Posted by William Charles on October 2, 2019
Bank Account Bonuses no image

Published on October 2nd, 2019 | by William Charles

237

Simple Finance $500 Savings Bonus – Available Nationwide

Offer at a glance

The Offer

Direct link to offer

  • Simple Bank is offering a bonus of up to $500 when you open a new Simple account. The bonus you receive depends on your deposit:
    • Receive a bonus of $250 when you deposit $10,000 by 11/15/2019 4:59 PM PT and maintain a balance of at least $10,000 until 1/31/2020 4:59 PM PT
    • Receive a bonus of $500 when you deposit $20,000 by 11/15/2019 4:59 PM PT and maintain a balance of at least $20,000 until 1/31/2020 4:59 PM PT

The Fine Print

  • Balances in your Simple Account earn 0.01% APY. Also open an Individual Protected Goals Account to earn up to 2.15% 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.
  • Qualifying customers will receive the bonus credit to their Simple Account by 2/14/2020 4:59 PM PT.
  • 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.
  • Customers with any Simple Account opened before 9/30/19 5:00 PM PT do not qualify
  • 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 have offered a similar bonus in the past, but they have now simplified it. It’s now no longer necessary to open a protected goals account (although you will want to do this, as that account earns 2.15% APY and balances there count towards the $10,000/$20,00 required to be in there) and you can now do a $500 bonus without needed a shared account (required two people). Previously the biggest bonus you could get was $750 between two people, but now that would be $1,000 (as each person can do $500 each). I would recommend reading through the old post on the old bonus, as lots of people have had issues getting everything set up correctly. That being said, this bonus has been simplified so I’m hopeful it won’t be too difficult this time.

I do think this bonus is worth considering, you get a $250/$500 bonus and the funds can earn 2.15% APY which is just below the best high yield savings accounts with no requirements. That being said it probably doesn’t make sense to transfer across funds just yet as they don’t need to be in there until 11/15 (keep in mind account must be opened by 10/31). Might make sense to wait for a few people to sign up to see if they have improved the whole process or not. I’ll likely add this to our list of the best savings bonuses.

Useful posts regarding bank bonuses:



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Ryan Goldstein

Probably important to note, in the fine print at the bottom of the offer page:

“Customers with any Simple Account opened before 9/30/19 5:00 PM PT do not qualify.”

qmc
qmc

That could have been me, but for some reason they refused to open an account for me!

Jade
Jade

A blessing in disguise? lol

missjenniferd1🦉 🦁

🙁

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Ugh good catch. Did a small ass $20 bonus a while ago. Glad I didn’t park the $ for nothing.

CW
CW

Does the above term apply to any Simple Account opened and closed prior to 9/30/19? I opened the account on 7/31/19 around 8pm PT, missed the July promotion deadline, and also not qualified for the August promotion (starting from 8/1), so I closed the account in mid- August. I guess I cannot do this offer.

Chris
Chris

I’m an idiot and messed up the requirements for the bonus that had to be deposited by 9/30. Didnt open the protected goals.

Wonder if this fine print would still allow me to open one now to get this bonus since I messed up the last one.

bax
bax

Are existing customers eligible, for a second bonus?

Sanket B
Sanket B

Do you need to be a US citizen for this one too like for the shared account?

Jade
Jade

You do. Speaking from personal experience with them.

Mojito
Mojito

I am on a work visa, and the application allows you to specify that you are not a us citizen, and have a work visa, at the end though, it wants you to upload a photo of your passport and visa, and for some reason, they system could not process the image of my visa, so they are going to send me an email for verification I think.

RB
RB

Did your documents get accepted? This bank looks like a joke. There seems to be no other option to provide documents like via email or fax.

My first time uploads were not recognized by their system and then the human verification also looks like did not go through. They sent me back an email yesterday asking to upload documents again. I uploaded the documents today and got the same message that their system does not recognize the documents. Will have to wait another 3 days to see what they come back with.

At this stage this bank looks useless and seems to use the document upload as a method to deter customers from being approved. Probably better of trying other bank bonuses instead of wasting time on this one.

John
John

How did you even get past the “Are you a US citizen” question in the page where you enter SSN and DOB? It would not even let me continue with the app if I choose “No” for US citizen

RB
RB

I answered No for US Citizen as I am not. The next question was I think Are you a Resident Alien for which I answered Yes. I did all this on a laptop on their website. Finally got to a page where they were asking to upload Passport, US Visa and Selfie. At this stage we will have to forget getting approved as their system is never going to approve those documents and neither are their humans from customer service going to approve. First uploaded documents were rejected by both their systems and humans. They sent me an email asking to upload documents again as the first set wasn’t clear. Again uploaded documents last Tuesday and their wait time is 3 business days before they get back. Will hear back from them today or tomorrow. Most likely it will be another rejection. If it gets rejected, I will then forget about this bank and just continue doing other bank bonuses rather than wasting my time.

