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hey guys this is bruce banks i'm back again with another video but this time i'm going to show you how easy it is to open my online checking account with simple and if you like this type of content please give it a thumbs up if you don't like this type of content still give it a thumbs up alright without further ado let's go all right so i'm gonna break down this youtube video into three main sections the first section is going to be on what is simple this is where i'm going to talk about the company and everything about it and second i'm going to tell you about what makes simple so special that means i'm going to tell you about the products and what made me look into them and finally third hit the like button and subscribe and check out the free money in the description i'm just joking i want to tell you about how to actually go through the process of signing up i'm going to walk you through that alright let's go so i grabbed this screenshot from their website and if you want to go ahead and read it go ahead and pause the video but i'm just going to pull out some important facts so we can see it was created in 2009 pretty much to address why banking is complicated they don't like ridiculous fees so that's good and it's an fdic insured checking account the accounts are free another important fact very very important fact it was built to help you save money and now we're at the question of what makes simple so special and i want to show you something this is the bank rate website where i search for best checking accounts in may 2020 and if you search for that they give you a pretty good comprehensive list of all the best bank accounts with all the different interest payments and you can see the very first one is heritage's bank for overall rates the highest 1.53 however you have to have 100 to open and then you get to the next one which is best checking account for no fees here you have simple individual checking just a heads up guys rates are no longer at 1.4 percent because of the fed cutting rates due to the pandemic after the posting of this video is currently at point 60 which is still better than most for a checking account that's really really really good because right now i'm not even making 1.4 in my regular high yield savings account and if you guys want to know by any chance what i use for my high yield savings i can put that in a future video but as you can see the balance to start is zero dollars zero dollars that's amazing other banks will have you hold at least a thousand dollars or in this case you have to have a hundred dollars to open uh for heritage bank and then if you keep scrolling down you see that other banks don't even touch simple and apy disappointment after disappointment i know you guys don't believe me but this is taken straight from their website i looked it up and yeah they're offering a 1.4 percent um as long as you open an account and then open up another protected goals account so when you originally open up a simple account you'll earn a 0.01 annual percentage yield however you have to open up a protected goals account where you can then transfer money to and you can have anywhere between a penny uh and above and it'll all earn the same amount which is 1.4 for right now this is also another screenshot from the faq page and it's asking the question does simple charge fees and the short answer is no but they will charge fees for maybe five dollars for a book of checks or maybe one percent if you go international so there's something else i wanted to point out after using simple for several months my favorite thing about this account is called instant transfers this is where i can send money to all my other external accounts by next day so if i decide to send a thousand dollars to bank of america from simple and i initiate it for today it will appear by tomorrow for the other banks i use transferring money outside of zell it would take three to four days so that's really nice however there are limits according to the website you can send a total of two thousand dollars in the first three days after your account is approved once your account has been 30 days or longer you'll be able to send up to two thousand dollars per day and ten thousand dollars per month all right and this is the last faq question i'm going to show you for this section which is about how does simple make money if they're a business and they don't charge fees well they tell you like traditional banks they also take a split of the interest that they make and they get money every time you swipe your debit card but other than that they don't do anything out of the ordinary which is really good for us really good for the consumer now i'm going to try to take you guys through the actual process of signing up uh as you can see we are on the simple website at simple.com um so right now i'm just going to hit apply now let's start by creating your account login so go ahead and put in your account login information your username email address and you come up with a password all right so it takes you to the next step time to get personal nothing fancy just a few things to fill out your profile and help us get to know you so go ahead and put down your first name your last name address your phone number where you work source of income and how to use simple all right so now it wants to verify your phone number please enter the code sent to your phone number to verify that you own this phone number go ahead and type that in you're almost there for security purposes we need a few more details to prove that you're a real person so go ahead and put in your date of birth and your social security number is also asking have you or someone close to you ever held a political office in a foreign country are you a u.s citizen everything looks good before you submit your application we like you to read through a few things so after you agree to everything go ahead and submit the application now it seems like everything is set up and you can go ahead and fund your account and then up here there is the option to open up a protected goals account this is the account that earns 1.4 percent so you want to go ahead and click that and it's asking for you to deposit funds to start this new and separate account starts earning 1.4 annual percentage yield and you want to go ahead and transfer funds from a bank account simple users paid to link your bank go ahead and press continue go ahead and choose your bank all right so now that it's connected you go ahead and type the amount that you want to deposit confirm your saving goals built to save and protect it from spending your saving goals live in a new separate protected goals account alongside your main simple account one last step just a few quick questions since your savings goal is a new separate account by law we have to ask you a couple personal info questions this will only take a sec what's your occupation what are your sources of income what transactions do you rely on the most have you or someone close to you ever held a political office in a foreign country so go ahead and put those in go ahead and put create savings goals all right now the account seems like it's been created you want to go ahead and add a goal what are you saving for as much needed vacation emergency fund or saving up for a big purchase how often do you want to contribute to this goal when do you want money to move it's best to line this up with a payday or recurring deposit confirm your goal all right so everything is set up and it seems like everything is okay and you can go ahead and transfer your money there and earn a healthy 1.4 percent on your money and checking account so there you go guys all right thanks for watching please hit the like button and subscribe that would be greatly appreciated there is a link to simple in the description if you would like to sign up as well as links to free stock so check that out because who doesn't like free things follow me on social media if you haven't already and with that said peace out