After opening this account, you can use Simple’s other services. The only in-person banking service available with Simple Bank is access to 40,000+ fee-free ATMs through the Allpoint ATM network. A Simple Account is required to open a Protected Goals Account, since they are linked together. Kevin lives in Cleveland, Ohio with his wife and four kids. Simple doesn’t charge a fee for out-of-network ATM use, but the ATM owner may. This compensation comes from two main sources. There are also no fees charged for: Protected Goal Accounts help you save by letting you set a savings goal amount and desired end date. are also available through Simple Bank. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. © 2020 Forbes Media LLC. Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Simple Bank suits individuals who want straightforward bank accounts and are looking to budget and save money. Hours are somewhat limited compared with those offered by some major banks, with phone support only available from 6 a.m. to 4 p.m. Pacific Time on weekdays and 7 a.m. to 2 p.m. on Saturdays. "Account Type." But, while it behaves like a savings account, it isn’t a true savings account. Accessed August 17, 2020. Learn about our independent review process and partners in our, Available at (888) 248-0632 from 6 a.m. to 4 p.m. Pacific Time on weekdays and 7 a.m. to 2 p.m. on Saturdays, The 6 Best Joint Checking Accounts of 2020, State Employees' Credit Union Bank Review, These Are the Best Second-Chance Bank Accounts Right Now, A payment account that works with a debit card and checks, A clear view of your regular monthly expenses via budgeting tools, Help with financial goals (like a vacation fund or a, An account that does not nickel-and-dime you on fees, Competitive interest earnings on long-term savings, Mobile alerts whenever money leaves your account, 40,000 fee-free ATMs through the Allpoint network, No fees from Simple for using out-of-network ATMs. A Shared Protected Goals Account earns 0.60% APY. $('.faq-question-wrapper').off('click').on('click', function () { We also reference original research from other reputable publishers where appropriate. "Grow Your Savings With a No-Penalty CD." Simple earmarks funds for your expenses, and you can also set up financial goals and automated savings programs to reach those goals. var chevronArrow = parent.find('.chevron-arrow'); Simple Bank’s primary account is its Simple Account. Simple is a modern payment account, but the service does not offer online bill payment. Available in only a 12-month term, these no-penalty CDs currently earn a fixed rate of 0.50% APY. Simple CDs require a $250 minimum opening deposit. Simple’s no-penalty CDs are different. This checking account currently does not earn interest (or, as stated at Simple’s website, it earns 0.00% APY). In terms of APY, the Simple Protected Goals Account offers a competitive yield. She has worked as a personal finance editor, writer, and content strategist covering banking, credit cards, insurance and investing. if you pull funds from a CD before it reaches maturity. To open an account, visit Simple.com or call 888-248-0632. 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