Posted by Chuck on March 3, 2020
Bank Account Bonuses

Published on March 3rd, 2020 | by Chuck

103

[Expired] Simple Finance $200/$400 Savings Bonus – Available Nationwide

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

Offer at a glance

  • Maximum bonus amount: $400
  • Availability: Nationwide
  • Deposit required: $10,000/$20,000
  • Deposit length:  until 5/31/20
  • APY: 1.75% APY in the protected goals account
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: Must open by 3/15/20

The Offer

Direct link to offer

  • Simple Bank is offering a bonus of up to $400 when you open a new Simple account. The bonus you receive depends on your deposit:
    • Receive a bonus of $200 when you deposit $10,000 within 15 days of opening and maintain a balance of at least $10,000 until 5/31/2020 4:59 PM PT
    • Receive a bonus of $400 when you deposit $20,000 within 15 days of opening and maintain a balance of at least $20,000 until 5/31/2020 4:59 PM PT

The Fine Print

  • Customers with any Simple Account opened before 2/29/2020 4:00 PM PT do not qualify.
  • Balances in Shared Accounts and Shared Protected Goals Accounts are excluded from the combined balance calculation.
  • Qualifying customers will receive the bonus credit to their Simple Account by 6/15/2020 4:59 PM PT.
  • Balances in your Simple Account earn 0.01% APY. Also open an Individual Protected Goals Account to earn up to 1.75% APY and keep it safe from spending. Then we’ll use the combined balance between your Simple Account and Protected Goals Account to calculate your eligibility for the bonus.
  • Balances in Shared Accounts and Shared Protected Goals Accounts are excluded from the combined balance calculation.
  • Balances in all Simple accounts are FDIC insured up to the legal limits.
  • 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

They offered $250/$500 in the past with the same deposit requirement, might be worth holding off and seeing if that comes back. This offer is still overall a good deal given that they offer a competitive interest rate by opening their Protected Goals account and keeping the money there (which is fine to do for bonus purposes), so you aren’t losing out by keeping your money there. We might add this to our list of the best savings bonuses.

Hat tip to travelinpoints

Useful posts regarding bank bonuses:



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Burton

APY is 1.75% now (was 2.15 when they last ran this in October) but still a good deal factoring in the bonus.

Burton

Will probably be 1.25 soon, but still a good deal factoring in the bonus 😉

G
G

link 404?

Brandon
Brandon

I get 404 error too

TheAdi
TheAdi

Chuck The link in post isn’t working. Correct one is https://www.simple.com/offer

bax
bax

How long before they let us churners with existing accounts back in on these promos?

bob
bob

i still have $20 in my simple accounts. i need to close those and get back on the circuit

Gadget 🕵️

Terms aren’t clear, in my opinion, on what counts as a past account customer. I would be reluctant to try again for a bonus unless you had been closed out for a long time… I am sure someone will try again and find out.

SamL
SamL

“Customers with any Simple Account opened before 2/29/2020 4:00 PM PT do not qualify.”

That’s as crystal clear as it could possibly be.

Gadget 🕵️

If I no longer have an open account, I am not a customer. LOL “Previous Simple customers do not qualify” would remove all doubt.

SamL
SamL

Oh, I see how you’re reading it now. Hmm, now I’m unsure what is intended, but this convinces me to at least close my Simple account now, just in case. (My cash is otherwise occupied, but might as well be ready.)

Gadget 🕵️

I think they meant it as you interpreted it too… but maybe they only meant to exclude people from trying to apply the promo to their existing account.

But yeah, I need to close out my accounts too.

SamL
SamL

Grab Feb interest first.

Dan
Dan

Do they still require citizenship to apply?

Chris
Chris

Please report when you find out. thx

CJ
CJ

They still do. You’ll see that after you the page requiring DoB and SSN.

GengisKhan
GengisKhan

It looks like they may have fixed it though. While they do ask if you are a US Citizen, if you select NO they then ask for your country of origin. After that they took me to the final page which includes the usual legalese and asks me to agree that certain things are true including this:

“I am a U.S. citizen or other U.S. person”

I didn’t proceed as I’m not ready yet to fund the account but I strongly suspect they would have let me through.

YL
YL

I had the same experience. I didn’t go ahead but they did let me reach the final page which had an option to submit.

Y
Y

not sure resident alien would consider as “other U.S. person” or not

Chris B
Chris B

Non-permanent residents are definitely considered “other US person” for Tax purposes by meeting the “substantial presence” test.
https://www.irs.gov/individuals/international-taxpayers/determining-alien-tax-status

Chris B
Chris B

FYI, I called them and asked if its open only to US citizens. It is not! Any “US person” is fine, including any resident alien with “proper documentation.”

