If you bank with Simple, you’re likely still reeling over the news that it’s shutting down. You’re also probably searching frantically for a good alternative to the online banking service before it does. We’ve done the research and found several options for both online banking services and budgeting tools, so hopefully you can find something that’s a good fit.
Simple was beloved because of its unparalleled suite of budgeting tools and its user-friendly app. It made it easy to see your recent transactions and Safe-to-Spend money, plus it let you set money aside for goals and expenses while building your savings with minimal effort. And as such, there is no real direct equivalent to the app.
That said, we broke our alternatives into two categories: online banking and budgeting tools, since those were the two main reasons why people used Simple. Some online banking options offer budgeting tools as well, but you may find that you’ll need to download a budgeting app in addition to a new banking app to properly cover your needs the way Simple did.
Update, 7/7/21: Chime has been removed due to fraudelent activity. We no longer recommend this service.
For Online Banking
Simple’s online banking tools are well-loved because they made it easy to manage your money. Its millions of customers used it to track their finances, pay bills, plan for expenses, and put money away for a rainy day. It also allowed for shared accounts and made quick work of transferring money.
While researching online banking alternatives, we looked at r/SimpleBanking on Reddit, where users created a mega-thread discussing alternatives. User 11jwolfe2 even created a helpful spreadsheet in Google Docs comparing specific details between Simple and each of the other popular alternatives. While that spreadsheet covers dozens of alternatives, with more details being added all the time, we included the five strongest options here.
An All-in-One, Tool-Rich Option: SoFi
SoFi(Free, with no minimums or maintenance fees) is a great all-in-one app for managing your money. With it, you’ll get an Online Cash Management account, which essentially is a hybrid of checking and savings accounts. SoFi lets you choose between a joint account or an individual account. It offers both loans and credit cards, makes it easy to invest in stocks or buy crypto, and supports both Google Pay and Apple Pay. Plus, two-factor authentication keeps your money and information safe.
Although SoFi offers robust online banking options, its technology-driven design is what makes it such a great pick. SoFi has invested a good amount of time and money in its website and app, ensuring that it’s reliable, feature-rich, always up to date, and easy to use. The app has a nice layout, with everything clearly labeled and displayed in colorful charts. And below your financial information, you’ll see a variety of financial planning tools, educational resources, and the latest financial news stories so you’ll always be in the know.
SoFi also has a money and goals management tool called Relay. This tracks all of your spending in one centralized place, including your credit cards. It provides credit score monitoring, spending breakdowns, financial insights, and goal-setting options. Relay makes it easy to keep an eye on the big picture without much effort. SoFi’s Goals alternative, Vaults, is decent as well. You’ll auto-invest on a monthly basis into your Vaults, and it can also take rounded-up change from each transaction you make.
The biggest downsides to SoFi are that its Vaults aren’t nearly as customizable as Simple’s and it’s missing Simple’s specific Expense categories (think: Rent/Mortgage, Groceries, Phone) and, thus, any sort of automated funding for them. And while there’s no option for creating custom transaction notes, you can add a tag to each charge for at least a little bit of organization. There doesn’t seem to be any support currently for incoming wire transfers, instant account-to-account transfers, or CSV/JSON exporting either.
Buckets, Investments, and Benefits: Ally
Ally(Free, with no minimums or maintenance fees) is another stellar option. It’s got great interest rates, a well-established name (it was the first online bank, after all), and it has many of the benefits offered by traditional banks, like wire transfers. It’s a great option for everyday banking needs as well as investing, with options for an Online Savings Account with a 0.50% APY on all balance tiers. You can deposit checks, search your transaction history, check your balances, and transfer money between Ally Bank accounts and those at other banks. The service also makes it easy to pay bills and see your upcoming scheduled payments.
From the app or web portal, you can set up and manage preferences for your Ally debit card and control how, when, and where your card is used. You’ll also be able to manage CD interest disbursement and maturity options. With an online savings account, you’ll have up to 10 customizable Buckets at your disposal for organizing your money, plus you can set up boosters to automate and maximize your savings.
With Ally, you’ll also have plenty of investing features at your fingertips, both managed and self-directed. Ally doesn’t charge advisory or commission fees and it offers a Goal Tracker to, well, track your account. It also provides automated portfolio strategies, advanced charting tools, streaming quotes, and the latest market news, all of which are available from the app so you can manage your money even on the go. Ally supports Google Pay, Apple Pay, Venmo, and Zelleas well, making it easy to transfer money however you want.
