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Simple Bank Is Closing

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Re: Simple Bank Is Closing

#441

Post by SV_BubbleTime »

drewpc wrote: post #249
SV_BubbleTime wrote: post #243

Earlier quoted context omitted.

What are your “envelopes”/accounts and what do you actually do with them? For example if you have a groceries envelope. How does that change anything for you? Would you buy more or less food at some point? Would you rebalance it at the end of the year? Is there some calculation of I are too spent too much this week so we’re making food? I ask because I have a reasonable I does what I spend money on and it’s not reall…

For example: I have 21 expenses in Simple. They're as small as "Spotify: $16.25/mo" and "1Password: $60/year". As large as mortgage, kid stuff, groceries, annual car registration, car insurance, etc. Plus about 8 savings goals.

Ok. I get that... but you know Spotify is $16.25/mo. Recurring. Every year you know exactly how much it will be. So I guess I just don’t really get it what that envelope is doing. Maybe making sure you don’t get double charged or price change?

But... car Insurance I do get. If you get billed every six months getting that big bill out of nowhere does kind of suck.

Re: Simple Bank Is Closing

#442

Post by Larrikin »

EpicEng wrote: post #329
Jommi wrote: post #299

Earlier quoted context omitted.

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%

No one is offerring 2%-3% when the fed rate is at zero. You're about a year behind relity.

TMobile's bank is offering 4% on the first $3000 and 1% on anything after that and they treat it like a checking account with their own debit card.

It was going to be a total no brainer to move nearly all banking to them until I realized they block all automated financial tracking software. No budgeting with YNAB makes it a non starter for a checking account, but luckily YNAB can note transfers in automatically by looking at other accounts. When treated strictly as a basic savings its fine if my total cash on hand is missing the occasional interest payment.

Re: Simple Bank Is Closing

#443

Post by noahtallen »

lgregg wrote: post #434
fb42 wrote: post #333

Earlier quoted context omitted.

It’s all automatic. You do have to approve and categorize transactions though. But the import is automatic if you’re using a major bank.

not for all major banks, mine (usaa) forces 2fa which broke ynab and made it useable because i don't want to do data entry for every transaction.

They might have fixed this. They switched to using plaid for external accounts this year, and I was able to add several banks which had 2FA earlier today.

Re: Simple Bank Is Closing

#444

Post by [deleted] »

vageli wrote: post #175
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.

This is so frustrating, just got the email from Azlo today, prompted to check by this comment. No messaging on the site on login, nothing. Goodness.

[deleted]

Re: Simple Bank Is Closing

#445

Post by noahtallen »

bumpkinjunkie wrote: post #387
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…

Simple's Safe-to-Spend® feature was ahead of its time and today is still a really unique feature among digital banks (standalone budgeting apps notwithstanding). I wonder if a challenger bank could buy that IP from BBVA.

It really is excellent. I’m finding with YNAB, I would micro manage every detail of my money. With safe to spend, I can carve out the major expenses like rent and debt payments automatically. Basically every recurring payment and savings goal. Then you know exactly how much extra you have for miscellaneous expenses. It’s a lot less work, and has basically been on autopilot for a while. I’m worried now that micromanaging a budget would be more stressful and time-intensive.

Re: Simple Bank Is Closing

#446

Post by blueblisters »

Larrikin wrote: post #442
EpicEng wrote: post #329

Earlier quoted context omitted.

No one is offerring 2%-3% when the fed rate is at zero. You're about a year behind relity.

TMobile's bank is offering 4% on the first $3000 and 1% on anything after that and they treat it like a checking account with their own debit card. It was going to be a total no brainer to move nearly all banking to them until I realized they block all automated financial tracking software. No budgeting with YNAB makes it a non starter for a checking account, but luckily YNAB can note transfers in automatically by lo…

> How APY works and what it means for you: As a T-Mobile MONEY customer you earn 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your Checking Account per month when: 1) you are enrolled in a qualifying T-Mobile postpaid wireless plan; 2) you have registered for perks with your T-Mobile ID; and 3) at least $200 in qualifying deposits have posted to your Checking Account before the last business day of the month.

So it's a neat little discount on your T-Mobile bill.

Re: Simple Bank Is Closing

#447

Post by newbie789 »

I've been a Simple customer for awhile and it's kind of a bummer and kind of a hassle that this is happening.

I became a customer many years ago while I was homeless and due to a string of incredibly bad luck and wildly poor decision making, I had been unable to open a checking account at any major bank. For whatever reason they gave me one.

Not having to walk 3+ miles to pick up cash from a Wells Fargo spot and having a debit card were literally lifechanging differences.

Nearly a decade later I'm in a much better place. Thanks, Simple.

Re: Simple Bank Is Closing

#448

Post by noahtallen »

molsongolden wrote: post #245
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…

> When a charge comes in for that expense Do you categorize the expense or is it automatically categorized to the correct spending envelope? --- Treasury is B2B focused at the moment but there must be another way to do this...

You can make sure that a recurring transaction is always categorized to the same category and then that the money is taken from that “envelop” based on the category.

So my rent payment will always get automatically categorized to rent, and then all transactions in the rent category automatically pull from a specific “envelop”.

Envelops are just a UI/helpful budgeting thing; it’s not an actually different account.

Re: Simple Bank Is Closing

#449

Post by asciimike »

njarboe wrote: post #416
asciimike wrote: post #397

Earlier quoted context omitted.

> That's hyperbole. Having a bird's eye view of every single account, transaction, investments, net worth, etc. is "totally useless"? No. If you can get it to actually connect to things (I have 2FA on most accounts, and since Mint scrapes the sites and stores passwords in plaintext, it doesn't know how to handle this) and tag everything properly (MCC's vary pretty widely). I think that the promise of Mint is great, b…

I just don't understand giving your banking credentials to a third party. Will your bank even cover fraudulent withdraws if you give your login info to Mint?

This is the main reason I stopped using it. The benefit was too low compared to the risk. Once I started using 2FA and realized how it worked I noped right out of there...

Re: Simple Bank Is Closing

#450

Post by chillacy »

ramraj07 wrote: post #375
byproxy wrote: post #363

Earlier quoted context omitted.

https://www.hmbradley.com/ currently does, with the caveat that you have to save at least 20% of your direct deposits.

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

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