Simple Bank, a pioneer in the neobank space and a beloved digital banking app among US users, shut its doors in 2021. If you’re searching for a seamless and user-friendly alternative to Simple Bank, you’ve come to the right place.
This guide explores the best online banks and mobile money apps available today, offering similar features and a modern banking experience. We’ll delve into options like Monzo, Revolut, Chime, and the Wise Account, providing key details on accounts, functionalities, and fee structures to help you find the perfect fit.
Discovering a Simple Bank Replacement: Consider Wise
While Wise operates as a Money Service Business (MSB) rather than a traditional bank, it presents a compelling alternative to address many of your banking needs, especially if you’re globally minded. Wise excels for frequent travelers, expats, international workers, and anyone managing finances across borders.
The Wise Account empowers you with:
- Multi-Currency Bank Details: Receive payments like a local in 10 different currencies.
- Global Account Management: Hold, send, spend, and convert over 40 currencies within one account.
- Affordable International Transfers: Send money abroad with transparent, low fees.
- Wise Multi-Currency Card: Obtain a physical debit card for a one-time $9 fee, usable in 174 countries.
- Real Exchange Rates: All transactions are converted using the mid-market exchange rate.
Opening a Wise account online is a fast, simple, and free process. The intuitive Wise app provides convenient mobile management of your finances.
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Refer to the Terms of Use for your specific region and explore Wise Fees & Pricing for the most current fee information. You only pay for the services you utilize.
The rise of digital banks reflects a significant shift in how people manage their finances. The appeal of simple, user-friendly smartphone apps for banking is undeniable. For many, digital banking offers a superior experience compared to traditional brick-and-mortar institutions.
With the digital banking landscape constantly evolving, new and innovative apps are continuously emerging. We’ve curated a selection of top contenders to explore if you appreciated the simplicity and user-centric approach of Simple Bank.
Top Simple Bank Alternatives: A Detailed Look
Chime¹
Chime consistently ranks as a leading choice for individuals seeking a robust Simple Bank alternative.
Chime provides a straightforward online checking account with no opening fees and no recurring monthly charges. Manage your finances effortlessly 24/7 through the Chime mobile app.
Key features of the Chime account include:
- Free Debit Card: Enjoy convenient spending and ATM access.
- SpotMe® Overdraft: Fee-free overdraft up to $200 for eligible members.
- Extensive ATM Network: Access over 60,000 fee-free ATMs nationwide.
- Early Direct Deposit: Receive your paycheck up to two days early with direct deposit.
Varo²
Varo Money offers both checking and high-yield savings accounts, all accessible and managed online or via the Varo mobile app.
The Varo checking account stands out with its fee-free structure and valuable features:
- Varo Visa Debit Card: For seamless spending.
- Instant Money Access: Quick and easy access to your funds.
- Early Direct Deposit: Get paid up to 2 days sooner.
- Zelle Integration: Send and receive money easily through the Varo app.
- Large Fee-Free ATM Network: Over 40,000 ATMs without fees.
- Cashback Rewards: Earn cashback at select retailers and brands.
Varo also provides FDIC insurance up to $250,000, ensuring the security of your deposits. Opening a Varo account online is advertised to take less than two minutes.
Monzo³
Monzo delivers a feature-rich personal account, complete with a free debit card, no monthly maintenance fees, and full mobile control through the Monzo app.
Monzo account benefits include:
- No Overdraft or Foreign Transaction Fees: Transparent and predictable costs.
- Early Paycheck: Access your direct deposit funds up to 2 days early.
- FDIC Insurance: Up to $250,000 in deposit insurance.
- In-App Security Features: Card controls and robust security management.
Monzo claims account sign-up can be completed in under 10 minutes, starting with a simple app download.
Revolut
Revolut, another prominent player in digital banking, provides a range of account plans, starting with a free Standard account. This entry-level option includes a personalized debit card, fee-free withdrawals at 55,000 ATMs, and one complimentary international transfer per month.⁴
Upgrading to paid plans unlocks a wealth of additional benefits. The Premium plan ($9.99 monthly) and Metal plan ($16.99 monthly)⁴ offer progressively enhanced features.
Premium and Metal plan perks include savings interest, primary accidental medical insurance, travel insurance, unlimited fee-free currency exchange, discounted airport lounge access, and much more, catering to diverse financial needs.
Revolut also provides business accounts, making it a potentially attractive option for business owners who were previously limited by Simple Bank’s lack of business account offerings.
Current⁵
Current, a fintech company, offers a comprehensive suite of accounts for spending, saving, and investing.
Their app-centric checking account mirrors many of the popular features found in other online banks listed:
- Debit Card with No Monthly Fees: Cost-effective spending.
- Fee-Free Overdraft: Avoid overdraft charges (terms apply).
- Faster Direct Deposit: Get paid up to 2 days earlier.
- Merchant Rewards: Earn points at over 14,000 participating merchants.
- No Minimum Balance Fees: No penalties for low balances.
- Extensive Free ATM Access: Over 40,000 fee-free ATMs.