Ally is pretty robust and well-rounded, but it does have a few shortcomings worth mentioning. It doesn’t seem to have dedicated expense categories or goals. And while it can round up your transactions to the nearest dollar and allow you to set up a recurring transfer to your savings account, there aren’t any other automated expense funding options. This is a major bummer for those who depend on these.
Share Money Easily: One Finance
One Finance(Free, with no minimums or maintenance fees) has a focus on financial wellness. It makes it easy for you to organize and share money through Pockets and doesn’t bother you with fees or minimums. It offers both checking and savings accounts (with an impressive 1-3% interest rate for the latter). You can sign up for an individual account, but it doesn’t technically offer joint accounts; rather, it offers Shared Pockets, which allow you to share money without the fuss of additional accounts or cards.
Pockets are where your money lives at One Finance, and they’re the closest alternative out there to Simple’s Expenses. There is no limit on how many Pockets you can make or what you can name them, which is handy. You will have to assign your card to a specific Pocket before using your debit card before use, which might get annoying, but the feature is nice indeed. The bank has stated on Twitter that it is currently working on something a little simpler than Pockets and more akin to Simple’s Goals, however.
One Finance allows you to round-up your purchases to the Auto-Save Pocket (and earn 3% APY). You can also earn 3% APY on up to 10% of your direct deposit (up to $1,000 per month) in addition to the 1% APY you get with a Save Pocket.
One Finance also makes a credit line available to you, should you need it. No interest is charged if you repay it within the month you borrow; otherwise, you will have to pay 1% per month (12% APR) if your balance carries over to another month. It also lets you access money from your paycheck earlier if you set up direct deposit. One Finance is integrated with Venmo, Apple Pay, and Google Pay as well, in case you need additional ways to send money.
The main downsides to One Finance are that it’s missing features like checks, two-factor authentication, and automatic Goal and Expense funding and spending. Overall, though, One Finance is a great choice for those with tons of shared expenses with friends, roommates, and family members, and it looks like even more features will soon be available if you can wait.
High-Interest Rates and No-Fee Checking: Varo
Varo(Free, with no minimums or maintenance fees) is an all-digital online bank offering no-fee checking and savings accounts, along with a huge ATM network. It even lets you receive your paycheck up to two days early using direct deposit. Varo does not charge fees for monthly account maintenance, replacement Visa debit cards (via USPS), foreign transactions, in-network ATM withdrawals, ACH bank transfers, over-the-counter cash withdrawals, or Varo Bank account-to-account transfers.
It’s also a good option if you’re looking for a high interest rate on a savings account. It offers anywhere from 0.40% up to 2.80% APY, which makes it easier to earn more money while you save, and it doesn’t require a minimum balance to open or maintain an account. You’ll start earning 0.40% APY, then work your way up to the 2.80% rate if you meet the following requirements: keeping a daily savings balance of $10,000 or less, making at least five Varo debit purchases each month, and receiving total direct deposits of $1,000 or more each month.
Varo’s ATM network includes more than 55,000 AllPoint ATMs across the world, and if you use one of those, you’ll never have to pay an ATM fee from Varo (though there is a charge for out-of-network withdrawals). It also waives overdraft fees up to $50 on any transaction and supports both Google Pay and Samsung Pay.
Varo seems like a good option for teens and college students, or those creating their first account. However, it lacks many of the more advanced features found in more robust options, such as joint accounts, dedicated goals and expense options, account-to-account transfers, transaction notes and notifications, easy-to-understand insights and graphs, and any sort of budgeting tools. You’ll definitely want to download a separate budgeting app in addition to this one to keep everything organized.
For Budgeting Tools
Beyond its online banking capabilities, the other outstanding part of Simple was its myriad budgeting tools. Because not every online banking service offers these, it might be beneficial to download one of these apps in addition to the new online banking app you choose so that you can stay on top of your bills and monthly budgeting goals. We have included the four best budgeting apps below.
For Budgeting and Credit Monitoring: Mint
Mint(Free) is one of the most well-known apps for budgeting. It centralizes all of your accounts into one place, allowing you to see the complete picture, plus it offers easy-to-understand tools so you can create and stick to your budget. The app even offers credit monitoring and bill tracking so you can keep an eye not just on your historical finances, but your future ones as well.
With Mint, you’ll always know exactly how much money you have available to spend across your cash, credit cards, and investments. You can also track your spending across different months, categories, and merchants. This makes it easy to see how much money you typically spend on things like groceries, rent, loans, transportation, and it allows you to create specific budgets for each category and allot money to them.
