With Simple Bank closing down, many are looking for new digital banking options. Luckily, several Simple Bank alternatives offer great online banking experiences. They have high-yield interest rates, low fees, and excellent customer service.
This guide explores some of the best online banks. They are perfect for those who want easy and efficient financial management.
Many digital banks, like Discover Bank, have no or low fees. Discover even offers a 3.75% APY on savings. For high APY checking accounts, Chime and SoFi stand out, with SoFi giving up to 4.00% APY on savings.
Chime is another great choice, serving around 12 million customers. It’s known for its low fees, including no monthly fees or costs for international card payments. Alliant Credit Union and Ally Bank also offer high APYs, at 3.10% and 3.80%, respectively.
Today’s digital banks are meeting the growing demand for mobile banking solutions. They offer advanced budgeting tools and wide ATM networks. These banks are ready to meet the needs of users looking for efficient and high-performing banking platforms.
Best Online Checking Accounts
Ally Bank’s Spending Account is a top choice for online checking. It offers free standard checks and incoming wire transfers. You also get access to over 75,000 ATMs. Plus, you can earn up to 0.25% APY with a $15,000 balance.
Ally also reimburses up to $10 in fees at out-of-network ATMs each month.
Discover Bank’s Cashback Debit account is great for those who want cash back. It gives 1% cash back on up to $3,000 in debit card purchases monthly. There are no monthly maintenance or insufficient fund fees.
Discover has access to 60,000 fee-free ATMs across the U.S. It also has a safe overdraft policy, ensuring transactions are declined without a fee if there’s not enough money.
Bank5 Connect’s High-Interest Checking account offers 2.30% APY on balances over $100. It only requires $10 to open. You can also get up to $15 back for out-of-network ATM fees.
This makes it a top choice for earning more interest.
Chime’s checking account is perfect for new online banking users. It doesn’t charge fees for overdrafts. You can get up to $20 back initially, and up to $200 over time.
Chime has over 50,000 fee-free ATMs and can deposit funds up to 2 days early with direct deposits. It’s a great option for beginners.
Charles Schwab Bank’s Investor Checking account is great for travelers. It offers unlimited worldwide ATM fee reimbursements, no monthly fees, and no minimum balance requirements. It also has no foreign transaction fees and earns interest on balances.
Quontic Bank’s Cash Rewards Checking and High-Yield Savings account combo is attractive. The Cash Rewards Checking account gives 1% cash back on qualifying debit card purchases. The High-Yield Savings account offers a 4.00% APY. Both require a $100 minimum opening deposit and have no monthly fees.
SoFi and Capital One 360 are also top online checking options. SoFi’s Checking and Savings account has a 0.50% APY across all balances. It also offers over 55,000 fee-free Allpoint ATMs and up to $300 in direct deposit bonuses.
Capital One 360 Checking is known for high customer satisfaction. It has no monthly service fees, multiple overdraft protection services, and competitive savings rates.
In conclusion, the right online checking account depends on your needs. Whether you want high interest rates, cash back, or no fees, there are many great options. For more details, check out these guides on top online checking accounts and best online checking accounts for 2024.
Guide to Alternatives to Simple Bank
After Simple Bank stopped operations on May 8, 2021, many are looking for new banks. This guide helps find banking alternatives that meet different financial needs. It focuses on secure online banking and strong mobile apps.
Ally Bank is a top choice. It offers budgeting tools like spending and saving buckets. These tools help manage money by automatically sorting expenses and setting savings goals. Ally also has competitive APYs without physical branches.
NBKC is another great option. It has no fees and offers a high APY of 1.75% on all balances. It also has wide ATM access. Plus, it doesn’t charge overdraft fees, making it a secure online banking choice.
Axos, formerly Bank of Internet, is also worth considering. It doesn’t charge monthly fees or require an initial deposit. This makes it a good choice for businesses that use wire payments a lot. Axos is a solid option for online checking without the usual bank costs.
Wise Business is great for international transactions. It lets you hold money in over 40 currencies. It also offers features like invoice creation and batch payments, making it a top mobile app for global transactions.
Here’s a table comparing some top Simple Bank replacements. It highlights their unique features and benefits to help you pick the best online checking solution:
| Bank | APY | Monthly Fees | Notable Features |
|---|---|---|---|
| Ally Bank | Varies | None | Customizable budgeting tools, no physical branches |
| NBKC | 1.75% | None | No overdraft fees, extensive ATM access |
| Axos | Varies | None | No monthly fees, no initial deposit requirements |
| Wise Business | Varies | Varies | Hold money in 40+ currencies, local account details |
For big savings, the Betterment Cash Reserve has a high APY of 4.50%. It also offers an extra 0.50% with qualifying deposits. This shows how digital banks are now providing high rates and advanced financial tools.
SoFi Checking and Savings also offer a high APY of 4.00% for members with Direct Deposit. This highlights the move towards modern, tech-based banking.
Choosing the right bank depends on your financial needs and preferences. By understanding the benefits of these Simple Bank replacements, you can find a new bank that fits your goals for secure online banking and mobile apps.
Top Accounts with Advanced Budgeting Tools
Ally, Bank of America, and Capital One are leaders in budgeting bank accounts. Ally’s “buckets” let users sort savings and spending in their app. This makes managing money easy on the go.
Bank of America boosts financial planning with its analytics tools. Users can see spending trends and get automated categorization. This helps keep track of money and make budget changes easily.
Capital One’s 360 Checking account is also a top choice. It comes with Eno, a smart virtual assistant. Eno tracks spending and savings, making money management smooth. Users get real-time updates to stay on top of their finances.
Banks like Chime, Discover, and Capital One 360 offer accounts without credit checks. This helps people improve their finances. These features help plan finances and handle unexpected costs, making money management easier.
