Simple (BBVA USA Bank) $250 Bonus for $10,000 Goals Deposit

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Simple was one of many fintech startups that tried to add fancy tech and smartphone app sprinkles to your vanilla checking account. They were acquired by the big European-based bank BBVA in 2014, but never really took off. It looks like they are making another push by adding high-yield “Protected Goals” accounts that earn 2.02% APY (as of 7/10/19) and offering additional $250 bonus if you deposit $10,000 and meet certain requirements and deadline dates:

  • Open a new Protected Goals Account by 7/31/19 4:59 PM PT.
  • Deposit(s) totaling $10,000 or more must post to the new Protected Goals Account by 8/15/19 4:59 PM PT.
  • Maintain a balance of at least $10,000 in the new Protected Goals Account through 10/31/19 4:59 PM PT.
  • Qualifying customers will receive the bonus credit to their Protected Goals Account by 11/15/19 4:59 PM PT. Accounts must be open and in good standing at the time of bonus credit.

You can earn $250 bonus for each new Individual or Shared Protected Goals Account, for a total of $500. This means a couple could both open accounts and technically earn $750 total ($250 each for two individuals, plus $250 for one shared). Protected Goals Accounts opened prior to 7/1/2019 do not qualify. FDIC-insured and all that. Thanks to commenter CM for the tip.

It looks like you’ll have to open their base checking account as well if you don’t have one already. Move money into the base checking, and then into a new Protected Goal account. Basically a 2.5% bonus on $10,000 if you keep it there for 90 days, which makes it roughly 10% APY annualized. The bonus is on top of the standard interest rate, currently 2.02% APY (as of 7/10/19). This combination makes it a great 3-month rate at that balance size when compared to my most recent update 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

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