The January 7 announcement that online banking Simple would be to stop has led some customers to express their dismay on social media over the app’s loss of popular features. The close means that in the near future, Simple accounts will move to accounts at BBVA USA, the bank that held customer deposits behind the scenes at Simple.
Although BBVA has been the parent of Simple for some time, the bank currently does not have the same ‘Safe-to-Spend’ and ‘Goals’ features that Simple offers – indeed, the features are quite unique, even. among the other so-called challenger banks. . And Simple’s customers lament the loss.
“[I’m] working to pay off debt, and Simple has a great setup to manage my money in a way that makes sense for me, ”said Caitlyn Martin, postpartum doula and Simple client in Portland, Ore. “So the news that I not only have to change banks, but that I will probably lose some app functionality that has completely changed my financial life, is really upsetting.”
However, some accounts at other institutions have important features that are worth considering, including attractive annual returns, early direct deposit, and unlimited ATM refunds. Separate applications for budgeting, like TBEN and Pocketguard, are also an option that may appeal to Simple users.
Whether you are a simple customer who is considering moving to a new bank or planning to stay with BBVA, there are options for where and how to put your money. Here are some alternatives to consider.
Radius Bank: Progressive interest, rewards verification
Radius, an online-only bank, offers stepped interest rates and no monthly fees on its savings and rewards checking accounts, as long as you maintain certain balances.
In addition to a 0.10% APY for balances over $ 2,500 (amount 0.15% for balances over $ 100,000), the Radius Rewards Verification Account also allows customers to earn unlimited 1% cash back on online and signature-based ‘credit’ transactions made with a Radius debit card. The account also offers unlimited automatic discounts on ATM fees.
Chime: High APY, savings boosters
Chime’s high-yield spending and savings accounts have no monthly fees, and the savings account offers a 0.50% APY. There are two optional features to facilitate greater savings: Customers can round each purchase on their Chime debit card to the nearest dollar and deposit the difference into their savings account, or they can choose to automatically transfer 10% of their paycheck in their savings. Account. Chime customers can also receive their paychecks up to two days in advance. Most traditional banks do not offer this option.
One thing to note: Cash deposits can only be made at third party green points and may incur fees.
Varo: strong APY, savings tools
Varo’s checking and savings accounts are both free and Varo has an extensive network of ATMs for withdrawals. However, like Chime, Varo only allows cash deposits at Green Dot locations, usually for a fee.
Varo’s checking account has no overseas transaction fees, and customers may be able to receive their paycheck up to two days in advance. Varo’s savings account offers a strong APY of up to 2.80% on balances up to $ 10,000 if certain direct deposit and debit card spending conditions are met, and 0.40% if not. Its “Save Your Pay” and “Save Your Change” features encourage you to withdraw money regularly.
Personal Capital Cash: budgeting tools
Cash management accounts, a hybrid of savings and checking accounts that have grown in popularity in recent years, are typically offered by non-bank financial service providers such as brokerage houses. Personal Capital’s Cash Management Account, an automated investment management service, has tools to help clients budget and track their net worth online. It also gets high marks from users of Google Play and Apple’s App Store.
The account does not, however, offer a debit card or cash withdrawals or deposits; the money must be transferred in and out of the account by wire transfer. Services like bill payment can be arranged by linking the account to a separate external checking account.
Or stick with BBVA
BBVA’s online checking account has no monthly service fees and gives customers access to over 64,000 free ATMs, but the account does not pay interest. BBVA’s online savings account offers a 0.01% APY, lower than the current national average of 0.05% for interest rates on savings accounts. BBVA has branches in a limited number of states, including Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
While some features of Simple are difficult to replicate among competitors, many banks and other financial services offer good service, state-of-the-art app features, and solid interest rates.