Simple Bank was one of the favorite banks of many due to its budgeting tools suite, providing customers ease. The bank provides an ease to the customers to Safe-To-Spend money to see their recent transactions.

As the bank got shut down in 2021, the existing customers of the bank needed to find another bank. They likely wished to find a bank that has powerful features without any fees, just like Simple Bank.

The 2 main reasons why people chose Simple Bank were because of its budgeting tools and online banking. Based on the 2 reasons, here are a few alternatives to Simple Bank:

Based on Budgeting Tools:

Here are the few best budgeting apps that can help you to achieve your budgeting goals effortlessly:

You Need A Budget

It is a zero-based budgeting application where you can account for every dollar of your income. It also helps you to grow your savings with 4 simple and life-changing rules. The rules are:

1. Give a job to every dollar to see your plans clearly.
2. Embrace your actual expenses by breaking the budget busters into small monthly chunks.
3. Roll out with the Punches, i.e., As your life changes gradually, change your budget too.
4. Age your money using last month's payment to pay the present month's bills.

Mint

It is another budgeting and credit monitoring application. It facilitates you to link all your accounts and see them at a glance in one place. Mint tracks your cash flow and facilitates accessible opportunities to save more.

It keeps tracking all your cash, investments, and cards. As well as it also tells you how much you have disbursed on different things. Timely, it also sends alerts of suspicious transactions as well as when you go over budget, it sends alerts for them too.

It keeps your finances secure and safe with 2-factor authentication, authorization, and 256-bit encryption.

Honeydue

This is ideal for you if you and your partner want to manage your transactions together. It supports more than 20,000 financial institutions around 5 countries. Honeydue timely sends reminders to you or your partner for bill payments, etc., to avoid penalties.

It also provides the facility of joint banking and chatting with your partner. Honeydue uses best industry practices to safeguard your identity and data.

Based on Online Banking

Another reason people like Simple bank is its online banking services which help manage your money. A few alternatives for Simple Bank in terms of Online Banking are given below:

Ally

It is an excellent alternative to Simple Bank, which is free with no maintenance charges. Ally has excellent interest rates and various benefits that traditional banks offer. It is a prominent option for investing and day-to-day banking needs.

It facilitates checking your balance, searching transaction history, depositing cheques, etc.

With Ally, you have many investment options with zero commission fees and advisory fees. You can also manage your maturity option and CD. You can transfer money to Ally and other bank accounts using Ally.

Varo

It is an all-digital online bank offering safe, easy, and free transactions. Varo has:

• No Credit Check
• No Monthly Fees
• 55k+fee-free ATMs
• No Minimum Balance
• No Overdraft Fees

It is a new type of bank and provides high-interest rates on savings accounts. Varo provides an interest of 0.40% up to 2.80% APY. It is ideal for teenagers and college students creating their first account.

Varo supports both Samsung Pay and Google Pay and yields overdraft fees on any transaction up to $50. It's a fantastic application, but it needs some advanced features. To keep everything in organized manner, you will need to download a budgeting application addition to it.

One Finance

It is another alternative to Simple bank, free without maintenance fees or minimums. One Finance offers the services of savings and checking accounts with an interest rate of 1-3% for the latter. It does not offer a joint account facility, but you can sign up individually.

Instead of a joint account, it offers Shared pockets through which you can share money without a stir. In One Finance, pockets are where your money lives; it is similar to the expenses of the Simple Bank.

There is no limit to making pockets and naming them. You can make as many pockets as you want. But before using a debit card, you should assign your card to a specific pocket.

It is integrated with Google Pay, Apple Pay, and Venmo and offers a credit facility.

If you repay the credit amount within the month you borrow, there is no interest fee. But if you fail to repay it within that month, you have to pay an interest of 1% per month (12% APR).

However, it lacks the features of 2-factor authentication and checks; it is ideal for those with shared expenses.

Conclusion

However, those mentioned above are the best alternatives to Simple Bank; the parent bank of Simple Bank stated that there is nothing to worry about. BBVA USA, the parent bank of Simple, has assured customers that there is no immediate effect on their account and they can still keep using the application.

They also stated that soon they would be migrating customers to their new BBVA USA application. It is a broader suite of services and tools. BBVA USA is struggling to enhance its services and provide better customer support and assistance.