Posted by William Charles on July 6, 2019
Bank Account Bonuses

Published on July 6th, 2019 | by William Charles

240

Simple Finance: Open Protected Goals Account & Earn $250 & 2.02% APY (Up To $750 Between Two People)

Update 7/6/19: There was an error with opening the protected goals accounts, this should now be fixed and you should be able to open these accounts properly.

Offer at a glance

  • Maximum bonus amount: $250 per account (up to $750 between two people)
  • Availability: Nationwide
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: None
  • Household limit: None
  • Expiration date:  Must open by July 31st, 2019

The Offer

Direct link to offer

  • Simple Finance is offering a bonus of $250 when you open a protected goals account (either individual or shared) and complete the following requirements:
    • Receive deposit(s) totaling $10,000 or more by 8/15/19 11:59PM PT
    • Maintain a balance of at least $10,000 in each new protected goals account through 10/31/19 11:59PM PT

The Fine Print

  • Eligible customers will receive the bonus credit to their Protected Goals Account by 11/15/19 11:59 PM PT.
  • Accounts must be open and in good standing at the time of bonus credit.
  • Earn $250 for each qualifying Protected Goals Account (Individual or Shared). Maximum
    of one (1) $250 bonus per eligible Protected Goals Account.
  • Employees are ineligible for this promotion.
  • 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.
  • Bonus may be modified or withdrawn without notice.
  • 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

You can open one individual account and one shared account, each account can get a bonus of $250 (this is per account, not per person for the shared account). This means if you and your spouse opened an individual account each and a shared account you could earn a bonus of up to $750 in total ($250 per account).

In terms of the bonus itself you’ll basically need $10,000 in the account from 8/15 until 10/31 at minimum (realistically you’ll want to get the funds in there before then just to be on the safe side). That’s roughly 77 days, but I’d say 90 days to be cautious. The nice thing about this account is that it earns 2.02% APY, this competitive with other high interest accounts. This bonus is great if you have a spare $10,000 that can be used, because of this we will be adding it to our best bank bonus page.

Useful posts regarding bank bonuses:



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Fred
Fred

When you say “up to $750 between two people,” you’re talking about a combined balance requirement of $30K, right? Or am I missing something?

AN
AN

Guessing the $750 would need $30k tied up for the ~90 days, which makes it a tough one for most.

Return of 12.02% APY for the bonus, if anyone was wondering.

henriq
henriq

Is that in addition to the 2% they’re offering? (I got a D in math)

lei
lei

yes, without that 2% it will roughly be 10% for the bonus itself.

ChaseJuggler
ChaseJuggler

With the stock market near an all-time high, I consider this one a no-brainer. A guaranteed return of 12% APY on $30,000 is fantastic divertification.

Emerson
Emerson

Do they require 2 separate ssn for the shared account?

TatyG
TatyG

yes

LC
LC

odd when i went to sign up for this it never asked for the 2nd… going to start overi guess

Shirley
Shirley

Tried signing up but when submitting the application, screen would just stay on the same page with a spinning arrow. Called and they said there is a “glitch” in their system that’s being worked on and to try again later.

Just tried again and now it can’t send me the verification code to the same phone that it was able to send to me twice before.

Not a good sign.

Tyler
Tyler

Makes you wonder what they mean by “Simple” Finance . . .

Andy
Andy

Had that issue in Chrome, but it worked in incognito.

Jacob
Jacob

If Simple is run by the same guys as BBVA Compass, then don’t bother trying for any bonuses with them. After the tech glitches, slow replies, and in general doing everything they can to not pay bonuses, it’s not worth it.

SG
SG

Only for US Citizens.

Peaches
Peaches

Its a real crap shoot anyways requiring $10k each to be tied up for a while.

Fred
Fred

I guess you don’t need to put any money into it before August – I’ll probably put $1 in there and then decide in a month whether I want to to risk ~$90 in interest to get the bonus.

Bruce

$90? The account earns 2.02% APY. Thats only 0.5% less than the max out there

john m
john m

I’m not the math wiz. Correct me if I’m wrong.
i have 35000 at wealthfront at 2.57% vs 2.02% at simple. Take 10000 out and put it into simple for 90 days. After putting in the information in a savings calculator I come out $75 ahead. Right?