Mint sends you alerts for a variety of things, like when it spots suspicious transactions or when you go over your budget. This makes it easier for you to stay on top of issues before they become a serious problem. Each of your budgets are color-coded as well, so you can easily see how your spending breaks down per category at a glance. Mint is a powerful tool that helps you learn how to budget and think about your finances proactively.
For Zero-Based Budgeting: You Need a Budget
If you practice zero-based budgeting, where you account for every dollar of your income, you should check out You Need a Budget ($11.99 per month, or $84 a year). The service has four rules to its system: Give every dollar a job, embrace your true expenses, roll with the punches, and age your money. The rules are designed to help you take control of your finances, stay on top of them, and stop stressing.
You Need a Budget—or YNAB, as it’s commonly called—allows you to connect all of your accounts and import your transactions for a centralized look at your finances. It is designed to help you sto living paycheck to paycheck, get out of debt, and start saving money. YNAB makes it easy to set goals and track them, and with the help of its insightful reports, real-time updates, free online workshops, and financial advice, you’ll actually be able to.
For Budgeting with Your Partner: Honeydue
If you and your partner are looking for a way to manage all of your money together, definitely give Honeydue(Free) a look. The app shows the finances from both people in one centralized place. It shows both individual and joint financesand makes it easy to view bills and share finances with minimal effort. Honeydue is a great app for couples who share finances but not necessarily bank accounts, and it makes it easy to facilitate discussions about money.
It does offer a joint banking option as well, but it’s not nearly as robust as the options we included above in our Online Banking section. There are no monthly fees or minimums, and it allows you to withdraw cash from its large ATM network. You’ll receive instant notifications for purchases, and see real-time balances and budgets for each partner. There’s even an automatic bill-pay option coming soon. But, it lacks expense categories and goals, along with many other features.
Honeydue’s budgeting tools give you control over what you share with your partner and allows you both to set monthly household spending limits for categories. And to keep things organized, you can use the default categories or create customized ones as you need. Honeydue sends you helpful alerts when a bill is due or whenever you’re nearing a limit in a spending category. It also makes it easy to divvy up expenses and use emoji reactions on your partner’s spending habits.
For Envelop Budgeting: Goodbudget
Goodbudget(Free, with a paid option) is a great alternative for anyone who practices envelope budgeting, where you divvy out your income into specific categories, such as Groceries or Debt Repayment. The service allows for multiple accounts and devices as well, making it great for partners and family members and it ensures you’ll never be caught off guard by another expense.
The service automatically syncs between mobile devices and the desktop web portal, and it doesn’t even require you to sync bank accounts, though you can manually add account balances. It helps you create a customized budget and stick to it while simultaneously saving up for big expenses and paying down debt. Goodbudget has a variety of budgeting goals you can work towards, from your everyday expenditures down to planning a wedding or buying a house. The website is also full of financial advice including podcasts and a Budget Bootcamp.
The free version of the app gives you 20 envelopes, one account on two devices, debt tracking, one year of history, and support via the Goodbudget community. There’s also the Plus version you can upgrade to, which costs $7 per month (or $60 annually). The paid plan gives you unlimited envelopes and accounts for up to five devices, as well as debt tracking, seven years of transaction history, and dedicated customer support via email.
One Final Note
Hopefully, you found some alternatives that feel like they’ll be a good replacement for Simple! Meanwhile, Simple’s parent bank, BBVA USA, has assured users that “there is no immediate impact to your account at Simple and nothing you need to do at this time,” and that you can still keep using the app for now.
BBVA also stated that it will be migrating customers to the BBVA USA app, which promises “a much broader suite of products and services, alongside the bank’s award-winning mobile app, which includes BBVA Financial Tools.” The bank will release more information about the transition as it becomes available. It’s entirely possible that we’ll end up with a service that’s just as robust and user-friendly as Simple is now, which is a good thing since BBVA is struggling making transitions and continued usage difficult for current customers, offering all manner of error messages and red warning banners on its site.
Of course, with Simple closing, it’s possible that new services will pop up to fill the void and that one of them will be better than the alternatives we’ve listed here. For example, Google is launching a new service—Google Plex—sometime this year that will integrate online checking and savings accounts into Google Pay. But for now, hopefully one (or two) of these Simple alternatives will work for you.
