
Also, their reps were also very good at gif communication. Id never before interacted with a company’s support team through multiple gifs.
Re: Simple Bank Is Closing
#293Earlier quoted context omitted.
A couple of days ago, I opened a YNAB account to test it out and had the same reasoning: why can't my bank do all of that envelope budgeting stuff?
Some banks do (monzo and revolut)
I miss monzo so much :(
I moved out of the UK and sadly never found a real alternative.
I had a simple workflow that made me happy:
I had two budgets, one for fixed spenses such as rent and phone, another for everything else (food, taxi, entertainment, whatever). I'd divide my "everything else" budget by 30 and tell monzo to move everyday that amount into the credit card account.
So basically... A daily budget. It was something like 20-30 pounds per day. I wanted something more expensive than usual? I'd "save" for a few days.
It's not the most efficient budgeting, but it was so much fun.
Re: Simple Bank Is Closing
#294Earlier quoted context omitted.
Depending on your mortgage interest rate, have you considered continuing the 18 years and investing your extra cash in index funds? Market returns ~10% over 20 years, so if your mortgage is 6% or less it's in your best 'interest' to continue.
Market returns are not guaranteed, unlike a fixed mortgage rate.
Sure, but the return on paying off a 3.5% mortgage, after interest tax deduction is maybe 2.5% which adjusted for inflation is ~0 to 0.5%.
Re: Simple Bank Is Closing
#295There is a weird trend rn with new banks popping up with a combination of A)high APY B) high cashback rewards
C) Fractional shares
Of course each app/bank also has a seemingly lucrative referral program.
They all seem to also be back by the same handful of banks. Sutton Bank, Hatch Bank etc.
Some examples:
HMBradley
Points Card
TomoCard
CashApp card
SabelCard
OnJuno
Stash
Etc.
Re: Simple Bank Is Closing
#296Earlier quoted context omitted.
I can't get myself to pay for services like YNAB or mvelopes.com I could see someone wanting to pay for a year or two until they've established the habit of disciplined saving. But to perpetually pay a service to present a (useful) facade over your money doesn't seem right if it's not also instilling habits in you that don't depend on software.
YNAB is excellent - its design forces people to budget properly. It also lets you track all expenses and let’s you keep lifestyle inflation in check. I’ve found it well worth it (and I’m pretty responsible financially). Mint on the other hand is totally useless.
> Mint on the other hand is totally useless.
That's hyperbole. Having a bird's eye view of every single account, transaction, investments, net worth, etc. is "totally useless"? No.
I use Mint and it works quite well for keeping an eye on your financial life at a glance. I don't need some micro-managey software like YNAB (that I'd have to pay for monthly!) to continually increase my wealth and keep debt in check - here's my tricks:
* Pay off credit card in full every month (I have one card that I use for gas, etc.)
* Invest 20% into company-matched 401k, my Roth, etc. primarily focused on S&P 500 Index Funds
* Save roughly $275/check into a liquid savings account.
* I have no car payment (paid of my 2010 Subaru that I got for $9k).
* Everything on autopay.
* Don't buy stupid nonsense.
It's worked well thus far. There's no real "need" to budget - KISS principle wins the day again.
Re: Simple Bank Is Closing
#297I've been a Simple customer since launch, and have used it as my primary bank since ING Direct was turned into Capital One. It's mildly depressing to be reminded once again that the dream of startup founders these days isn't to build something, but to sell something... specifically to a bigger company. Which will inevitably delete the thing, once it serves its use. Which is to provide presence in some kind of defensi…
Former C1 employee: I would give Capital One another shot. Their tech and apps are best in class and and built in-house. They also contribute to the open source community (or did).
Capital One customer here! This is interesting to hear. Capital One's website is easily one of, if not the most annoying bank website I've engaged with in memory, inclusive of behemoths like BofA, regional banks, and a local credit union.
Re: Simple Bank Is Closing
#298Thanks to the countless folks that built a customer focused bank. It's really sad to see Simple wind down, and it's been the best bank I've had the chance to use. Their service has been unmatched compared even to the best local banks in my area. I've been a customer for nearly a decade now - wow. Early on I exchanged emails with Josh and the team not just regarding banking matters, but reporting bugs, design issues, or giving feedback. They were always receptive and I appreciated that they took the time to respond to my messages.
They had downtime once and credited my account $50. Simple, I know, but it was a gesture that really set them apart and humanized the company.
Thank you for starting Simple. Thank you Josh and the rest of the team at Simple: Shamir, Ian C., Brian M1, Toby, Adam, Rachel, Tom, Dustin, Zac, John, Ryan H., Melissa, Ian E., James, Liene, Collin, Matt S., Daron, Cameron, Eric, Jarred, Chris B., Shane, Dan H., Dan D., Robyn, Ryan D., Will M., Brian M2, Michael M., Chelsea, Kelly, Tristan, Will C., Justin, Steven, Matt W., Chris S., Charlie, Mimi, Orlena, Michael E., Krista, Bar, Jen, Matt H., Jake, Matt M.
:')
PS: Startup marketing tip - Add a call to action at the bottom of your email newsletter that reminds your customers to share their experience with their friends and colleagues. Here was Simple's:
> PS - We often have people ask how they can help us continue to grow. Firstly, you're awesome, thanks for asking! Secondly, Its easy–just tell your friends! In fact, you can even send referrals directly from our mobile apps.
Re: Simple Bank Is Closing
#299I'm a Simple customer and incredibly upset by this decision. For those not familiar with their value add, Simple is essentially "envelope budgeting" built into a banking application. Sure, it's a bank and does bank things. What sets Simple apart is that I can allocate $n/month for an expense and it takes it out of my paycheck and puts it into that expense "envelope". When a charge comes in for that expense, it pulls…
I use Robinhood's banking feature for this (I don't use them as a brokerage, though). It lets me do direct deposit and automatic withrdrawals from a single account, while earning savings account interest. The interest isn't significant at the moment, but it was nice for a few months, before COVID. I use Mint and Personal Capital for monitoring my budget, rather than earmarking funds.
You're getting 0.3% APY, which is pretty useless. I would instead try some of the banks that promise you higher APY rn. There are some offering 2-3%
Re: Simple Bank Is Closing
#300Earlier quoted context omitted.
A few questions: -Why do you need to actually move the money around? -What happens if you overspend in an envelope? -Do you actually have different accounts/routing numbers for the envelopes?
For people who have no self control without resorting to playing tricks on themselves I guess. I can't empathize at all, all I need is a spreadsheet at most, but I guess it works for some people.
I can't empathize with your lack of empathy. All I need is to try to put myself in someone's else shoes to feel empathy, going through what they're going through is not required.