How Can I Sign Ohio Banking Word

Industry sign banking arkansas word simple

so what's the deal with simple bank in this video I'm gonna give you my honest thoughts on it and tell you whether or not you should get simple bank hey everyone my name is Kevin I make personal finance videos like this all the time so if you like that sort of thing be sure to check out my other videos and if this video helped you out I'd really appreciate you giving it a like now let's jump right into it so what is simple bank well simply put simple bank is a subsidiary of an fdic-insured Bank and it's online only you can get a debit card with it sign up online and it offers a good interest rate and no fees on the account and really interesting budgeting tools which really separates this account from other accounts online I'll first break down what I think about the core features of the checking account and then give you my thoughts on the rest of it including the budgeting tools which I really think is a selling point of this account first off there are no standard account fees on a simple bank account this is fantastic news especially when you compare it to other banks out there such as Bank of America Chase Bank Wells Fargo and Citibank which charge you a monthly account maintenance fee on your checking account unless you meet certain criteria in addition there are no account minimums on this account and there are no ATM fees on this account too when you use any other ATMs in their network that's all point network which is thousands of thousands of ATMs across the country including those you could find in Walmart and Walgreens I would note however that they do charge $5 if you want a book of checks which I find to be a little bit annoying because it is a checking account you would think it would include checks like so fine money does by example but it doesn't so I wouldn't note that if you are a check user secondly the simple bank account allows you to earn interest up to two point one five percent interest rate however there are a few restrictions but if you compare this interest rate to all other bank accounts online it's going to stand among the best especially when you compare it to other checking accounts which a lot of times can give you 0% interest or near 0% interest such as those from Bank of America and Chase now in order to get the high interest rate of two point one five percent you must put your money in a separate account within this simple platform call it you're protected goals account it's a little confusing but I'll explain what I mean a little bit later it has to do especially with their budgeting and savings tools additionally you must have more than ten thousand dollars in the protected goals account in order to get that high to your interest rate however with that being said if you don't have ten dollars if you have ten dollars for example you could still get a phenomenal interest rate of two point zero two percent on your protective goals account balances if it sits within that account balance now those interest rates are as of the date of this video and they can definitely change over time as interest rates and banking accounts have done in the recent past having to do with the Federal Reserve and what they do but as of today as it compares to other bank accounts it's a terrific interest rate on any of those account analysis in your protected goals account with all that being said if you do not move your money from the simple checking account into the protected goals account then you will be subject to the very very paltry interest rate of 0.01% this is terrible and in line with those brick-and-mortar banks out there and not very good but because the simple checking account and the protected goals accounts are both checking accounts and they do not have any restrictions on transfers between the two you could do them instantaneously and you can do them as many times you want per month you can instantly transfer any account knowledge you have in the regular checking account into your protected goals account in order to get that high interest rate so with all that being said its overall a very very good account to have so you may be asking yourself why is there this differentiation between the simple checking account and the protected goals account why can it all just be one account one simple account like other banks out there like so fun money well the reason why it has to be broken up this way is because of their unique budgeting tools that they have within their platform some of which I think are actually very useful for a lot of people out there trying to budget and save money with these so let me start with some of the key budgeting features of this simple bank account well the first one I already kind of went over it's you're protected goals account so why do they have the protected goals account well oftentimes you're gonna be in a scenario where you're going to be saving for a long-term goal or you want to have an emergency fund something I highly recommend you doing if you want a little more information on that check out some of my other personal finance videos this protected goals account can actually serve to help you earn a lot of interest on a long-term goal for example if you're saving for a wedding where you're saving for a down payment on a house or a new car you can put the money in Ear market and specifically tag within this simple bank account to label it as a protected goal a long-term goal that you're going to have this may seem like a little feature but just simply labeling accounts as protected can give you a mindset of being able to leave that money alone and save it for a rainy day these little features I find to be actually really cool the second feature I think is especially interesting it's called safe to spend and what it means is every time you get paid your bank account is gonna know what bills you have upcoming and you were either gonna manually enter them or it's gonna recognize it with the different analytics and it's gonna tell you okay you have X amount of rent every month a car payment of $200 insurance of $50 etc and it's going to deduct all of that from your paycheck and Ear market and then whatever's left over is safe to spend this is a really easy way to on-the-fly tell what you have coming up as an expense in the future versus what you have actually able to save to spend on different things that you want to go spend on this is very similar to the envelope method of saving and budgeting that Dave Ramsey talks about a lot of times and this is very effective for people who don't really like the budget don't like to think about money too much and want to just be able to say I want to put things in autopilot and spend what I'm allowed to spend it's