Bonus updated. Simple is one of many fintech startups adding fancy tech and smartphone app sprinkles to your vanilla checking account. They were acquired by the big European-based bank BBVA in 2014. It looks like they are trying the direct route of customer acquisition (and my favorite of course) – paying you a cash bonus!

Simple has updated $250 and $500 bonuses for new accounts. They had a similar bonus in July, but it is now structured in a more straightforward manner.

$250 Bonus Details ($10,000+)

  • Open a new Simple Account by 10/31/2019 4:59 PM PT.
  • Deposit(s) totaling $10,000 or more must post to the new Account by 11/15/2019 4:59 PM PT.
  • Maintain a balance of at least $10,000 through 1/31/2020 4:59 PM PT.
  • The combined balance between your Simple Account and Protected Goals Account counts towards this bonus. The Protected Goals account pays 2.15% APY while the primary checking only pays 0.01% APY, so I would recommend opening one of those as well. Note that balances in *Shared* Accounts and *Shared* Protected Goals Accounts do not toward this bonus. Qualifying customers will receive the bonus credit to their Simple Account by 2/14/2020 4:59 PM PT.

$200 Bonus Details ($20,000+)

  • Open a new Simple Account by 10/31/2019 4:59 PM PT.
  • Deposit(s) totaling $20,000 or more must post to the new Account by 11/15/2019 4:59 PM PT.
  • Maintain a balance of at least $20,000 through 1/31/2020 4:59 PM PT.
  • The combined balance between your Simple Account and Protected Goals Account counts towards this bonus. The Protected Goals account pays 2.15% APY while the primary checking only pays 0.01% APY, so I would recommend opening one of those as well. Note that balances in *Shared* Accounts and *Shared* Protected Goals Accounts do not toward this bonus. Qualifying customers will receive the bonus credit to their Simple Account by 2/14/2020 4:59 PM PT.

If there are two people with a lot of available cash in your household, you might have each person do the $500 individually. A couple could now earn $1,000 bonus + 2.15% APY (variable). No minimums, no monthly fees, FDIC-insured, see if you like the bells and whistles. Here is their full fee schedule.

Note that for some reason Simple limits ACH transfers to/from an external account to $5,000 cumulative during the first 30 days, when initiated on the Simple website. However, you can simply initiate a transfer from another bank (Ally Bank, Marcus, CIT, etc.) and there are no transfer limits.

Bottom line. Simple is offering a $250/$500 bonus on $10,000/$20,000 of new money. This works out to a 2.5% bonus after 90 days, which makes it roughly 10% APY annualized. The bonus is on top of the standard interest rate, currently 2.15% APY (as of 10/7/19). This is a good bonus in this current environment. Compare with this month’s roundup of best interest rates.

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Simple Bank Bonus: $500 Bonus + 2.15% APY for $20,000 New Deposit from My Money Blog.


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