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

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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:
    Chuck
  • On March 3, 2020, 09:46

View Comments (139)

  • Anyone able to find 1099 information? Looking back at statements, the bonus isn't listed as interest. Makes me wonder if we're going to get one.

    • @guest_1134017 Yes, you will get 1099 for Simple in the mail, from BBVA. Some people have already received; USPS Informed Delivery says mine arriving today. I have an open account at BBVA and can also see them online, both for Simple and BBVA.

    • Nothing yet via mail my account has been closed for months so I can't log in to check.

      Last year I got one in the mail from BBVA for interest earned in 2019 on my Simple account. It was interest and not bonus. So at a minimum I should get one for the interest earned for about 37 days(1/1/20 to 2/7/20) I had $50k stashed there for the bonus

  • From The Team at Simple :

    "We have an update for you about your banking relationship with Simple, a subsidiary of BBVA USA.

    BBVA USA has made the strategic decision to close Simple. There is no immediate impact to your accounts at Simple and nothing you need to do at this time. Since your deposits are already housed at BBVA USA, they will remain in FDIC insured accounts there, up to the applicable limits.

    In the future, your Simple account will become exclusively serviced by BBVA USA, but until then you can continue to access your account and your money through the Simple app or online at simple.com. You will receive additional information in the near future about the transition of your account servicing to BBVA USA."

    • Doc readers took the money and ran. Simple probably lost any long-term customers b/c of that horrible interface.

  • Got the bonus, but no email. Simple categorized it as "Random Fun". You're right, Simple; it IS random fun!

  • Same as the others, bonus posted yesterday 6/11/20. I received an email from Simple as well telling me I received the bonus.

  • "You have qualified for a $400 bonus! We have deposited your bonus into your account."

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