What is the best replacement bank for simple? ›
There are many other online banks and fintechs like Simple! These include Juno, Revolut, Wise, and others. We particularly recommend Juno, which gives you a checking account, debit card, good APY, and plenty of other goodies, making it a great Simple alternative.What bank has best budgeting tools? ›
- Bank accounts with savings features.
- Alliant Credit Union.
- Capital One 360.
- Connexus Credit Union.
Online banks, neobanks, and cash management accounts are all great alternatives to traditional banks. They offer a lot of the same checking features. Plus, your money is protected. If you prefer having physical locations, your local credit union is another great option.What happened to simple online banking? ›
You won't lose your account status or assets since Simple is owned by BBVA USA, the FDIC-insured bank that acquired Simple in 2018. For now, Simple account holders will go on using the app as usual and, later this year, BBVA USA will convert Simple accounts to BBVA accounts.What is simple bank called now? ›
In February 2020, Simple announced that its automated, round up savings feature had saved customers 1.2 million dollars in less than 4 months since the feature was introduced. On May 8, 2021, Simple was formally closed, and remaining accounts began to be transitioned to BBVA checking and savings accounts.Is Chime similar to simple? ›
Chime and Simple's checking account offerings are the centerpieces of their services. They both provide a debit card, and their fee-free ATM networks are comparable at around 55,000 ATMs each. Simple subscribes to the Allpoint® ATM network and Chime is a partner of the MoneyPass® and Visa Plus Alliance ATM networks.What is the easiest budgeting tool? ›
- Best free spreadsheet for anyone: Google Sheets.
- Best overall free smartphone app: Mint.
- Best free smartphone app for beginners: Goodbudget.
- Best free smartphone app for investors: Personal Capital.
- Best free desktop software for small business owners: GnuCash.
The 50/30/20 budgeting method is straightforward and requires less work than the zero-based and envelope budgets. The idea is to break down your expenses into three categories: Necessary expenses (50%) Discretionary expenses (30%)
Mint – Which Budgeting App Should You Choose? If you just need a budgeting app to help you monitor your spending and to stay on track, Mint is better than Truebill. The free version of the app has everything you need, including budget category customization which the free version of Truebill lacks.What is better than a bank account? ›
Alternatives to traditional savings accounts include certificates of deposit (CDs), money market accounts, high-yield checking accounts, Treasury bonds, and online savings accounts.
What is the best online bank? ›
Best Overall Ally Bank
Ally Bank wins the overall category for best online banks because of its generous rates, low fees, and user-friendly budgeting features. This bank also offers a wide array of products, from checking and savings to investing and loans.
Some reasons a person might not have a bank account include: Lack of access via a nearby bank branch or mobile phone. Minimum balance fees. Distrust of the banking system, typically due to lack of transparency regarding fees and deposit timing.Why is Simple closing? ›
BBVA said in a statement Thursday that it was closing Simple as part of the PNC acquisition, as it was “accelerating some changes and stopping work on others.” Once that acquisition closes, the former Simple customers will become PNC customers, the company said.Who has the easiest online banking? ›
On top of a host of banking features like early direct deposit, free ATM withdrawals or an interest-earning savings account, you can open junior accounts and even trade cryptocurrencies and stocks.
It offered unique features to manage money that most major banks would take years to emulate. Unfortunately, on May 8, Simple will be closing for good. Customers will be migrated to a BBVA account, but for those who want to maintain the kind of experience they've had for years, there are a few options.Why was Simple Bank closed? ›
The company struggled to compete as larger banks adopted many of the convenient online banking features Simple helped pioneer. The Portland company faltered as it tried to resolve a central tension over whether it was foremost a bank or a tech company.What is the Penny bank? ›
Piggy bank (sometimes penny bank or money box) is the traditional name of a coin container normally used by children. The piggy bank is known to collectors as a "still bank" as opposed to the "mechanical banks" popular in the early 20th century. These items are also often used by companies for promotional purposes.What is the downside to Chime? ›
Monthly fees. Maintenance fees. Direct deposit fees. Overdraft fees (with SpotMe)
Best Overall: Ally Bank
This online bank has low fees and an excellent high-yield savings account that pays more than Chime. It also offers a competitive money market account. And unlike Chime, its checking account pays up to 0.25% interest. We also like Ally over Chime® if you want more investing features.
What is it: Chime is not a budgeting app, but it has many tools to help you keep a budget. Chime is an award-winning mobile banking app designed to help you stay on top of your money and step up your savings game.
What is the best budget planner for beginners? ›
- Bill Organizer Budget Planner Book - Monthly Budget and Expense Tracker, $19.99 at Walmart. ...
