What is ‘Simple’ bank
Simple Bank, also known as “Simple Finance Technology Corp” is an American neobank based in Portland, Oregon. It was founded in 2009 by Joshua Reich and Shamir Karkal.
The bank offers a mobile and web-based banking platform with features such as budgeting tools, automatic savings, and no fees.
It is known for its user-friendly design and emphasis on financial education. In 2014, Simple was acquired by BBVA (Banco Bilbao Vizcaya Argentaria), one of the largest banks in Spain, which allowed Simple to expand its services and reach more customers.
It was founded with the mission of making banking simpler, more transparent, and more accessible to consumers. The bank began by offering a mobile and web-based banking platform with features such as budgeting tools, automatic savings, and no fees. It quickly gained popularity for its user-friendly design and emphasis on financial education.
In 2012, Simple received $3.5 million in funding from investors to expand its services. The following year, it launched an API that allowed third-party developers to build apps and services on top of Simple’s platform.
In 2014, Simple was acquired by BBVA (Banco Bilbao Vizcaya Argentaria), one of the largest banks in Spain, which allowed Simple to expand its services and reach more customers.
With the backing of BBVA, Simple continued to grow and expand its product offerings. It launched a debit card and began to offer ACH payments and bill pay services.
In 2018, Simple announced plans to launch a new feature, called “Goals”, that would allow customers to set and track savings goals, such as saving for a vacation or down payment on a house.
Simple’s acquisition by BBVA and its mission to make banking simpler and more accessible to consumers has helped the bank gain a reputation as a leader in the neobanking space and it has influenced other financial institutions to follow the same path to make banking simple and accessible to all.
What is Simple bank app
The app allows users to manage their finances, including checking and savings accounts, and offers features such as:
- Automatic budgeting: Simple’s app uses a system called “Safe-to-Spend” that tracks your spending and automatically categorizes it for you.
- Goals: Allows customers to set and track savings goals, such as saving for a vacation or down payment on a house.
- No fees: Simple does not charge any fees, including monthly maintenance fees, overdraft fees, or foreign transaction fees.
- Financial education: Simple provides resources and tools to help users better understand and manage their money.
- Mobile check deposit, ACH payments, and bill pay services.
The Simple app is available for iOS and Android devices, and it can be downloaded from the App Store or Google Play. Users can also access their accounts through the Simple website. The app is known for its user-friendly design and emphasis on financial education, making it easy for users to manage their finances on the go.
Is Simple bank a good bank
Simple Bank (Simple Finance Technology Corp) is generally considered to be a good bank, particularly for those who are looking for a simple and user-friendly mobile banking experience.
It is known for its budgeting tools, automatic savings, and lack of fees, which can be beneficial for consumers looking to manage their finances more effectively.
Simple is a great choice for people who want to avoid traditional bank fees, and who don’t need a lot of extra features or products. The bank’s focus on financial education and budgeting tools is also a plus, as it can help users understand their finances better and make more informed decisions.
However, it’s worth noting that Simple doesn’t have a wide range of products or services like traditional banks, so it may not be the best choice for those who need more complex banking options. Also, Simple is an online-only bank and it doesn’t have physical branches, so it may not be the best choice for people who prefer to bank in person.
In general, Simple is a good bank for those looking for a simple, user-friendly and fee-free mobile banking experience, with a focus on budgeting and financial education.
If you are looking for more complex banking options or need to bank in person, it may not be the right choice for you. It’s always a good idea to research and compare different banking options before making a decision.
Can I exchange currency using the Simple bank mobile app
Simple Bank does not offer currency exchange services through its mobile app or website. While Simple’s app allows users to manage their finances, including checking and savings accounts, it doesn’t provide foreign currency exchange services.
You should be able to use your debit card to make purchase on foreign currency, but it will be subject to the fees associated with foreign transactions.
If you need to exchange currency, you can visit a local bank or currency exchange service, or use a specialized currency exchange app or website. However, you should be aware that these services may charge fees or offer less favorable exchange rates than other options.
It’s always a good idea to research different currency exchange options before making a decision and to check the fees associated with the service you choose.
Additionally, you should also check with Simple Bank customer service to confirm if they have any specific policy regarding foreign currency transactions.
Can I buy crypto using the Simple bank mobile app
Simple Bank, also known as Simple Finance Technology Corp, is an American neobank that does not currently offer the ability to buy or trade cryptocurrencies through its mobile app or website.
Simple Bank is focused on providing a simple and user-friendly mobile banking experience with features such as budgeting tools, automatic savings, and no fees. It doesn’t currently offer the ability to trade in cryptocurrencies like Bitcoin, Ethereum or others.
If you are interested in buying or trading cryptocurrencies, you can use a specialized cryptocurrency exchange, such as Coinbase, Binance, or Kraken, that allows you to buy and trade different digital currencies using fiat currency or other cryptocurrencies.
However, you should be aware that these services may charge fees and you should always do your research and due diligence before investing in any cryptocurrency.
It’s worth noting that the cryptocurrency market is highly volatile and the value of digital currencies can fluctuate rapidly, so it is important to be aware of the risks associated with buying or trading cryptocurrencies before making a decision.
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