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Simple Bank Is Closing

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Re: Simple Bank Is Closing

#491

Post by kccqzy »

caycep wrote: post #472
kfriede wrote: post #413

Earlier quoted context omitted.

I was forced to ditch Simple after their ridiculous application policies wouldn't allow my spouse to create an account for us to have a joint account. Since doing so, I've signed up for YouNeedABudget (YNAB) [1], and couldn't be happier. Simple was a great service and I'm sad it is calling quits, but I've outgrown it. [1] https://www.youneedabudget.com/

I'm still trying to decide between Personal Capital vs. YNAB...

Personal Capital's budgeting tool is quite weak. It's not comparable with YNAB. I would describe Personal Capital more as an investment tracking tool. The most amazing future is that it looks into holdings of the ETFs and mutual funds to figure out your exposure.

Re: Simple Bank Is Closing

#492

Post by intricatedetail »

mtzet wrote: post #490
drewpc wrote: post #224

I'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…

What additional benifit does moving money around provide? From my perspective, there is not much difference between money moving around in the banking system vs moving around on your budget sheet, except the banking system might charge overdraft fees if the accounts are mismanaged. Based on that reasoning I've taken the approach to only have as many bank accounts as I need to utilize their services, and to interact w…

I think it's a human thing - it works better with the brain if the money is "physically" in a different location (When in reality it makes no difference). It's the same why people actually use envelopes instead of just having a pile of money and a sheet of paper to note what is what.

Re: Simple Bank Is Closing

#494

Post by sizzle »

iends wrote: post #385
sizzle wrote: post #318

Earlier quoted context omitted.

would love if you shared how it changed your life, I'm always skeptical about these types of things that I end up abandoning after a short time. thanks!

Not parent, but my wife and I have been using YNAB for over 5 years, even before they moved to a web app. It’s changed our lives: - We never fight about money because we have already planned for the next month together. - We each get equal amount of no questions asked personal money that the other person cannot criticize how it’s spent. - When we first started using YNAB we realized we were living off credit card flo…

Thank you I will have try this out and go in with a positive mindset that it's a structured and objective system and I can't honestly say where my money is going today which is causing me to spend money frivolously on things I don't really need.

Honestly I might just make an Excel spreadsheet and track monthly credit card billing statements and total income/month and net profit after debits (bills, living expenses, etc.)

Think this would work like YNAB to a degree until I'm fully invested in budgeting?

Re: Simple Bank Is Closing

#495

Post by [deleted] »

Jommi wrote: post #299
acjohnson55 wrote: post #254

Earlier quoted context omitted.

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%

[deleted]

Re: Simple Bank Is Closing

#496

Post by cookiengineer »

mtzet wrote: post #490
drewpc wrote: post #224

I'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…

What additional benifit does moving money around provide? From my perspective, there is not much difference between money moving around in the banking system vs moving around on your budget sheet, except the banking system might charge overdraft fees if the accounts are mismanaged. Based on that reasoning I've taken the approach to only have as many bank accounts as I need to utilize their services, and to interact w…

Counter-question: Does your operating system have all its files directly placed in "/"? Why not?

Human nature of thinking needs a context, therefore it makes sense to provide folders or categories to get an architectural structure into a huge amount of data that needs to be processed.

Additionally, if you need to manage a business account; having multiple accounts to balance the differences and to trace money expenses is common practice. The IRS or German Finanzamt (for example) won't even accept a simple budget sheet that lists all expenses.

Re: Simple Bank Is Closing

#497

Post by ramraj07 »

chillacy wrote: post #450
ramraj07 wrote: post #375

Earlier quoted context omitted.

Wait what's the catch? It's insured and still able to give so much interest? Even CDs don't give anywhere close

Here's a big one: > We do not pay interest on account balances above $100,000 https://www.hmbradley.com/apys

That just means people with six figure savings won't use the service, it's still not clear how that helps them achieve profitability with such high interest rates

Re: Simple Bank Is Closing

#498

Post by sizzle »

chipotle_coyote wrote: post #86

I loved Simple for a long time -- I was one of the "beta" customers -- but I switched away from them over a year ago. I'd already been annoyed with them over something seemingly trivial; I go by my middle name and last name, not first and last, and want my credit/debit card to match that, reading "Middle Last". Everyone else allows me to do this and Simple did allow that... until we all had to migrate our accounts fr…

They made a $117 million exit when they sold to BBVA so maybe that was the time to jump ship cause they were no longer a start up and had to play by their new big bank owner's rules.

Re: Simple Bank Is Closing

#499

Post by fauigerzigerk »

cookiengineer wrote: post #496
mtzet wrote: post #490

Earlier quoted context omitted.

What additional benifit does moving money around provide? From my perspective, there is not much difference between money moving around in the banking system vs moving around on your budget sheet, except the banking system might charge overdraft fees if the accounts are mismanaged. Based on that reasoning I've taken the approach to only have as many bank accounts as I need to utilize their services, and to interact w…

Counter-question: Does your operating system have all its files directly placed in "/"? Why not? Human nature of thinking needs a context, therefore it makes sense to provide folders or categories to get an architectural structure into a huge amount of data that needs to be processed. Additionally, if you need to manage a business account; having multiple accounts to balance the differences and to trace money expense…

>Counter-question: Does your operating system have all its files directly placed in "/"? Why not?

Because my files are not fungible.

I understand keeping business transactions separate from personal transactions. But creating lots of little pots of money for different personal expenditures makes no sense to me at all.

Re: Simple Bank Is Closing

#500

Post by sizzle »

silexia wrote: post #217
ssully wrote: post #203

Earlier quoted context omitted.

I've used Simple since 2014 and it's easily the best banking experience I have ever had. I've spread my spending and banking activity out over different banks/services over the years, but I always use Simple as my main bank. Honestly not sure where I will move my main account over to.

So many valuable businesses have been destroyed by investors or founders seeking an early exit. If you are an entrepreneur, think very long and hard before you accept any outside money. I have seen so many good businesses forced to sell by investors or a founder who thought they were done, only to regret it later.

They took a $117 million exit and sold their soul to Big Bank. At least Josh doesn't have to worry about budgeting money ever again for the rest of his life despite his vision of bringing this functionality to the financially challenged masses all come crashing down in flames with this announcement.

I will never remain a user of a start up that sells their soul to Big Corp because of examples like Simple and being burned in the past so many times, I'm jaded.

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