Account Alternatives to Simple

The Jan. 7 announcement that online banking service Simple would be shutting down led some customers to express dismay on social media over losing beloved app features. The closure means that sometime in the near future, Simple accounts will be transitioned to accounts at BBVA USA, the bank which held customer deposits behind the scenes for Simple.

Though BBVA has been Simple’s parent for some time, the bank currently doesn’t have the same “Safe-to-Spend” and “Goals” features that Simple offered — indeed, the features are fairly unique even among other so-called challenger banks. And Simple’s customers are lamenting the loss.

“[I’m] working toward paying off debt, and Simple has a great setup to manage my money in ways that make sense for me to do that,” said Caitlyn Martin, a postpartum doula and Simple customer in Portland, Oregon. “So the news that I not only have to switch banks, but will likely lose app features that have completely changed my financial life, is truly upsetting.”

However, some accounts at other institutions do have strong features worth considering, including attractive annual percentage yields, early direct deposit and unlimited ATM reimbursements. Separate apps for budgeting, such as Mint and Pocketguard, are also an option that may appeal to Simple users.

Whether you’re a Simple customer who’s considering switching to a new bank or you’re thinking about sticking with BBVA, there are options for where and how to stash your cash. Here are some alternatives to consider.

For more options, see Affimobfly’s picks for the best online checking accounts and best high-yield online savings accounts.

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Forbright Bank Growth Savings

APY

4.25%Annual Percentage Yield (APY) is accurate as of 01/09/2025. APY may change at any time before or after the account is opened. Available only online.

Min. balance for APY

$0

Learn More

Member FDIC

Axos ONE® Savings

APY

4.66%The Axos ONE Savings account will earn a promotional rate of up to 4.66% APY for the statement cycle in which the requirements are met.

Min. balance for APY

$1,500

Learn More

Member FDIC

Varo Savings Account

APY

5.00%Annual Percentage Yield (APY) is accurate as of June 17th, 2025. Start earning 2.50% APY, then qualify to earn 5.00% APY on your balance up to $5,000.00 and 2.50% APY on balances over $5,000 next month by 1) Receiving direct deposit(s) totaling $1,000 or more; and 2) Ending the month with a positive balance in all your Varo Accounts. No fees, no minimums required. Rates subject to change at any time.

Min. balance for APY

$0

Learn More

Member FDIC

E*TRADE Premium Savings

APY

4.00%Annual Percentage Yield (APY) may change at any time and fees may reduce earnings. Please visit etrade.com/ratesheet for more information.

Min. balance for APY

$0

These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.Learn More

on Wealthfront’s website

Wealthfront Cash Account

APY

4.00%

Min. balance for APY

$1

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on Betterment’s website

Betterment Cash Reserve – Paid non-client promotion

APY

4.50%*Current promotional rate; annual percentage yield (variable) is 4.00% as of 12/27/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .50% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks (www.betterment.com/cash-portfolio) conducted through clients’ brokerage accounts at Betterment Securities. FDIC insurance is subject to certain conditions.

Min. balance for APY

$0

CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.Read review

Marcus by Goldman Sachs High-Yield CD

APY

4.10%4.10% APY (annual percentage yield) as of 05/14/2025

Term

1 year

Read review

Bread Savings® CD

APY

4.45%All Bread Savings APYs are accurate as of 06/24/2025. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time. Rates are compared against competitor rates published by Affimobfly.com and the institutions themselves as of 06/24/2025. Affimobfly.com obtains the data from the various banks that it tracks and its accuracy cannot be guaranteed.

