Simple Bank Review: One of the Highest-Yielding Checking Accounts We've Seen
Review
Updated
If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
Simple's parent company, BBVA USA, announced on January 7th, 2021 that it will be shutting down Simple. Accordingly, we no longer recommend Simple. Offer details in this review may be out of date.
Simple Bank's goal is to help make banking exactly that -- simple. Unfortunately, the jury is still out on whether or not they've succeeded. Simple Bank's checking account earns an above-average APY, but the bank doesn't offer a savings account option. Additionally, Simple has a convoluted sign-up process that may be difficult for some consumers to navigate. Read our Simple Bank review to learn more about its benefits, drawbacks, and whether it's right for you.
Simple Bank offers one of the best high-yield checking accounts in the business. It boasts an APY that exceeds most savings account APYs. It also offers some unique budgeting tools to help you track your goals and automate saving for your immediate and long-term expenses. Among these tools is an envelope-style system that helps you keep money for different goals separate.
Simple Bank doesn't currently offer a savings account. Instead, Simple directs customers to its high-yield checking account. The high APY on the checking account makes this an acceptable alternative for most people. However , if you are specifically looking for a savings account, check out our list of the best savings accounts.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Simple Bank offers a single 12-month no-penalty CD. You can open up to five of these if you'd like. However, they will all have the same terms. Minimum deposits are low. Also, these CDs don't impose penalties on early withdrawals. That would usually mean lower APYs; however, Simple Bank is an exception. Its APY is surprisingly high for a no-penalty CD. However, its APY is the same as the APY on its checking account, so there's little advantage to keeping your money in a CD when you could earn the same amount of interest in your checking account.
The fact that Simple Bank only offers a single CD also makes it impossible to build a CD ladder or to earn a higher APY for choosing a longer CD term. If you're interested in either of these things, visit our best CD rates page or compare a few select top CD picks below.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.50%
|
Term:
10 Months
|
Min. Deposit:
$2,500
|
Open Account for
On Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
Simple offers three checking accounts: the Simple Checking Account, the Protected Goals Account, and the Shared Checking Account.
The Simple Checking Account is a standard checking account. It includes a debit card and checks, and it has no limitations on withdrawals or monthly maintenance fees. You can conveniently withdraw funds directly from this account. However, this account also barely earns any interest. As a result, it's not the ideal place to store the bulk of your savings. This is for money you plan to use to cover everyday expenses.
You can access a variety of budgeting tools through the Simple Checking Account. These will help you determine how much money is safe to spend and how much is reserved for your various goals. It can also help you automate savings for your day-to-day expenses.
At present, the account's online and mobile banking tools lack online bill pay. You can still pay your bills from your bank account by writing a check or charging them to your debit card, though. You can also give your bank routing and account number to the company you owe. That way, the company can debit the funds directly from your account.
The Simple Protected Goals Account is a high-yield checking account. You can only open one after you've opened a Simple Checking Account. Impressively, this account's high APY is competitive with many of the top online savings accounts. It's designed to help you set aside money for specific financial goals. You can set up a sort of envelope system within this account, including a designated emergency fund. With the Protected Goals Account, you can keep long-term goal savings separate from your other savings.
The advantage of opening checking account (as opposed to a savings account) is the lack of limitations on monthly withdrawals. You can withdraw funds from your Protected Goals Account as often as you'd like. However, if you want to earn the most in interest, you should limit your withdrawals.
There is no way to directly withdraw funds from this account. If you need to use this money, you must transfer it back to your Simple Checking Account. At that point you can use the included debit card or checks to withdraw the money. The funds should transfer instantly since both accounts are at the same bank. Nevertheless, this is another hoop you must remember to jump through.
The Simple Shared Checking Account consists of two individual checking accounts and a shared checking account. In the shared checking account, two people can save for joint financial goals together. Just as with the individual accounts, it's possible to open a joint Protected Goals Account. You still must first open a Simple Shared Checking Account.
Though Simple offers an attractive variety of checking accounts, it's possible none of them fit your banking needs. If you're looking for other options, check out our list of best checking accounts.
Simple's customer satisfaction ratings are just average. It has a B rating with the Better Business Bureau and a 2.6 out of 5 from TrustPilot. It's difficult to pinpoint the source of customers' issues because some say the bank has a feature-rich, user-friendly mobile app while others find it difficult to use. There are also customers who praise its customer support and others who condemn it.
Banks aren't known for receiving stellar customer reviews, but this is still something to weigh when exploring your options. It might not matter to you that much if you rarely speak to your bank. If it does concern you, you can always explore some other options, like the ones listed below.
Simple Bank does not offer relationship benefits, like higher APYs or discounts on fees. These are common at brick-and-mortar banks often do. However, at a brick-and-mortar bank, customers may be required sign up for multiple services to receive these benefits. Online banks, like Simple Bank, typically offer impressive APYs and no maintenance fees to every customer from the beginning. They rely on these things (rather than relationship benefits) to draw in new customers and ensure their loyalty.
If Simple Bank doesn't feel like the right home for your money, one of these other online banks might suit you better.
Ally Bank is one of the best-known online banks and it offers a wide range of products. Some of these include high-yield savings accounts and several types of CDs (with a variety of terms). There's an interest-bearing checking account as well, though its APY is not as high as that of the Simple Protected Goals Account. As far as banks go, Ally has also received a surprising amount of positive feedback from customers. It might be a better choice if quality customer service is a top priority.
For those primarily interested in a high-yield savings account or CD, Barclays could be the right fit. Its savings account rate is among the best. It also has a greater variety of CDs, though Barclays' CDs do carry a penalty if you attempt to withdraw funds early. The biggest drawback is that it doesn't currently offer a checking account. However, you can link your Barclays savings account with a checking account at any other bank and transfer funds between them as needed.
Simple is worth considering if:
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
