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Simple Bank Is Closing

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Re: Simple Bank Is Closing

#211

Post by owenversteeg »

kstrauser wrote: post #165
whalesalad wrote: post #119

I highly recommend Charles Schwab for a checking account in the US. https://www.schwab.com/checking (I was a Simple customer at one point)

Alternatively, look for a local credit union. I belong to one that was originally set up for firefighters and their families but is now open to people living and working here. Pros: - Most credit unions cooperate on a shared ATM network, so I have zero-fee access to way more ATMs than any bank does that I know of. Also, they reimburse any other ATM network fees (but I try not to rack up too many of those because I do…

I generally agree, aside from:

- Lending rates: some CUs don't have the best rates for certain products, especially on lines of credit. Auto loans are typically cheaper with CUs for whatever reason.

- One big con is the mobile apps - typically terrible at most CUs.

Re: Simple Bank Is Closing

#212

Post by dannylandau »

Shank wrote: post #156

BBVA is also closing Azlo, the business bank that Stripe Atlas uses (used?) for LLCs. Looks to me like BBVA is attempting to annoy as many customers as possible. I love Simple to death. They overnighted a cashier's cheque for me, for free, on holiday. They've been nothing but kind and I truly hate to see them go. I really really loved being a Simple customer.

Ditto on Simple being a good bank!

Re: Simple Bank Is Closing

#213

Post by owenversteeg »

bird_monster wrote: post #132

Simple is without a doubt, not even close, the best bank app I have ever used. Simple as a bank is probably one of the worst banks I have ever tried to deal with. I very regularly wish that their app was a layer on top of other bank accounts, such that I could view my Chase account but from the Simple app. Unfortunately, their banking business (not the app) was their core business, and they were absolutely awful at b…

I (and I imagine a number of other people) would definitely pay for a high quality app like Simple as a layer on top of an old bank. Too many of these neobanks are missing something I need (Zelle, or they charge weird fees, or the debit card has a foreign ATM fee, or they have problems with checks etc)

Re: Simple Bank Is Closing

#214

Post by mustacheemperor »

uses wrote: post #16

I'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…

The GreenDot competitor to Simple, GoBank, launched around the same time as "the first digital / app based bank." It was corporate from the outset, but their partnership with WalMart seemed to reorient it into an internet based check cashing shop complete with cringeworthy "sweepstakes" offers for connecting your direct deposit. The product went downhill abruptly around that time, I still keep it around as an extra debit account so I get some ongoing visibility to the spiral. I have to call a special support number printed on my card, newer customers called the one on the website. The oft-promised chip supporting GoBank card still has not arrived for me, today, in 2020, despite their support promising me literally years ago it would be available in a month. It doesn't work with Apple Pay.

The app, which when they launched was one of the first decent bank apps, simply has disabled its most compelling features. You used to be able to peek your balance without signing in, the slider is still there but it doesn't do anything. Fortunately most other mainstream banks have great apps these days.

The app still lacks FaceID support. You can use FaceID only through the Apple autofill keyring.

And as I just Googled them to make this post, I see there will never be a chip card at all because GoBank doesn't offer a debit card anymore. Apparently GreenDot is powering payments at Uber and Apple Pay P2P now though, so good for them.

Re: Simple Bank Is Closing

#215

Post by _ea1k »

renewiltord wrote: post #200
kipple wrote: post #194

Earlier 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.

Yeah, even though that 10% is net tax 8.5% (vs. the full 6%) it seems like one could refinance it down in future. Still, I don't think most payment terms are flexible enough to make them an indefinite loan (go interest-only).

Depending upon their tax situation, the loan rate may be effectively a little lower due to the tax deduction too, though. And, tbh, 6% is a really high mortgage now. Rates below 3% are common.

Re: Simple Bank Is Closing

#216

Post by red_hare »

wronglebowski wrote: post #36
mbil wrote: post #28

Moved my budgeting from Simple to YNAB a few years ago, but still sad to see Simple go. I was a big Simple proponent for a long time (even wrote some hacky automatic goal transfer software[0] before they introduced Expenses). Hopefully the employees can carry the great UX spirit of Simple to their next endeavors. [0] https://github.com/bi1yeu/simple-autogoals

What's your experience with YNAB? I use Mint for balances and USAA's forecasting tool to see the future, but I'm not terribly happy with either.

Check out lunchmoney.app!

I've been using it for the past year. It's clean, snappy, easy to use, and has VERY powerful categorization for anyone with a programmers mindset.

I used mint but it was too much work to keep the categories up. I looked at YNAB but it seemed too overbearing. Lunchmoney has been a really refreshing tool for me.

It's also a solo developer's project, they make regular updates, and it's a clean business model of a simple monthly fee.

If you use someone's referral link you get an extra free month after their trial. Here's mine: https://lunchmoney.app/?refer=kvy5xf49

Re: Simple Bank Is Closing

#217

Post by silexia »

ssully wrote: post #203
Shank wrote: post #156

BBVA is also closing Azlo, the business bank that Stripe Atlas uses (used?) for LLCs. Looks to me like BBVA is attempting to annoy as many customers as possible. I love Simple to death. They overnighted a cashier's cheque for me, for free, on holiday. They've been nothing but kind and I truly hate to see them go. I really really loved being a Simple customer.

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.

Re: Simple Bank Is Closing

#218

Post by dougmany »

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…

Same here. When the mail-a-check feature went away I switched back to the credit union. I still had that open because I couldn't set up a feature with simple.

Re: Simple Bank Is Closing

#219

Post by massysett »

kipple wrote: post #194
cweagans wrote: post #84

I don't know how many Simple employees are in this thread. I'm very sad to hear this news, and I'm sure you were too. Just want you to know that you all made a really meaningful difference in the lives of at least my wife and I. Before I switched to Simple, I had a really hard time budgeting for things/planning for expenses, and was frequently toeing the line of overdrawing my account. I was essentially financially i…

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.

Re: Simple Bank Is Closing

#220

Post by nefitty »

ssully wrote: post #203
Shank wrote: post #156

BBVA is also closing Azlo, the business bank that Stripe Atlas uses (used?) for LLCs. Looks to me like BBVA is attempting to annoy as many customers as possible. I love Simple to death. They overnighted a cashier's cheque for me, for free, on holiday. They've been nothing but kind and I truly hate to see them go. I really really loved being a Simple customer.

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.

Chime has been pretty good to me! I had a Simple account but Chime beat them to the punch by a couple weeks to become my main bank.
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