Term

6 months

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Alliant Credit Union Certificate

APY

4.00%

Term

1 year

Learn More

Member FDIC

Discover® CD

APY

4.00%Annual Percentage Yield (APY) is accurate as of 06/26/2025

Term

1 year

Checking accounts are used for day-to-day cash deposits and withdrawals.Checking accounts are used for day-to-day cash deposits and withdrawals.Learn More

Member FDIC

Discover® Cashback Debit

APY

N/A

Monthly fee

$0

Learn More

Deposits are FDIC Insured

Chime® Checking Account

APY

N/A

Monthly fee

$0

Learn More

Member FDIC

Varo Bank Account

APY

N/A

Monthly fee

$0

Learn More

Member FDIC

E*TRADE Max-Rate Checking

APY

3.00%Annual Percentage Yield (APY). APY may change at any time and fees may reduce earnings. Please visit etrade.com/ratesheet for more information.

Monthly fee

$15

Money market accounts pay rates similar to savings accounts and have some checking features.Money market accounts pay rates similar to savings accounts and have some checking features.Learn More

Member FDIC

Discover® Money Market Account

APY

3.40%

Min. balance for APY

$0

EXPLORE MORE ACCOUNTS

LendingClub: Tiered interest, checking rewards

LendingClub, an online-only banking provider, offers tiered interest rates and no monthly fees on both its savings and Rewards Checking accounts, as long you maintain certain balances.

In addition to a 1.00% APY for balances over $2,500 (rising to 0.00% for balances over $100,000), LendingClub’s Rewards Checking account offers an unlimited 1% cash back on online and signature-based “credit” transactions made with a LendingClub debit card. The account also offers unlimited automatic ATM fee rebates.

Chime: High APY, savings boosters

Chime’s Checking and High Yield Savings accounts have no monthly fees, and the savings account offers a 1.25% APY (note that a Chime Checking Account is required to be eligible for a Savings Account). There are two optional features to help facilitate greater savings: Customers can round up every purchase on their Chime debit card to the nearest dollar and deposit the difference into their savings account, or they can opt to automatically transfer 10% of their paycheck into their savings account. Chime customers can also receive their paychecks up to two days early. Most traditional banks don’t offer this option.

One thing to note: Cash deposits can only be made at third-party Green Dot locations and may carry a fee.

See more information from Chime

Chime says: “Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.”

“Save When I Get Paid automatically transfers 10% of your direct deposits of $1 or more from your Checking Account into your savings account.”

“Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.”

“The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of May 23, 2025. No minimum balance required. Must have $0.01 in savings to earn interest.”

Varo: Strong APY, savings tools

Varo’s checking and savings accounts are both free, and Varo has a large ATM network for withdrawals. However, like Chime, Varo only allows cash deposits at Green Dot locations, which may carry a fee.

Varo’s checking account has no foreign transaction fees, and customers may be able to receive their paychecks up to two days early. Varo’s savings account offers a strong APY of up to 5.00% on balances up to $5,000 if certain direct deposit and balance conditions are met, and 2.50% if not. Its “Save Your Pay” and “Save Your Change” features encourage socking money away regularly.

Personal Capital Cash: Budgeting tools

Cash management accounts, a hybrid of savings and checking accounts that have risen in popularity over the past few years, are typically offered by nonbank financial service providers such as brokerages. The cash management account at Personal Capital, an automated investment management service, has tools to help customers budget and track their net worth online. It also gets high marks from users in Google Play and Apple’s app store.

The account doesn’t, however, offer a debit card or cash withdrawals or deposits; money must be moved in and out of the account by electronic transfer. Services like bill pay can be arranged by linking the account to a separate, external checking account.

Or stick with BBVA

BBVA’s online checking account has no monthly service charge and gives customers access to more than 64,000 free ATMs, but the account doesn’t pay interest. BBVA’s online savings account offers a 0.01% APY, lower than the current national average of 0.38% for saving account interest rates. BBVA has branches in a limited number of states, including Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.

Though some of Simple’s features are hard to replicate among competitors, many banks and other financial services do offer good service, tech-savvy app features and solid interest rates.

To compare other options, check out Affimobfly’s picks for Best Checking Accounts and Best High-Yield Online Savings Accounts.