Posted by William Charles on February 5, 2020
Current Savings Account Sign Up Bonuses

Published on February 5th, 2020 | by William Charles

41

[Expired] Simple Finance $150/$300 Savings Bonus – Available Nationwide

Deal has expired, view more bank account bonuses by clicking here

Offer at a glance

  • Maximum bonus amount: $150 or $300
  • Availability: Nationwide
  • Deposit required: $10,000/$20,000
  • Deposit length: 2/15/2020 – 4/30/2020
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: None
  • Household limit: None
  • Expiration date: 2/15/2020

The Offer

Direct link to offer

  • Simple Bank is offering a bonus of up to $300 when you open a new Simple account. The bonus you receive depends on your deposit:
    • Receive a bonus of $150 when you deposit $10,000 by 2/15/2020 3:59 PM PT and maintain a balance of at least $10,000 until 4/30/2020 4:59 PM PT
    • Receive a bonus of $300 when you deposit $20,000 by 2/15/2020 3:59 PM PT and maintain a balance of at least $20,000 until 4/30/2020 4:59 PM PT

The Fine Print

  • Qualifying customers will receive the bonus credit to their Simple Account by 5/15/2020 4:59 PM PT. 
  • Accounts must be open and in good standing with a balance greater than or equal to $0.00 at the time of the bonus credit. 
  • Maximum of one (1) $300 bonus OR one (1) $150 bonus per customer. 
  • ‭BBVA USA may report the value of the bonus to the IRS as ‭required by law. Any client whose tax status would require BBVA USA to impose tax withholding of any ‭sort will not be eligible for this bonus. 
  • Offer may be modified or withdrawn without notice. 
  • The following customers and accounts are excluded from this promotion: Any person who has applied for or opened any Simple Account before 4:00pm PT on 1/31/20 is ineligible to participate in this promotion.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

These accounts have no monthly fees to worry about

Early Account Termination Fee

According to the fee schedule there is no early account termination fee.

Our Verdict

This account also earns 1.90% APY if you have a balance above $10,000. Previously they offered a bonus of $250/$500 with the same requirements, my recommendation would be to wait for that bonus to return. Because of that I won’t be adding this to our list of the best savings account bonuses.

Hat tip to reader Josh C

Useful posts regarding bank bonuses:



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lorem ipsum
lorem ipsum

Interest rate on Protected Goals is now 1.88%

SamL
SamL

Same as 1.90% APY.

das1996
das1996

Still waiting on the $100 bonus from last summer’s promo. Final requirement was $10K in acct on 11/30. Seems bbva waits tilt he last minute to pay the promo?

Millennial Outrage

BBVA’s just the partner bank. Simple paid my bonus within 5 days of the 10/31 date. Might be time for a call?

Peek
Peek

“Any person who has applied for or opened any Simple Account before 4:00pm PT on 1/31/20 is ineligible to participate in this promotion.”

So is this once per lifetime like Discover then?

michael
michael

yes

SamL
SamL

Is “once per lifetime” explicitly spelled out, or are you just saying that empirically, their rules so far have effectively made it once per lifetime?

Peek
Peek

I guess the real question is how far do they look back? I thought someone said Discover only looked back 2 years. I guess time will tell, I need to close these accounts soon. I would keep them but their user interface to me is too horrible to use long term. Shame since they have great interest.

Dubya
Dubya

Preach it. I am also going to close just based on the user interface. Ever time I log in I panic because I cannot see my money. No thanks. Plus I don’t like these banks that are not really banks. Its a BBVA account.

john m
john m

I got the bonus on this one. Pretty(ahem) simple.

Millennial Outrage

🥁

Celia
Celia

Just funded my Marcus account, was bummed until I saw the comment about waiting for a possible $250/$500.

Lan
Lan

Right?!?

Shaun
Shaun

“Receive a bonus of $150 when you deposit $10,000 by 2/15/2020 3:59 PM PT and maintain a balance of at least $10,000 until 4/30/2020 4:59 PM PT”

William Charles This sentence should be tweaked a little. It looks like you just have to apply by 2/15/2020, then you have another 10 calendar days to deposit the $10,000.

June\
June\

In other words, deposit 10k by 2/15 and withdraw it after that date, and deposit 10k until 4.30.2020?

Henry
Henry

great, no citizen requirement this time!

Jorge Ramos
Jorge Ramos

Henry Still asks and requires citizenship during application. :/

Andy
Andy

If I am waiting for the BBVA bonus to post am I ineligible for this bonus? I am guessing so.
“BBVA USA may report the value of the bonus to the IRS as ‭required by law. Any client whose tax status would require BBVA USA to impose tax withholding of any ‭sort will not be eligible for this bonus.”

Ben
Ben

I got both last year (non-overlapping, but I had the BBVA accounts still open while doing the Simple bonus)

Daniel
Daniel

William Charles what is the formula for calculating your rate of return for the bonus that you get based on amount of time required to keep your money with the bank? Thank you

SpicyPadThai
SpicyPadThai

*

SpicyPadThai
SpicyPadThai

*

L
L

Daniel

(bonus/cash required) x (365/days cash held) = yield

for example:
($150/$10000) x (365/75) = .015 x 4.866666 = 7.03%

Daniel
Daniel

Thanks so much!

Abstract15
Abstract15

+ APY…so 7.03%+1.9% = 8.93% here

Shaun
Shaun

It’s even better than that. You only have to hold the funds for 65 days, not 75. Makes it 10.32%.

L
L

Shaun Are you sure? 2/15/2020 to 4/30/2020 is 75 days.

Shaun
Shaun

The terms state you have 10 calendar days from opening to deposit the funds. So if you open last day, 2/15, you have until 2/25 to get the funds in there.

L
L

You’re right. Thanks Shaun

Butter
Butter

Should mention that they might require you to take a selfie during the application process

ssss
ssss

The website is super annoying. The bank is for people who are unable to manage the words, savings and checking account….

Q
Q

Application denied. Won’t tell me why.

Chris B
Chris B

William Charles “Previously they offered a bonus of $250/$500 with the same requirements, my recommendation would be to wait for that bonus to return.”
What makes you believe that it is more likely than not that the bigger bonus will return?

pesets
pesets

Thanks for applying to become a Simple customer. Unfortunately, your application doesn’t meet our requirements and we’re unable to open an account for you. We cannot provide you with any specific reason for denial of your application.

We’re sorry we couldn’t open an account for you. We wish you all the best. Thanks for your interest!

SF
SF

ugh I just signed up for a Simple savings account a month ago 🙁

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