Betelgeuse
Betelgeuse

Doesn’t sound right. The interest lost is 10000*(2.57%-2.02%)*90/365=13.56 assuming we need to leave 10k at simple for 90 days. So you should get 250-13.56=236$ extra.

Fred
Fred

The money for this would come out of a 3%-4% rewards checking account.

CJ
CJ

Did you see the restriction after starting the application? I couldn’t find it on the landing page.

Fred
Fred

There’s a radio button asking if you are a citizen or not during the application process. Definitely after you pick a password and submit your basic info, might be on the same screen you submit your SSN. I did not click, for fear it would not let me change my mind.

nick
nick

how about green card holders?

007
007

Apparently there is actually a class action lawsuit against them in California for discriminating against legal permanent residents/green card holders so I think the answer is no:

https://www.courtlistener.com/recap/gov.uscourts.cand.339889/gov.uscourts.cand.339889.1.0_1.pdf

pjm
pjm

must open account by 7/31. I’d probably open it “now” with a screenshot of the offer. Sounds like the kind of thing that can get them overwhelmed

Harold
Harold

This date should go into the main post.

TatyG
TatyG

Just applied and was approved for two individual ( me and P2) and one shared accounts, very simple application process, NO cc funding. They use plaid to link accounts.

Bruce

Looks like you just make the shared on through one of the user’s interface and send an invitation? There’s no link to it on the offer page from DOC

TatyG
TatyG

Yes, you send an invitation to P2, he has 30 days to accept it. Then P2 opens his individual account and accepts the invite for the shared one. Once that’s opened, P1 needs to accept P2’s invitation. It was kinda confusing at this point, we kept accepting each others invitations…

Shirley
Shirley

I’m still having trouble getting past the submit screen, did you apply through their app or by computer?

TatyG
TatyG

On computer.

Shirley
Shirley

That’s what I’ve been trying all day to do so now not sure what the hecks going on.

Ganesh
Ganesh

Didnt work for me in a browser. Worked in the app.

Jo
Jo

The opening process is a little bit confusing to me. First you have to open an account, you will get a Save-to-Spend sub-account automatically. Then you have to open a protected goal account, which is the one you need to deposit money into and hold for a period of time.
For the shared protected goal, that’s another sub-account and has to be opened under the same user id. Did I get it right?

Bruce

Yes, thats how I did it. Opened up account for P1. Opened up account for P2. Then under P1 opened up a shared account with P2. Accepted invitation from P2. Then under each account, you can start a savings goal

Dan
Dan

US CITIZENS ONLY!

TatyG
TatyG

On one of the next pages, where you have to certify under penalty of perjury it says: “I am a U.S. citizen or other U.S. person”, not just US citizen.

007
007

Did you say yes or no on the prior page when asked whether you were a us citizen?

TatyG
TatyG

I’m a citizen, so I said yes.

007
007

Got it. Thanks for the clarification!

Jeremy
Jeremy

Can you open a new goals account in an existing simple account?

Raj
Raj

Wow, I was actually denied. They said they couldn’t provide me with a reason, but I don’t open many accounts and I’m a citizen (as the comments say not being a citizen is a disqualifier).

Gerry
Gerry

I got denied too. No reason given. I’m a US citizen. I suspect because BBVA is in charge, and I’m a Hawaii resident, they denied my application.

Sherlock
Sherlock

Add in another denial, citizen, UT resident I do have a BBVA account open already.

Ven
Ven

+1, Not sure what’s the reason but, I just opened a BBVA money market account. May be that’s why?

tsoib
tsoib

+1 denied immediately. Good credit, US citizen. No BBVA relationship. Weird…

Julia
Julia

I’m a Hawai’i resident (and US citizen) and I was able to open an account. So, can’t simply be because people forget we’re part of the union…

arizonapv
arizonapv

I am a current BBVA customer. At the end of the application process I received the following message:
Processing your application is taking longer than normal. Don’t worry though! We’ll send you an email as soon as your account is ready. Talk soon!
Did you get that message too? Did you get a denial email or did the web page give you a message saying you were denied? Person #2 got approved instantly, so it’s definitely something about me that didn’t pass inspection. P2 does not have a BBVA account.

