Simple Banking

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I’ve been thinking about this for some time now, if joining Simple Bank will be worth it. When I first heard about it back in February I was hooked with the idea of tracking my money better. It’s an all-online bank where there are no brick-and-mortar stores and no checks, (unless you have them send one in lieu of companies that don’t accept online bill pay). I think this could be super nice for things like paying rent that are always the same.

Simple does direct deposit and/or you can have another account regularly push money into the Simple account but for something like a check deposit, it takes a few days to recover (since you deposit via phone-captured photo). The thing that had me the most convinced about this company was the fact that they have a “Safe-to-Spend” feature telling you not how much is in your account, but how much of it you can actually spend right now up to the minute. So if you have 500.00 dollars, but you have to pay rent of 350.00 and you just bought 25.00 in gas, you have 125.00 left instead of it telling you that there is 500.00 in your account and then you have to do the math to decide if you can afford those new shoes right now. It also (similar to Mint.com/ Mint app) lets you create “goals” where you can say you’d like to save up $300 for a new pet in March and it lets you set aside money “in there” and deducts those additions from your total.

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Also as you’re getting closer to your goal due date Simple reminds you how much you need per week/day from this point on to reach that total. No penalizing or judging if you don’t reach your goals either ;). It’s pretty cool also that you can label your purchases and categorize them, and add notes. (eg. Write down the name of that super delicious thing you just ordered at that restaurant to get the same next time.) Another thing that really excited me about this option is that it shows immediate updates meaning: if you didn’t purchase something and got charged (fraudulently) you can see it right away instead of things showing up days later so you didn’t notice that charge for $10. (Like happened with my current bank, the second deposit into their account was not so small and unnoticed–it was like $180 dollars!)

Overall, I think this may be a very smart move for me but I just heard that to “get in” you have to get all of these forms notarized and mail them in and then you might not even be approved….so maybe I need to get my credit score up a little bit first? Getting in seems like such a hard process after I had to be “invited” to join and wait from late February until now to hear anything about it. Not sure, but I think this could be very helpful for me to set aside money better and not spend to the last penny as I have been lately. It’s hard when you’re a college student working two jobs and car troubles require costly repairs (ahem, $480 dollars at Midas for a new muffler…) when you’re already broke. All I can say is hopefully I won’t be having these kinds of financial troubles down the road when I graduate! ┬áBut— such is life and all I can do is look forward to it.

If after reading this you think Simple Bank sounds cool and t would work for you…here’s the link! ( FYI —I was no way paid to endorse Simple banking, this is just my honest opinion!)
https://simple.com/

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