- Weekly Budget Planner: A Year-Long Undated Spending Tracker, $5.99 at Barnes & Noble. ...
- Budget Planner, $35 at Etsy. ...
- Undated Hello Savings Classic Budget Happy Planner, $23.99 at The Happy Planner.
Is Mint a safe app? Yes, Intuit, Mint's parent company, employs the latest security and technology measures to keep its customers' personal and financial information safe. Security measures include software and hardware encryption and multi-factor authentication.What is the best budget app without linking bank account? ›
Fudget. Fudget is a budget-friendly option for those who want a simple, no-frills budgeting app. You can download the full version for a one-time payment of only $3.99. Note that you can't link your bank account to Fudget, so you'll have to manually enter all expenses, bills and payments.What can I do instead of budgeting? ›
So if you hate the idea of creating a budget, don't. Instead, you can make a spending plan. What's the difference between a spending plan and a budget? Well, a spending plan allows you to choose what you must spend money on each month, and then gives you the freedom to do whatever you want with the rest.Is Simplifi better than Mint? ›
In this area, Simplifi is superior to Mint, our Editors' Choice winner for free personal finance apps. Granted, Mint has more features, so there's more information to tuck away. However, Simplifi is designed to minimize the time needed to get answers to financial questions.Is there a better site than mint? ›
1. Personal Capital (Empower)–Best Overall Alternative to Mint.com. Personal Capital (Empower) can easily replace Mint. Like Mint it's free, and it offers far more tools to keep track of your finances and analyze your investments.How much does Truebill cost a month? ›
However, the $3 and $4 per month options are only available if you pay annually. Truebill also charges for bill negotiation services. You only pay if the negotiation is successful, but the company takes 40% of the savings it negotiates for you.
A checking account is the most basic and useful type of bank account. It is designed to have an unlimited number of deposits and withdrawals (though each one may be subject to fees), and does not allow for interest to be paid on any residual balance in it.Where is the best place to keep your money? ›
- Savings accounts are a safe place to keep your money because all deposits made by consumers are guaranteed by the FDIC for bank accounts or the NCUA for credit union accounts.
- Deposit insurance for savings accounts covers $250,000 per depositor, per institution, and per account ownership category.
Where to safely keep cash at home. Just like any other piece of paper, cash can get lost, wet or burned. Consider buying a fireproof and waterproof safe for your home. It's also useful for storing other valuables in your home such as jewelry and important personal documents.
Which online bank is the safest? ›
- JPMorgan Chase.
- U.S. Bank.
- PNC Bank.
- Wells Fargo.
- Capital One.
- M&T Bank Corporation.
Bottom line. An online bank is a great option for consumers looking to earn a competitive yield and be charged fewer monthly fees. Federally backed online bank accounts are safe to use and are insured just the same as brick-and-mortar banks.How do I choose an online bank? ›
- FDIC Insurance. ...
- Lots of Fee-Free ATMs. ...
- High-Yield Savings Accounts. ...
- Multiple Banking Products. ...
- Helpful Financial Management Tools. ...
- Investment Help.
One commonly cited data point comes from the Federal Reserve Survey of Consumer Finances, which finds that Americans hold an average balance of $42,000 in transaction accounts. This average is skewed by people holding high balances, so it might be better to look at the survey's median balance figure, which is $5,300.How much money does the average American have in their bank account? ›
How much does the average household have in savings? While the median bank account balance is $5,300, according to the latest SCF data, the average — or mean — balance is actually much higher, at $41,600.What is the biggest threat to banks? ›
Social engineering. One of the biggest threats to banking and finance is social engineering. People are often the most vulnerable link in the security chain – they can be tricked into giving over sensitive details and credentials. This can equally affect a bank's employees or its customers.Who bought Simple? ›
Even though Simple ultimately ended up getting acquired by one of those incumbents — BBVA, headquartered in Spain, is one of the largest banks in the world — it was run largely independently of its owner, as part of BBVA's attempt to bring on more modern services to attract a younger class of users.Can I still use my Simple debit card? ›
Those deposits are FDIC-insured. In the future, your Simple account will become a BBVA account, and eventually a PNC account once the acquisition is complete. You can continue to use your Simple Visa debit card.Which banks offer basic bank accounts? ›
We've our top picks below in this guide, but this is the full list of banks that are required to offer basic accounts:
- Bank of Scotland.
- Co-operative Bank.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.