CJ
CJ

Yes they are.

CJ
CJ

Strange enough that’s different from my landing page. Mine says “Sorry, at this time we can only accept US citizens.” and I was able to click the “Next” button.

CJ
CJ

Actually I registered a new account and tried again. It let me pass the page and submit. Unfortunately I was rejected in the end.

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!

– The Team at Simple

Ranga
Ranga

yes. i get the same error

travelinpoints

few days ago I was told they will accept green card holders now.

GengisKhan
GengisKhan

Last time I looked at this in July it was US Citizens only – not even permanent residents.

Chris
Chris
CJ
CJ

Very interesting follow-up. Thanks for sharing.

abhirup Chakraborty
abhirup Chakraborty

This article is a bit concerning as it states Ally , marcus etc asks for permanent residency.
IIRC they ask if one is a US resident or not, I dont remember seeing “permanent” prefixed. So that will mean people on Visa will not be able to open savings a/cs, and for people from my demographic whose wait time for a GC is 200 years, that means we will all be ineligible for any sorts of savings products in our lifetime.

GengisKhan
GengisKhan

This article may help:

https://www.investopedia.com/ask/answers/060415/can-foreign-individual-open-savings-account-united-states.asp

There’s nothing illegal about opening an account as a non-permanent resident – it’s just harder.

abhirup Chakraborty
abhirup Chakraborty

I have a bunch of savings accounts primarily for the SUBS, I have made sure to see it states resident, I dont want to mess up when I am being called for the green card interview in the year 2220 😛

DP719
DP719

Chuck – please correct the ‘$10,000’ to ‘$20,000’ in how long you have to maintain for the $400 bonus. Thanks.

Novacat05
Novacat05

Good luck to anyone doing this, their online user interface is simply put, horrendous. I just wrapped up the $500 bonus from the fall and after their interest rate plummeted to match the other big players I can’t close my account fast enough. Used to be one of the top rates for large balences, not so much now.

Peek
Peek

Their UI can be navigated if you get used to it and know where to look for things but because it’s so “simple” I agree with you, I’d never keep it as my primary bank.

JD
JD

its absurd, written to annoy . Almost too bad not to be deliberate.

LakeMich87
LakeMich87

Speaking of closing the account, I have never dealt with a bank who drags their feet so bad. The only way to close is through a support message and then when I call and follow up, they state, “they’re working on it.” How hard is it that they need more than a minute to close out an account that has a $0 balance?

REJECTION
REJECTION

I am a resident alien and I got instant rejection a minute ago. Probably this is for US citizen only.

Y
Y

thanks for your DP

Chris B
Chris B

FYI, I called them and asked if its open only to US citizens. It is not! Any “US person” is fine, including any resident alien with “proper documentation.”

CJ
CJ

Pissed off an angry customer. Helped him choose a username in the DoC forum.

Valeriy
Valeriy

Hi Doc, the link is broken, should be https://www.simple.com/offer

Ralph Hendry-Wabel
Ralph Hendry-Wabel

That’s the one that does not allow Visa or Greencard holder to open an account if I recall correctly. Otherwise would be a good one.

Chris B
Chris B

FYI, I called them and asked if its open only to US citizens. It is not! Any “US person” is fine, including any resident alien with “proper documentation.”

das1996
das1996

Is this an arm of BBVA?

Josh
Josh

Yes

das1996
das1996

Ugh.. Still waiting on my $100 bonus from last July’s savings acct promo. Good luck!

Millennial Outrage

Why do you say that? As far as I can tell, BBVA is simply the holding bank in the background and does not own Simple. Much like Evolve Bank and Trust is the holding bank for Chime, Zero/Level, and probably others.

Gadget 🕵️

BBVA is just the backing bank. BBVA bonuses do not impact Simple bonuses. Several DP’s exist on the BBVA $200/$250 checking bonus page, myself included.

AB
AB

How soon can you reapply and still get the bonus after closing?

Tom
Tom

One time deal.
“Customers with any Simple Account opened before 2/29/2020 4:00 PM PT do not qualify.”

Erik
Erik

See my Post on 3/11

Ashely
Ashely

Do they have local branches in state

Dubya
Dubya

They are an online bank

joe
joe

Are they still considering BBVA accts a simple accounts with respect to bonus eligibility?

Novacat05
Novacat05

Myself and many others received both bonuses recently(Simple paid out on 2/6, BBVA on 2/13). I was worried when I got my 1099-INT from Simple and it showed the payer of interest as “BBVA USA” but both bonuses were paid out.

joe
joe

thank you, that was helpful

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