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what is going on everyone i hope you were all having a fantastic day so i'm on my phone answering comments the other day and i'm seeing one comment after another talking and asking questions about an email that was recently sent out by bbva announcing the closure of the very popular platform simple bank and after being completely bombarded with all of these comments i knew that we had to take a moment and stop and talk about this and answer all of your questions so today let's briefly break down why simple bank is closing in the first place and more importantly what the best options are that are on the market currently that you might want to consider switching to if you are currently a user of simple bank all right let's jump right into it so really quick before we get into today's video you might have noticed that things are looking a little bit different around here and you might remember that a few months ago i announced that i was actually working on designing a new studio and well here it is so i just want to quickly say to every single one of you who has watched my videos subscribed to the channel used my referral links or really just supported me in any way thank you so much and i hope you know that as you can see i am constantly reinvesting the money that i earned from this channel back into making better content for you but seriously thank you all so much for the support and let me know what you think of our new studio down in the comment section below alright so with that out of the way let's talk about what in the world is going on with simple bank because i know a lot of you are probably a little upset and might have a lot of questions so first of all this all started last thursday which was january 7th 2021 when bbva which is the parent company that owns simple bank announced that they would be shutting down simple and within the following days i probably received over a hundred plus comments of what in the world is going on with this and what the best alternatives are to simple bank for those of you who are affected by this now i don't want to waste any of your time so if you just want these suggestions on the alternatives to simple bank then you can skip to this point in the video but i do think it's important to talk about and understand why this is happening so that you can make an informed decision on your next bank and avoid the situation in the future so if you're curious about the full email i'll put it up right here and feel free to pause the video and read the whole thing if you want to and also thank you to the many of you who posted the full email in the comments section of some of my other videos so that all of us could see what was going on but in case you don't want to read the entire long email long story short vbva which again is the parent company that purchased simple bank back in 2014 for 117 million dollars said that they are closing simple bank but that all of the accounts will not be affected at this time and that any simple account member will eventually be moved into a regular bbva banking account and if you currently use simple then your money is actually already in a bbva account and it's fdsc insured by them so you really have nothing to worry about there you can also find a lot of great information on simple's website about what exactly you can expect going forward and how this entire transition process is going to work but again long story short you really don't have to do anything if you don't want to which i'll explain more in a second so let's talk about why in the world this is happening and more importantly where you should go from here with your banking so you might not know this and it wasn't mentioned in the email either but the large national bank known as pnc actually purchased bbva in 2020 for a whopping 11.6 billion dollars and considering that deal has not yet been finalized it looks to me like bbva is simply doing some restructuring and trying to figure out what brands and other banking services they want to carry into their merger with pnc but honestly who cares simple was bought by bbva bbva was bought by pnc but at the end of the day it's you the customer who is losing your bank account i mean simple bank was one of the first major mobile banks here in the us to really start to gain some traction and many of our favorite banking services today that we'll talk about later on in the video are largely based on many of the features that were pioneered by simple bank so what should your next steps be if you are a current simple bank member well your first option is again to just do nothing again no immediate action needs to be taken and they did make it pretty clear that eventually your account will just be merged into a bbva account and ultimately a pnc account once that merger is finalized and all of that is likely to be done for you automatically so if you really don't care about where your bank account is then again you can just do nothing and eventually you'll end up as a pnc customer once all of this is finalized however pnc is a large national bank and if you have been a long time user of simple then you know that their entire model and the features that they offer are drastically different than the dry boring banking model that is usually offered by these large national banks like pnc so obviously there are tons of alternatives that you can switch to and i highly encourage you to check out the many many bank reviews that i have done on my channel as well as my pretty recent video about the best bank accounts of 2021 but here's a really quick breakdown of what i feel are the most similar platforms to simple bank if you do want something that is very similar first of all if you want something that is still fully online and has a tried and true track record with some awesome savings features then i highly encourage you to check out the very very popular ally bank or even something like discover bank both of these options are going to be completely online and are going to offer you a more traditional separate checking and savings account rather than the hybrid account that many other competitors are currently offering now i do have separate reviews on both ally bank and discover bank on my channel so be sure to check out those videos if you want some more details but both of these would be fantastic options that again are fully mobile yet both of these companies have been around for a long time and specifically ally bank is again one of the founders of this fully