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another online bank that gives you up to one percent apy on your money when everywhere else is giving you less than 0.05 so we've looked at several online banks here and today i want to talk about the simple online bank i first saw an ad on facebook with the simple bank app and then i started to wonder how good it was and how good were the features so i went online to do a little research and i read a couple bad reviews but then i decided to find out as much as i could myself to see if this banking app was really bad or those people were just having a bad day now if you know about the simple banking app and you've actually used it or you still use it drop me a comment down below and let me know how it has worked for you and what you like or what you dislike about it before we even go any further let me also know where you found out about this app because it has been around for a while now at least 10 years and i'm just hearing about it now before we get into the actual details about the simple online bank a very quick reminder here guys if you're new and you're seeing me for the very first time here my name is ian and here on this channel i talk about ways to make money save money invest money and anything that has to do with personal finance so with that said give this video a thumbs up i'll really appreciate it and also consider subscribing to this channel and turning on the notifications when you do so so you can see new content from me and i post videos here every single day on youtube so one of the reasons why many users are angry with simple online bank is because of the customer service customer service is one of those important things that's very very important especially if you're doing banking and you're managing people's money now simple bank falls short here there are online banks that offer 24 7 over the phone customer support which is really good right and then there are those that will offer you over the phone support during the days from let's say 8 am to 10 pm or something similar now most people are still usually okay with this however when you get to no support over the phone or no support at all then things can turn bad very quickly so simple does offer over the phone customer support but it's only during the days from 7 00 a.m to 5 p.m depending on what time zone you're in and that's good but they fall short on sundays where they have no over the phone support now holidays are the same thing you won't be able to call and get them the only other option is to send them a chat and they'll respond within one business day so now i can understand why some people would be very angry because if something happens on a sunday you don't want to have to send an email and then wait a day to get a response and most if not all other online banks now offer over the phone support every day so right here simple bank fall short and i'm not surprised that many of its clients are angry because of this now what's even worse is that they used to have 24 7 customer support over the phone so this isn't a case where you sign up for the account knowing that you won't have the support people could have signed up for their accounts and then afterwards realized that the 24 7 or 24 hour support is no longer available which in turn creates a lot of bad reviews the simple online bank does have good features though for one it's free there are no account maintenance fees no fees for debit cards and the only fee they charge is for checks and that's if you need them with the account you can transfer up to two thousand dollars per day to other simple bank account members if you want to use your debit card and make a purchase your limit is six thousand dollars per day if you want to use the atm machine and withdraw cash then it's only five thousand dollars per day which is the norm now now with the account you can set up direct deposit and do hch transfers but you cannot initiate a wire transfer as for adding funds to the account you can direct deposit and do hch transfers and also deposit checks by just snapping a photo of them from your phone so let's now look at the interest their high yield checking account as of right now when making this video yields you 0.01 in interest and there is no limit here unlike other online banks where it's high interest for the first two thousand dollars and then nothing afterwards your entire balance in this account will earn you 0.01 apy now initially i mentioned one percent and if you go to the simple online bank website that's what they have on the front page one percent in interest but if you click on the fee schedule then you'll see it's actually 0.01 right before the disclaimer that says they have the right to change the interest rate at any time without notice now when other online banks change their rates although they can do so without notice most of them or all that eye views will update their website to reflect the current offer and some like soul fi money will even email you a week before and tell you that they will be lowering their rates on the account starting on a specific date again i feel like this is a little misleading because if i went to the website and clicked on sign up i would have only seen one percent apy and wouldn't have realized that it's actually 0.01 until after i open the account however there is still a way to get the one percent and that's if you open what they call a savings goal within your checking account and if you deposit at least 2 000 or more into that savings goal then you'll start to earn one percent on your money if you don't do that then you will only receive 0.01 percent your funds will be fdic insured though up to the maximum limit which is 250 000 now when it comes down to atms there are also no fees if you use in-network atms and simple online bank uses the all point atm network so these atms should be available everywhere as all point has about 50 000 atms all over so the best part of this bank or the account that they offer is really the feeless part the accounts are fearless and this is even if you travel overseas and use the debit card there will however be a currency conversion fee and visa also charges a one percent transaction fee however simple doesn't add anything to that for everything else that you could think about including closing the account they charge no fees in addition to this simple online bank also offers budgeting tools where you can plan and save and spend and track everything so you can set savings goals and put money towards them and you also get to see and track what you're spending your money on whether it's food or entertainment or traveling costs and this helps you to rearrange your finances around the things you want to spend more money on now after hearing all this drop me a comment or reply to your comment and let me know if you're still able to or if you still will use the simple banking app this year now in my opinion i wouldn't and i know a fearless account is good and everything is free and they have the atms and you can get your paycheck here and save money and you'll even get one percent in interest which is a big deal right now but as always i have to tell you guys when there are better options available so right now all the features that simple online bank has to offer you you can actually get them and more from other online banks sofi money does everything they do which includes reimbursing some atm fees if you do get charged discover does the same things they do and even gives you free checks and has 24 7 customer support over the phone vera does it t-mobile money does it and even offers you up to four percent in interest on your money so you have many other options the real deal breaker here though is the customer service the fact that they had 24 7s over the phone customer support at one time and then they decided to cancel it seems a little suspicious now i don't know if it's that they don't care about their customers or maybe they just can't afford it anymore which either way is very bad depending on how you want to look at it if you're looking for an online bank that offers you good features and interest be sure to check out some other online banks i've talked about here on this channel and i've reviewed maybe a dozen if not more now if after watching this video you still like and use or will keep using the simple online bank comment down below and let me know why i really hope this video was good and i was able to provide some value to you guys and if you'd like to see more videos like this one hit the subscribe button and the notification bell so you can see new videos that i post and i post videos here every single day on youtube if you've made it to the end of this video comment your thoughts down below and any questions you may have about any of these or other similar accounts and be sure to also drop a like on this video as it's free and it really helps with the channel and i'll also really really appreciate it now if you're a new subscriber or viewer here on the channel be sure to check out some of my other videos on high yield savings accounts checking accounts investments credit cards and ways that you can use and make some extra money also guys be sure to check out the links down below to all kinds of free stuff and offers which includes sofi money which is a totally free hybrid account and one that i recommend and also weeble where you'll receive two free stocks when you deposit just a hundred dollars in your investment account and these two free stocks can be anything worth over a thousand dollars so be sure to check that out when you get your free stocks if you like them you get to keep them if not then you can sell them buy some other stocks that you'd prefer to invest in or just keep the cash once again guys thanks so much for watching and i'll see you guys tomorrow