Current also provides specialized teen accounts, expanding its appeal to families.
Capital One⁶
Capital One, a well-established US bank, offers a leading online checking account called the 360 Checking Account. This account boasts no fees and 24/7 mobile banking access, alongside:
- Debit Card: For everyday spending.
- Vast ATM Network: Fee-free withdrawals at over 70,000 ATMs.
- Overdraft Options: Manage overdrafts effectively.
- Early Paycheck Feature: Access your paycheck up to 2 days early.
- Zelle Integration: Seamless payments through the Capital One app.
Capital One extends its digital offerings to savings, teen savings, and kids savings accounts, providing a broad range of digital banking solutions.
ONE⁷
Distinct from Capital One, ONE is a digital banking service that echoes many of the user-friendly aspects of Simple Bank and other contemporary online banks.
The ONE app delivers features like:
- Debit Mastercard: Accepted worldwide.
- Round-Ups Savings: Automated savings with 1% APY as you spend.
- Cash Rewards Program: Earn rewards at participating brands.
- Overdraft Protection: Up to $200 in overdraft coverage.
- No Monthly Fees: Cost-effective banking.
- Walmart Cash Deposits: Convenient cash deposits at Walmart locations nationwide.
- Extensive Fee-Free ATM Network: Over 55,000 ATMs.
- Early Payday: Access direct deposits sooner.
ONE accounts are also FDIC insured for up to $250,000 per depositor.
Juno⁸
Juno promotes itself as offering “the most powerful checking account,” packed with high-value features. This fintech company provides:
- Juno Debit Card: For easy spending.
- High-Yield Interest: 5% APY on balances up to $50,000.
- Competitive Interest on Larger Balances: 4% APY on balances between $50,000 and $250,000.
- Unlimited Fee-Free Transactions: No fees for transfers or withdrawals.
- No Account Fees: Zero monthly or hidden fees.
- FDIC Insurance: Up to $250,000 in deposit protection.
- Generous Cashback: 5% cashback at select brands, including Amazon and Doordash.
- Instant Bill Pay: Efficient bill management.
- Vast Fee-Free ATM Network: Over 80,000 ATMs.
Juno states that account opening can be completed in as quickly as 3 minutes.
Majority⁹
Finally, Majority stands out as a unique digital banking platform specifically designed for individuals new to the United States.
Beyond typical banking services, Majority offers valuable supplementary services like international calling, particularly helpful for newcomers navigating initial settlement. They market their services as “all-in-one mobile banking for migrants.”
Majority’s checking account provides essential everyday banking functionalities through a debit card and a feature-rich mobile app. Key features include:
- Fee-Free Mobile Top-Ups: For mobile phone services.
- International Calling: Built-in international calling capabilities.
- Personalized Advisor: Multi-lingual customer support.
- Competitive Exchange Rates for Transfers: Affordable international money transfers.
- Early Paycheck Access: Faster access to direct deposits.
- FDIC Insurance: Protection for your deposits.
- No Minimum Balance Requirements: Accessible to all users.
While Majority’s comprehensive service package comes with a $5.99 monthly fee, the included features and benefits can be highly valuable, especially for its target demographic.
Conclusion: Choosing Your Simple Bank Alternative
This comprehensive overview provides a range of excellent replacements for Simple Bank.
When selecting a new digital bank, carefully compare features and fee structures to align with your specific financial needs and habits. With a bit of research, you’ll be well-equipped to choose the ideal online banking solution for you.
The positive aspect is that numerous options offer fee-free banking, enabling you to manage your finances conveniently and affordably.
However, remember that many online banks, while excellent domestically, may not be the most cost-effective or feature-rich for international money management. If you frequently send money abroad or spend in other countries, the Wise Account remains a highly competitive and often superior choice.
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Frequently Asked Questions about Simple Bank Alternatives
Are there other banks similar to Simple Bank?
Yes, the digital banking market is thriving with numerous online banks that emulate Simple’s user-friendly approach. Refer to our list above for the top recommended Simple Bank replacements.
What is a good replacement for the Simple card?
Most online banks discussed in this guide offer free debit cards. These debit cards function similarly to the Simple card for spending and ATM withdrawals. Some even incorporate added perks like cashback rewards on purchases.
Is there a possibility of Simple Bank returning?
Simple Bank officially closed permanently in 2021 and is unlikely to be revived in the near future.
Which bank did Simple Bank transition into?
Upon Simple Bank’s closure in 2021, it was acquired by BBVA, a Spanish multinational financial institution. Existing Simple Bank customers were transitioned to BBVA accounts.
Sources for this article:
Sources verified on May 8, 2023.
*Please review the terms of use and product availability for your region. Visit Wise fees and pricing for the most up-to-date pricing and fee details.
This article is intended for general informational purposes only and does not constitute legal, tax, or professional financial advice from Wise Payments Limited or its affiliates. It is not a substitute for seeking guidance from a qualified financial advisor or other professional. We provide no warranties or guarantees regarding the accuracy, completeness, or timeliness of the information presented in this publication, whether express or implied.