online banking model so if you want a company that has a proven track record and has learned a lot from their mistakes over the years then definitely check out ally bank or discover bank now if you're one of the many individuals who loves simple bank and the features that they offer and you're really upset that they're closing and want something that is very very similar to that option then in my opinion you really don't have to look any further than my personal favorite bank and what i use for my own bank account and that would be sofi now look i am well aware that i talk about sofi a lot here on the channel but that's because i truly believe it is the best and that's why i use it for my own banking services however as someone who has used and reviewed countless banks including simple i truly do believe that sofi is by far the most similar as far as the structure and features that they offer compared to something like simple bank first of all if you have used simple before then you know that a significant factor that really helps set them apart from their competition is their integrated banking and budgeting services they're not separate sections of an app but actually integrate with each other seamlessly now there are absolutely a million options when it comes to banks who also offer a budgeting feature within their app but the way in which these platforms work with each other are drastically different and in my experience the setup and structure of the simple budgeting feature is very similar to sofi relay which is sofi's free budgeting service that is included with your free sofi money account simple also focuses on healthy financial habits and the reason that so many people love this platform so much is that it truly feels like they want to help you learn about how to properly handle your money in finances rather than them just trying to profit off of the money that is in your account and again sofi is very similar in that way as well they offer free educational tools including free financial advising through their sofa invest platform and even their new sofi credit card allows you to automatically invest your cash back use it to pay down your debt or just save it for when you need it most and even if you just want the sofi money account and don't want any of that other stuff the way that they allow you to track everything under one platform and the integrated savings tools are nearly identical to the most popular features in the simple platform so seriously if you love the simple app and the features that they offer then i highly encourage you to check out the sofi money platform and if you do decide to give them a shot there is a link down in the description that will give you fifty dollars for free when you open an account and make a qualifying deposit so if you do wanna give it a shot and get some free money then definitely check that out but if not then that is completely okay and there are tons of other fantastic options out there that will be just right for you so you can go with something like ally for a more traditional mainstream online model so far if you want something that is nearly identical to simple and you can also just do nothing at all and let your account eventually become a pnc account however if none of those really get you excited then you can also check out some of the newer banking options that are offering some really unique models such as yada bank which incentivizes you to save money by offering you raffle tickets for every 25 that you save that are then entered into weekly drawings that allow you to win cash prizes or there's also something like bella bank that has a very unique model that i have not seen anywhere else and offers some very unique features so if you want to check out something that is not exactly mainstream then definitely check out my reviews on yada or bella as well and my last tip to you is you can always just go to a local credit union and open up an account there and then shop around for a budgeting platform on your own that can help replace the budgeting features that are currently offered by simple i know this might not be the most glamorous option but a local credit union is probably going to offer you a higher interest rate than most of your local bank accounts so that's definitely something to keep in mind as well plus you'll have that brick and mortar option if you do need to make a cash deposit or just go get a question answered in person no a credit union is probably not going to have some fancy well-designed budgeting platform within their app but there are lots of fantastic third-party options out there that you should definitely check out if you do decide to go down this path instead when it comes to budgeting platforms my personal favorite is ynab or you need a budget but this does have a small annual fee so if you don't want to pay anything at all for your budgeting platform then you can also just check out something like mint which is a free budgeting platform that allows you to link together all of your different bank accounts and then create an effective budget just like you may have been doing with the simple app for the past several years so i know that a lot of you are frustrated and disappointed that simple bank is being shut down and i am right there with you because out of all of the many many banks that i have reviewed here on the channel simple is definitely one of my personal favorites but unfortunately these small fintech banks often run out of money very quickly and that's likely why simple bank decided to sell to bbva in the first place and now even they are being absorbed by pnc and while this is definitely frustrating and confusing there are plenty of other fantastic options out there that i highly encourage you to check out to find the perfect fit for you so let me know what you think of all of this down in the comments section below and remember if you do decide to give sofi a shot since that is the most similar platform to simple in my opinion then be sure to use that link down in the description below to get 50 for free when you make a qualifying deposit as always if you did enjoy this video it would mean a lot to me if you would hit the like button subscribe to the channel and share this video with someone who you think would get value out of this content as well and also remember to let me know what you think of the new studio down in the comment section below as always thank you so much for your time i seriously do appreciate it so much take it easy and i'll see you in the next one