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hi I'm Ross Blankenship the investing King I want to give you some inside access into the best tips to help you as an investor make some serious money listen up as I reveal some secrets just for you hey there this is Ross Blankenship the investing King and I want to tell you a little bit about a bank that I've used and give you some cautious words of advice before you use them because there's some information out there there's some marketing information out there that's not completely accurate and I wanted to particularly tell people as it was a tech company it was taken over it's a bank called simple which was purchased in the last two years and last year and a half before the date of this recording and simple puts it is basically a bank on the go it's a mobile bank that doesn't have any traditional branches where anybody can download the app and trade relatively inexpensively in a quick way but before you know sort of give you the full scoop I want to tell you there's three ways so three things I look at when I review an investing or a bank or anything that I review as an investing king the first is personal experience the second is usability and the third is cost or cost the investor or the consumer in terms of the personal experience I'd say my experience with simple was bad it was a terrible would be a better adjective it was terrible in the sense that the there's virtually no customer service there's very little people they're there to help you in terms of you know if you have any issues with the site i mean when i signed up for was simple i did it all online and i download the app and they sent me a visa card a debit card essentially two to three weeks after a little bit later than i expected it was a simple signup process I got the car and then I went online and found out that that I couldn't have more than one personally Council essentially it's it's a I discovered it was more just for like single people and I'm married and I've got you know people have got other people that could use the card or need to use the card so that was a pretty surprising thing and when I tried to reach out to simple through visa V their online customer sport chat there was very little customer support I mean it was like sending an email through a through their web app and then simple got back to me days later it's pretty terrible so that was my first experience it was pretty bad and I was disappointed in many many ways with simple there have been some people online saying that as a result of the acquisition the quality of service went down I'd have to say there was no quality service from the start but that's that's my perspective so other things to be aware of in terms of my own personal experience and what I encountered you know with with simple rather were things such as not knowing you know not knowing essentially where I can go if I needed help I mean I I sort of alluded that you know alluded to that briefly but you know I got this card and that was pretty much it didn't really know what to do next so it wasn't very clear and have a pretty terrible onboarding process I'm cute card but little substance essentially usability was good i mean you know the iOS app is simple no pun intended but it was easy to use but it really doesn't make up for a pretty weak customer service experience and a lack of onboarding for the users what cost is average and some people you know listen to this and simple might say well we charged it and we've got no fees we got rid of the fuse well I mean you didn't it didn't right i mean there are many many benefits to use them and they're well there's not many benefits there's one benefit which there are low fees is virtually zero zero dollars paid on a monthly ongoing basis but you know i'm an investing i'm investing they call me to invest in king i'll tell you your money of the time value the value of having your money sword in one place you know you know there's a cost benefit to that right so let's say which is what their fees are you might have sweet little Lee right think about this you might have point zero one percent interest gained on your money by having your money stored at simple okay point zero one percent um that is well below the market average even with interest rates being low so when I say average I'm talking about the fact is if you're investing and you're saving money or investing rate this is about saving money in their platform you still need to have a higher rate of return to park your cash and the waste simple makes money and they talked about it briefly on their website but they make money by partnering with a bank then charge you know gets a spread on the amount of money that's deposited and you know each day so they do it basically not to get too complex in the financial side of it but they make money a fee on the money you store and you're losing out on the potential upside by having your money stored in a really terribly low interest rate environment right so I mean even with the low interest rate you're still getting a subpar return on your investment so the bottom line is if you're saving money i would first and foremost encourage you to invest I mean whether it be through angel kings or any other Avenue invest your money don't let cash to sit there and not do you any good you have to pay to play you've gotta you know spend money to make money as they say and so be careful though if you do want to save cash and which I do recommend having cash on hand don't use simple if you will not get a return it's virtually nil and they charge fees by by using a spread a difference between what's stored and with one of their banking partners and so I think they need to be more clear about that right to to the average consumer um you know I gave I gave simple a c-plus okay my grading and scores are credibly you know rigorous so I'm not just doing these sort of on a whim I do a deep analysis and I want you you to benefit personally from that analysis but I think the first and foremost thing they need improve is make it impossible they make it impossible to work with families okay um you know if they're assume their market audience and sort of young Millennials who might not have kids or might not be married yet well they need to you know get up to the times and get up to speed in the sense that you know people have more than one person maybe you have a roommate you want to use your card you can't do that with this the visa card they provide okay it's impossible for me as a father as a you know married to someone who needs to use a card occasionally they can't use the the car it's worthless okay so make it accessible for families on the second thing is there's no accessibility to local branches right even though they say they've partnered up with 55,000 ATMs and you you know you don't get any fee for using your cart they're out is it's nice to be able to go into a branch and talk to somebody get advice on you know certain certain things right so the no local branches thing that's another a bank like ally bank there's some serious downsides to that right i mean with this proliferation of technology be it's you're too impersonal pneus the lack of being able to connect with somebody can end up costing a lot of money so beware of that there's no local branches as simple offers third thing is they're not up front about cost because my upfront the transparency that we have at Angel Kings ok we tell our investors exactly how much we take as a fee and how much money once we have a huge return on investment we are very clear about that everybody who's in the financial services industry needs to say here's how we make money it's not a zero fee process there's no way that that's possible and I think they're being quite dishonest about the fact that there are fees involved with using account and the biggest fee of all which I alluded to with the time value or they the fact you tore your money and a virtually zero interest return on your investment i mean you know if you're a millennial using simple and you're not investing in another platform maybe it's angel kings maybe it's some other way you can invest you're missing tremendous long-term upside right the present future value money now invested 20 years from now and if you do a compound a traitor turn verse a point one percent which they might offer it simple versus will say even SP five to ten percent on average over that times i mean we're talking the order of magnitude a hundred times what you'd make at the end of the road so bottom line i do not recommend using simple i give them a c-plus and I've been doing this a long time I wouldn't recommend it or will never recommend this to you on whether your millennial whether you're trying to save money or spend money whatever you're trying to do I just don't see the benefit and I see a lot of downsides by not having a personal ability the lack of customer service that simple offers and i'll tell you what i want to give you more inside information what you need to know as a consumer as an investor on our website angel kings.com backslash invest if you are an investor and you want to make some serious returns go to Angel Kings com backslash invest my name is Ross Blankenship better known as the investing king and I've got one other thing if you go to our site and input your email and you get on our exclusive list i'll send you a copier of the first chapter of my book called Kings over aces for free my name is Ross Blankenship I am signing off good luck and Godspeed now I want you to do something go to angel kings.com backslash invest where you can get the first chapter of my book for free secondly I want you to subscribe to the channel right here so you can continue to get the latest updates and investor tips to help you make some serious money I'm Ross blankenship the investing King signing off