Simple Bank Bonus: $500 Bonus + 2.15% APY for $20,000 New Deposit

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Bonus updated. Simple is one of many fintech startups adding fancy tech and smartphone app sprinkles to your vanilla checking account. They were acquired by the big European-based bank BBVA in 2014. It looks like they are trying the direct route of customer acquisition (and my favorite of course) – paying you a cash bonus!

Simple has updated $250 and $500 bonuses for new accounts. They had a similar bonus in July, but it is now structured in a more straightforward manner.

$250 Bonus Details ($10,000+)

  • Open a new Simple Account by 10/31/2019 4:59 PM PT.
  • Deposit(s) totaling $10,000 or more must post to the new Account by 11/15/2019 4:59 PM PT.
  • Maintain a balance of at least $10,000 through 1/31/2020 4:59 PM PT.
  • The combined balance between your Simple Account and Protected Goals Account counts towards this bonus. The Protected Goals account pays 2.15% APY while the primary checking only pays 0.01% APY, so I would recommend opening one of those as well. Note that balances in *Shared* Accounts and *Shared* Protected Goals Accounts do not toward this bonus. Qualifying customers will receive the bonus credit to their Simple Account by 2/14/2020 4:59 PM PT.

$500 Bonus Details ($20,000+)

  • Open a new Simple Account by 10/31/2019 4:59 PM PT.
  • Deposit(s) totaling $20,000 or more must post to the new Account by 11/15/2019 4:59 PM PT.
  • Maintain a balance of at least $20,000 through 1/31/2020 4:59 PM PT.
  • The combined balance between your Simple Account and Protected Goals Account counts towards this bonus. The Protected Goals account pays 2.15% APY while the primary checking only pays 0.01% APY, so I would recommend opening one of those as well. Note that balances in *Shared* Accounts and *Shared* Protected Goals Accounts do not toward this bonus. Qualifying customers will receive the bonus credit to their Simple Account by 2/14/2020 4:59 PM PT.

If there are two people with a lot of available cash in your household, you might have each person do the $500 individually. A couple could now earn $1,000 bonus + 2.15% APY (variable). No minimums, no monthly fees, FDIC-insured, see if you like the bells and whistles. Here is their full fee schedule.

Note that for some reason Simple limits ACH transfers to/from an external account to $5,000 cumulative during the first 30 days, when initiated on the Simple website. However, you can simply initiate a transfer from another bank (Ally Bank, Marcus, CIT, etc.) and there are no transfer limits.

Bottom line. Simple is offering a $250/$500 bonus on $10,000/$20,000 of new money. This works out to a 2.5% bonus after 90 days, which makes it roughly 10% APY annualized. The bonus is on top of the standard interest rate, currently 2.15% APY (as of 10/7/19). This is a good bonus in this current environment. Compare with this month’s roundup of best interest rates.

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Comments

  1. Reading the Doctor of Credit article on this made me decide against doing this offer. In the comments many are saying it’s a bait and switch where you must open a separate account first, then once that account is opened you can then attempt to open a Protected Goals account only to find out you are quote “ineligible”.

    https://www.doctorofcredit.com/simple-finance-open-protected-goals-account-earn-250-2-02-apy-up-to-750-between-two-people/

  2. Personal Capital started offering savings accounts with no minimum balance, 2.3% APY. However there is no bonus beyond whatever referral you can get for sharing about Personal Capital, which I think is $20.

  3. Jason Boxman says:

    I didn’t notice what the minimum balance requirements are? (To avoid account fees.) For an amount this large, I’d want to liberate the money from the account as soon as I meet the terms of the bonus and place it somewhere with a higher return; I have a 4 week t-bill ladder currently. (And I’d want to avoid any early close fee if there is a minimum balance.)

    Thanks.

  4. Has anyone done all the application(s) for self, spouse, and joint to get the max $750?
    Ready to do the same …

    Thanks

  5. I tried to open this account and was denied. The denial message specifically stated that they can’t tell me why the application was denied. I have excellent credit, and I’ve never been denied for an account before in my life. Don’t waste your time.

    • I got the exact same message. I finished the steps for account opening and got the denial message saying we cannot give you the reason for denial.