SamTheMan
SamTheMan

any luck with the application?

RB
RB

Nothing yet.

Maddy
Maddy

even i am on work visa, i have uploaded the requested documents and then i received this in email : “Just wanted to let you know we’ve received the documentation you uploaded. It can take us up to 3 business days to review things, so sit tight and we’ll be in touch soon.
Thanks,”

Not sure it mean the documents are good ,FYI i have tried Multiple times to upload 🙁

RB
RB

During application, submitted Passport, US Visa and Photo. Got email back saying need re-submission of documents. When I went to upload documents for the 2nd time, they wanted only Passport and US Visa. I am assuming they accepted the Photo. Re-submitted Passport and US Visa on October 8th and after several days of wait, today received email asking to re-submit documents. When I clicked on re-submit documents, this time they only want the Passport. I am assuming they accepted the US Visa. Yet to submit the passport. Will give it one last try which will be my 3rd time before I decide to give up. This bank is a real pain in the axx to deal with if at all one is asked to upload documents.

John
John

How did you even get past the “Are you a US citizen” question in the page where you enter SSN and DOB? It would not even let me continue with the app if I choose “No” for US citizen

CJ
CJ

Yes citizenship required. There is a question after you page where you input your DoB and SSN.

B@dr!
B@dr!

Is there a question on citizenship or just input DOB and SSN? People who’re not citizens also have SSN? And no where it says only for US Citizens in any of the terms

HelpyBoi
HelpyBoi

Yes, any one who works in the US can have a SSN. I have one, and I’m on a student visa.

E
E

I chose no, it still goes through but denied without reason.

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

blank check
blank check

By chance, do you also have a Denizen account? I’m wondering if that’s why we’re getting denied for Simple.

Benz
Benz

Non-citizens can have SSNs. They can be a Permanent Resident.

Jason
Jason

Wife who is a GC holder/PR denied. She has an SSN and other non BBVA accounts. They have the question about US citizen, if you say no they ask for country of citizenship. Later they asked is she is a resident alien (yes). Perhaps it depends on duration–she is <5 years. I was instantly approved without any selfies, or file upload request and have an open BBVA checking account.

Denial doesn't say why, 'just doesn't meet our requirements'

Flea
Flea

I am in the same condition as you – US citizen, no extra ID requested before opening; as well as being an extant customer of BBVA. I finished application and it logged me right in.

Charles Mann
Charles Mann

Simple is not qualified to call themselves a bank, they could not run a lemonade stand without screwing it up. You will regret dealing with this amatuerish operation.

CO
CO

Giving reasons why might be helpful

Brandon
Brandon

Can you provide some constructive details about why you’d claim this?

Mojito
Mojito

I am not an existing customer, and I tried applying for this offer. They insist the document copies be photos from your phone and not scanned copies and whatever photo recognition system they use just fails miserably for my foreign passport. I called the customer support, and they are quite curt, definitely worse than any other banks that I have dealt with.

L.B.P
L.B.P

I’m not going to miss out on this one….🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️

Frank

Rough math says ~10% annualized return? Might actually be worth doing this one

Burton

2.5% return on your $20k investment, roughly 3 months gets to 10% APY. If you can keep it in the 2.15% account, then you are making over 12%. Hard to pass that up!

Matt
Matt

damn the 20K bonus is great. at least i got in with the bonus paid on 10/31 and not 11/30

JT
JT

I’ll probably hit this up at some point during the month. I’m tight right now with Marcus still going on anyways. I always think I’ve seen the worst of the shitshow that can be be bad banks and bad account opening practices, but after reading the comments here I think I should expect the worst. I never looked into the earlier deals, so I don’t know the details.

LakeMich87
LakeMich87

Same, but actually was not bad. Also I wanted to get this linked to Marcus now so it is an easy transfer once I can move the money at the end of this month.

Mikey
Mikey

I appreciate both you and LakeMich87 reminding me that Marcus funds earning the 1% bonus are available after 11/3. The timing couldn’t be better. Very tedious trying to earn a few dollars dealing with banks that have monthly “required actions”, sometimes it’s nice to just deposit funds and let them sit awhile unattended.

Boozi
Boozi

What’s up with Marcus?