basically a digital envelope version of that and if you have your safe to spend integrated fully you're gonna find a lot of use out of it another awesome feature of this account is the shared account access so you can have so you can actually create a separate account once you have a simple bank account with another person who has a simple bank account and create a third account where you each share in that account now why could that be useful well for example if you have roommates and you have to pay utility bills every single month but you don't obviously want to share your general checking account with them you just want to create a house fund for them then you can do that if they have a simple checking account as well and if you're also married or you have a significant other if you're living with somebody and you want to share some but not all of your finances this shared account feature can be really really special something I haven't seen other bank accounts offer with ease and that actually interesting thing about this is you can actually set up a protected goal with someone else you have a shared account with so you can actually earn that highest interest rate with another person if you're saved for example for a wedding with your significant other and you want to be able to pool some but not all of your money this is a really interesting account feature and I really like it some other unique budgeting features of this simple account include the fact that you can actually turn on a feature that's very similar to acorns round up meaning every time you use for a simple debit card on a transaction you can elect to round up your transaction to the nearest dollar and then automatically sweep that money into a protected goal account this is very useful it automates your spending and if you go out and buy a coffee for four dollars and fifteen cents it'll round up to five dollars and sweep at eighty five cents into your protected gold count there's a lot of other little features to this account as well a lot of analytics so you can see to where your money is actually going you can actually take pictures of your transactions tag them so you can actually see we spent money on all of this gives you a pretty good handle on it however I don't really think that's too practical I don't think a lot of people are going to be using that they might use it initially but gonna get lost in in in the swing of things so the initial features of the highlight that I think are the most useful there's a lot of other little features to this account but by and large the budgeting savings tools can be pretty helpful so what are some of the downsides to this simple bank account well as I said before there's obviously that 0.01% interest if you leave your money in the basic simple account but that can be mitigated as we talked about by moving it into your protected goals account what I think is the biggest downside is actually if you use your debit card for your primary spend you're not going to get the rewards you otherwise could get if you use a credit card credit card it's gonna be a great way to save yourself tons of money and actually earn you tons of money on cash and travel I haven't paid for airfare or hotel in over four years simply because I use my credit cards as my primary spending vehicle I never ever ever spend money on my debit card and the reason is because I don't get any rewards if you don't know much about credit cards and you're new to the game I recommend checking out some of my other videos I have a few credit cards that I recommend for those beginning for example the discover at credit card this is a great card has no annual fee and you can earn 5% cash back on real categories that you'd spend money on such as Target Walmart in Amazon for this quarter I recommend checking out some of those videos if you want some ideas of what credit card yeah secondly you can't deposit cash into this account now this is not unusual for an online-only a bank account but I would say there are bank accounts out there which are primarily online have a similar interest rate and allow you to book deposit cash with some restrictions and in some locations for example Capital One 360 is a bank account that I just reviewed and I recommend checking out that video if you want to have a bank account where you can actually deposit cash on and it's online primarily now this simple bank account doesn't allow you to deposit cash so if your person who gets paid in cash where has a lot of cash in hand it may not be right for you you can withdraw money from an ATM in their network for free but you can't deposit money into any of those ATMs so what do I think about this account well overall I think it's much better than the vast majority of accounts that people have out there I like that it's free I like that there's a high interest rate on at least a portion of the money in the account and I like some of the budgeting and saving tools but those can be found in a platform like mint which I use all the time which is free to use and it actually aggregates your spending and budgeting for all of your different accounts not just the ones within simple it'll take all of your different accounts your credit cards your mortgage or student loans any payments you have and categorize all of them so you could actually see how much money you're spending in different categories I'll put a link in the description I mean it's really well-known but I found out about it fuze ago and it's really helped me out a tremendous amount I also don't really like the complexity of this simple bank account it's kind of ironic that it's called simple but to me it actually took a while to understand all the features of this account I prefer simplicity in my life I prefer to have just one or two different accounts that I use me personally I have so fie money which I've recommended before and that's actually a checking and a savings account combined into one with a good interest rate and I have my emergency fund held elsewhere at wealthfront and I use my credit cards primarily through Chase Bank I like to keep things pretty simple I like to get the highest rewards I can on my spending but I don't want to have a bunch of different accounts and I'm not gonna use the features on simple bank account because I am gonna be using my credit cards on my normal spend so what do you think of the simple bank account let me know in the comments below it's an account that I think stands out because of the budgeting to savings tools but not enough so for me to get it now let me know what you think in the comments below I really want to know be sure to subscribe to the channel and like the video if it helped you out I really appreciate if you did I'll see you next time thanks