  6. wonder if Jonathan has any luck opening the account at Simple

  7. Just a heads up for those who are looking to do this offer but are new customers at Simple, which ironically, by the definition of the promotion you have to be as accounts opened before 7/1/19 are not valid.
    There are some onerous “spend limits”: https://www.simple.com/help/articles/account-info/spend-limits#transfer-limits-
    that limit the amount of transfers in/out during the first month, making getting $10k into Simple a bit of a pain. It’s still doable through some combination of other methods (direct deposit, mail in a check (since there are also limits on photo check deposit during the first 30 days), some combination of third party services, or wire) but it won’t be as simple as doing an online external transfer in one shot.

    • Thanks for sharing your experience. (Technically you could have had a their normal checking account as an existing customers, just not their new Goals account.)

      Yes, for some reason Simple limits ACH transfers to/from an external account to $5,000 cumulative during the first 30 days, *when initiated at Simple*. However, I’m pretty sure that you can simply initiate a transfer at another bank (Ally Bank, Marcus, CIT, etc.) and there are no limits.

      • Geof Coeling says:

        I had this same issue but I love this idea to initiate from my other account. I will try that!

      • Thanks Jonathan! Fair enough, it does say “Protected Goals Accounts”

        Transferring from another account – so obvious! The Protected Goals account creation flow sent me directly to transferring funds from another account or cash from the “Safe to spend” account before opening so I totally didn’t realize I could initiate from another bank.
        Was able to add my Simple account in Ally (Heads up: The instant verification did not work for me, likely because it identified the account as a regular BBVA account, but the trial deposit method worked.)
        To Simple’s credit, they actually called me today to follow up on my account opening and the promotion. They also mentioned this issue about transfer limits and provided the same advice, that I could transfer from another bank.

  8. Do I need to fund the Simple Account first and then move the money to the Protected Goals Account. FWIW, it lets me fund with 20k at a time.

  9. Akri Samar says:

    Typo – should be ‘$500 bonus details ($20000+)’ instead of $200

  10. I think there’s a typo in your post. Shouldn’t the bonus for the $20,000 transfer be $500?

    Thanks for the tip though, I’m gonna try it!

  11. You meant $500 bonus for the $20,000 deposit, right? The bold text says $200.

  12. Hi jonathan,
    do you know if opening the account results in a hard hit or not ?

  13. Just opened two accounts. Extremely easy – just 4 web pages. Click – click and done.
    Will move money later.

    Thank you Jonathan.

  14. Denied for an account with no reason given. Great credit history. Clearly trying to scam people or are discriminating. (Googling also shows they discriminate against permanent residents — although I’m a citizen.)

  15. This is ridiculous. After collecting personal information they denied my application. Excellent credit and perm resident. Never been denied any application with others thus far. It seems like a sneaky way to collect info.

  16. Jason Boxman says:

    This is perfect. Now I can shuffle money out of my Orion FCU account for this and refill the Orion account with other money earning less than 4%.

  17. Went to open today (last day, I know) and it claimed it could not ID me by name or SSN with their ‘robots’ so a human would be in touch in a week or two. Screw that. (I never got to a ‘select a type of account to open, so therefore won’t be considered to have opened the Simple account by 5pm today, I’m sure. ah, well… sounds like a bunch of others got the runaround, too – my guess is that this wound up being more popular than they expected, so they aren’t approving anyone further.

    • Ah! I stand corrected – I got contacted within half an hour. Actually got the accounts open. it’s giving me issues getting them funded, but I have a couple weeks to work that out. will try a ‘push’ from my other account. crossing fingers – $750 would be nice (we’ve got 30k to play with).

  18. Are both the $250 and $500 offers available at the same time, or is it either/or? Can I put $30k in to get the $750?

    Thanks!
    Julia

    • Mary Anna says:

      The way I read it, person A can open an account, and get either 250 or 500, depending on the amount of the deposit. Person B can open an account, too, and get either 250 or 500. (But person A can’t get more than 500, individually.). In my case, we opened one for me and one for my husband, and plan to put 20k in one and 10k in the other, and we should get 750.

  19. Jason Boxman says:

    It’s worth noting that Simple seems to be somewhat of a blackhole, if you’re used to traditional banking Web sites. I can’t seem to export history in Quicken format, Quicken errors when trying to connect to download transactions, and I can’t find any obvious way to extract money from the “Protected Goals” account, which clearly really IS protected.

    Once I get my bonus, I’m definitely extracting my money, if I can find out how, because if you don’t subscribe to Simple’s methodology for managing your finances, the UI is frustrating and a nightmare.

    Good luck!

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