LakeMich87
LakeMich87

Just singed up in five minutes. It was pretty easy to set up. Once the Simple account is opened, you have to click on protected goals and set up that account which can be then funded/linked to a external account by logging in to it from Simple’s site (prompted with a pop up).

Michael
Michael

Does it still require to take a selfie? 🙂

Tim
Tim

Yep, still need a selfie.

JF
JF

So this wasn’t a joke?

Tim
Tim

They just want to see that you are who you say you are (and that you match your DL picture). It’s an anti-fraud measure.

lilurbanachiever
lilurbanachiever

Nobody else does that, but whatever. I am not gonna complain if I can get $500 out of this joke.

Ame
Ame

Thank you for the promising data point. Do you have to be a citizen or a green card holder to open it?

B@dr!
B@dr!

So opening account is from the phone due to selfie requirement? Wondering how you’d do it if you’re on a desktop. Or is it that you have to take a selfie from phone app after the account is opened from a desktop

JP
JP

Owned by BBVA Compass bank. Doesn’t affect bonus but just FYI

https://www.simple.com/simple-bbva-faq

Liz
Liz

thank you I was wondering just that and about to ask 🙂

JF
JF

So if I open a Simple account, then a protected goal account, then set up $20K ACH into the protected goal account, I still have to move $20K into the Simple account and stay for 2.5 months?? Or can I move all money back to Protected Goal account to earn 2.15% interest?? (if so, what’s the point to open a Simple account?)

Tim
Tim

My read on the terms is that you have to open a Simple account. You must transfer $20,000 into that Simple Account. Then you can open a protected goals account and transfer money from Simple to Protected Goals.

If you go straight to Protected Goals than it seems like you might *technically* not satisfy the requirement “deposit of $20,000 must post to the new account”.

It would be extremely pedantic and unfriendly for them to enforce the terms this way, but I’m going to try to do everything as strictly by their terms as possible.

johnamcu
johnamcu

You have to have the Simple account; it’s what you start with. Open the Simple account, then push your funds in (or pull them in). Open the Protected Goals account and transfer your funds in from the Simple account.

Mojito
Mojito

I tried signing up, and the page is stuck at “Review & Submit” tab. I tried opening another browser and it says that user id already in use, so it did process to some extent. I guess I will have to call and finish the sign up.

binaryinfo
binaryinfo

Got into the same situation. Did you call yet?

Mojito
Mojito

I received an email to re-upload the photo of my passport, their system failed to process it again. I called their customer service this time, the rep was quite curt, just asked me to wait for the review team, did not have an apology to offer for their shitty photo processing system.

RB
RB

Mojito Any updates after the 2nd upload?

Mojito
Mojito

No, waiting for the three business days I guess.

RB
RB

Mojito Any updates? Its over 3 business days for me. No response yet on my second upload of documents.

Mojito
Mojito

They opened my account yesterday. I hope yours opened as well.

RB
RB

Mojito Could you please tell what the trick is to get clear images of these documents? How did you take these pictures? I am assuming you were also asked to submit Passport page with your details on it, US Visa and one of your photos/selfie’s.

CR
CR

I tried to log in using my password and it took me back to the application. I filled it out again using “Incognito” in Chrome and it worked fine second time.

missjenniferd1🦉 🦁

wow, the $500 offer is outstanding!!!! unfortunately i’m not eligible since i’m already doing the previous offer…. those who didnt do that one, you’re lucky!!

Tom
Tom

Their app says my driver’s license photo is too small and my passport photo is too blurry. Any suggestions?

Tom
Tom

Messing with the scanner settings so that it would scan my driver’s license to business card size seemed to do the trick.

Tom
Tom

I read in the other thread that having a BBVA account would generally disqualify you from getting a Simple account and, sure enough, I was rejected for a Simple account. Apparently I’m supposed to keep my BBVA account open for a year, until the end of November, or they may take back my bonus. Any data points for closing the BBVA account prior to the passing of a year?

bax
bax

I have a BBVA ClearConnect checking account and that didn’t cause any issue opening the Simple account before 9/30/2019.

Millennial Outrage

I have a BBVA account (credit and checking) and was able to sign up with Simple without issue.

Yu
Yu

Does it help or speed up the process if you have a BBVA account?

Tom
Tom

No. Some people think it hurts although as you can see above others are able to open while having a BBVA account.

Pablo
Pablo

Interesting. I currently have a BBVA account and cannot close it until December. If I get rejected, I guess it will stink but hopefully they will run a future promotion for roughly the same sign up bonus when I do have my BBVA account closed.

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