Wayne
Wayne

I received the email, then 15 or so minutes later I was approved.

Ven
Ven

I got message and email saying my application was denied. Straight denial.

AlarmingConsequence
AlarmingConsequence

Do you already have a BBVA account?

Svy
Svy

FYI-Having a current BBVA account does not appear to be the sole factor in denial as I and at least one other person were able to open an account.

Andy
Andy

Got denied also. I have excellent credit and have never been denied when opening an account before. Oh well, guess I won’t waste my time with these clowns.

arizonapv
arizonapv

Does anyone know the rating of this BBVA USA bank? Their name is similar to BBVA Compass and I am having trouble finding it.

SeanK
SeanK

I think BBVA USA is BBVA Compass. They dropped Compass from their name for rebranding

Steve

I think they’re the same, they just changed their name. bbvacompass.com now redirects to bbvausa.com and their home page says “BBVA Compass is now BBVA”.

Geo
Geo

Google is your friend.

shak
shak
Gidget
Gidget

So just checking..

Based on the terms of this promotion.. it makes the most sense to wait until August to open this account right? Since the 10k needs to be kept from 8/15 until 10/31? That’s how I’m reading this post.

So no need to open this account now.

But just set a reminder for early August to come back and open it William Charles

SeanK
SeanK

Just a heads up, it says it needs to be opened by 7/31 4:59 pm PT

PJ
PJ

Funding takes more than 30 days because of transfer limits.

Gidget
Gidget

you can always initiate the transfer from an external account, right? Do you get your account number and routing number immediately after getting this account?

Thumper
Thumper

Yes, you can view them immediately.

JuicyJosh
JuicyJosh

Just my opinion but the min balance requirements here make this $250 (plus $50 in interest) not so great. The opportunity cost is higher with so many other banks paying more for less tied up. The only way this looks good to me is if there are no other bonus options available or if you have idle cash. Ill keep on the radar but its a pass for now.

Mjs
Mjs

Respectfully disagree. You’re trying up 10000 for only 2.5 months at an APY similar to Ally or other top paying national savings account .

Let’s just say you could earn 4% with a Reward Checking account instead. Over a year that’s about a 200 differential in earnings. But assume you have funds in this bank for 3 months total. That’s 1/4 a year. So your opportunity cost is only 50 of the 200 to move money here and that’s the worst case scenario for liquid funds (and assumes you have access to a 4% Reward Checking account AND any you dont have available funds in some other lower APY account that you’d access first)

JuicyJosh
JuicyJosh

Hey Mjs . Thanks for the feedback.

Hancock bank, 0% interest, 10k to keep fee free, bonus $500
First American ,0% interest, $0 to keep fee free, bonus $250
BBT, 0% interest, 1.5k to keep fee free, bonus $300

I agree if you are keeping steady 10k+ in Ally this is good. But I’d also say to that it would be better served earning bonuses. My original statement was along the lines of you give up a lot but get a little when you can find better return elsewhere.

Porky
Porky

For those who can take advantage of them, true, but your examples all have geographic restrictions, and don’t apply to everyone. If you have the funds, the 2.5 month investment in Simple is much higher than other savings/reward checking accounts.

JuicyJosh
JuicyJosh

These are just examples. Same logic applies

Bruce

Those banks are regional. Plenty of users have already “hit” the major bonuses. This is a pretty good one

Jim
Jim

Those sound like some great deals, alas, only First American allowed out of state.

If ya see other out of state opportunities, JuicyJosh really appreciate a tag @ me 🙂 And I’ll gladly reciprocate!

arizonapv
arizonapv

Jim Jim read the M&T post. Maybe that will work for you. Tag @ me if you find anything of interest! JuicyJosh what are your thoughts re the recent Marcus post?

Jim
Jim

Thanks, may I ask which M&T post?

arizonapv
arizonapv

sorry I messed up the link

rustum
rustum

I got a bonus bbva compass in TX. Can I apply for this a/c bonus as well?

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