What bank can you open online without deposit? ›
- Ally Bank. Ally Bank is a high-interest option with unique online integrations such as mobile check deposits, money transfers by voice, and automated savings programs. ...
- Axos Bank. ...
- Capital One. ...
- Discover. ...
- Monorail. ...
- State Farm. ...
Yes, you can open a bank account completely online, without ever going into a bank branch. With a completely online bank or account, you can also do all your account management online.What is simple bank now called? ›
Simple was an American neobank based in Portland, Oregon. It is recognized as the first neobank. The company provided FDIC-insured checking accounts to US citizens, but not to Permanent Residents, through a partnership with The Bancorp Bank before transitioning over to BBVA USA in 2016.What did Simple Bank switch to? ›
Simple's relationship with BBVA USA means you don't have to do anything unless you want to. Your Simple account and card will continue to work for a while. As mentioned, these accounts will eventually be serviced by BBVA USA. Online access will switch from Simple to BBVA USA, and so will mobile access.Did PNC become simple bank? ›
The future of Simple was brought into question with the acquisition of its parent company. In November, BBVA sold its U.S. operations to Pittsburgh-based PNC Bank.Which banks do not use ChexSystems? ›
- US Bank.
- Varo Bank.
- Wells Fargo.
- Navy Federal Credit Union.
- Renasant Bank.
- United Bank.
It offered unique features to manage money that most major banks would take years to emulate. Unfortunately, on May 8, Simple will be closing for good. Customers will be migrated to a BBVA account, but for those who want to maintain the kind of experience they've had for years, there are a few options.How Simple is it to switch banks? ›
Most banks make it easy to open a checking or savings account online or in person. You'll typically need to supply basic personal information and documents, such as your name, address, a government-issued photo ID and Social Security number. If the bank requires it, you'll need to transfer funds into your new account.What is the easiest bank to open online? ›
- Easiest account to open — Revolut.
- 2nd-easiest account to open — Chime.
- 3rd-easiest account to open — Capital One.
- 4th-easiest account to open — Current.
- 5th-easiest account to open — Wise.
- 6th-easiest account to open — Majority.
- FAQ about online banking.
Chime. Chime®* is an online bank that offers second chance banking to customers who've been denied accounts elsewhere. The bank doesn't use credit checks or ChexSystem reports to approve applications. Chime accounts carry no monthly fees, no overdraft fees and no minimum balance requirements.
How do you beat ChexSystems? ›
- Request your report. ...
- Dispute errors. ...
- Pay off debts. ...
- Ask creditors to update information. ...
- Wait until the record drops out of the database.
- Chime® Account. 4.8 /5.0 Stars. APPLY NOW » ...
- Current. 4.8 /5.0 Stars. APPLY NOW » ...
- GO2bank. 4.8 /5.0 Stars. APPLY NOW » ...
- Flare Account. 4.7 /5.0 Stars. APPLY NOW » ...
- Oxygen. 4.3 /5.0 Stars. APPLY NOW »
FICO ® Scores are the most widely used credit scores—90% of top lenders use FICO ® Scores. Every year, lenders access billions of FICO ® Scores to help them understand people's credit risk and make better–informed lending decisions.What is the easiest loan to get approved for online? ›
The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.Why is Simple going out of business? ›
It was purchased by BBVA in 2014. BBVA said in January that it would be shutting down Simple later in 2021. The decision came from the company “reassessing its goals” as part of a planned sale to PNC Bank, which reached an agreement to acquire BBVA's US operations in November 2020.Why was Simple shut down? ›
BBVA said in a statement Thursday that it was closing Simple as part of the PNC acquisition, as it was “accelerating some changes and stopping work on others.” Once that acquisition closes, the former Simple customers will become PNC customers, the company said.Do you lose credit if you switch banks? ›
Most of the time, changing banks won't affect your credit score. Which is a good thing, because during your banking life, you might consider a switch if you're looking for a better rate on savings or want to pay fewer fees. The facts are, opening new accounts generally doesn't trigger a hard check of your credit.Does switching banks affect credit score? ›
Will switching bank accounts impact my credit rating? Switching bank accounts can affect your credit score because as lenders like to see evidence of financial stability, but the impact is usually minimal. If you're about to apply for a mortgage or a significant loan, it may be better to defer moving your bank account.How complicated is it to switch banks? ›
How easy is it to switch bank accounts? Switching bank accounts is easy, but it does take several steps and requires coordinating your new and old accounts with all of your incoming and outgoing money. If you miss any steps in the process, you could overdraw one of your accounts or bounce a transaction.