topic Re: Simple online bank? Goal system... in Personal Finance

Simple online bank? Goal system...

Wolfeyy — Sat, 25 Jun 2016 06:25:04 GMT

Hey guys and gals! Wolfeyy here!

So I've been watching a particular online bank for a while now called Simple. They have one thing that has me wanting to sign up and that is there goals system. I've been trying to think of a way to more or less put my money aside for my future house. The money I will be setting aside is from my side 1099 job, so weekly deposits will be made.

But I'm the kind of guy who will be temped to just grab physical cash and use it just because its physically in front of me. So having a safety deposit box will not work for me. Ive thought of using a savings account but as I am unable to create more that one sub-account I wouldn't be able to stick to it. There will be categories such as land, structure, interior, furniture etc....achieving each category keeps me motivated. Having to save a full 100k in one account seeing such little progress vs saving smaller 5k or 10k amounts and seeing progress at a much higher speed works best for me. Anyone elses brain work that way or am I broken? xD

I'm also a very organised person so being able to label specific goals and seeing me get closer to it gets excited and keeps me on track. I have excellent control over my finances. I manage my money perfectly with credit but actually having physical cash makes me lose all sanity. Its a weird situation. Anyone else have that problem? Anyways I just had to get all that explained first.

How do you guys feel about it? Do you have and suggestions or alternatives. Do you use Simple and what are your opinions on it? Anything at all would be nice.

P.S. I also heard about them freezing accounts for security purposes when multiple small deposits are made but its only a hand full of people so I'm not to stressed about it. Beside I wont be using the money.

Here is the the website address https://www.simple.com/

Re: Simple online bank? Goal system...

Gmood1 — Sat, 25 Jun 2016 09:59:45 GMT

The only problem I see with this is the rate. Why would anyone use a .01% return account to save money? You're literally earning pennies. I'd open five high yield savings accounts at different financial institutions before putting it in this bank.
You'll earn a whopping $10 off $100k. If you go with banks offering 1%. You'll earn $1,000 off that $100k.
https://www.netspend.com/about_netspend/ could be an option. Those accounts will earn you 5% up to $5000. That's huge compared to .01%!

Re: Simple online bank? Goal system...

Wolfeyy — Sun, 26 Jun 2016 02:00:44 GMT

@Gmood1 wrote:

Honestly I wasn't even thinking of a high yield savings account. It went over my head. I was just so facinated with the goals system. L0l. I'll look into that now.

Synchrony seems to have the highest at the moment at 1.06%. MMAs offer around 1.11% Of course that is with a substantial deposit and the money has to be locked in.

Re: Simple online bank? Goal system...

Gmood1 — Sun, 26 Jun 2016 02:45:45 GMT

You have other options as well https://www.depositaccounts.com/checking/reward-checking-accounts.html . Look into the rewards checking accounts.

Its a great way to earn something off what you're saving.

Re: Simple online bank? Goal system...

gibeon — Sun, 26 Jun 2016 05:05:17 GMT

I have Simple, I mostly use it for free transfers as you can link up to 5 bank accounts to push/pull. They aren't the quickest, but it is free.

I haven't set up any goals for savings.

They've been fine with me pulling transfers from multiple banks in any given month.

Re: Simple online bank? Goal system...

Wolfeyy — Sun, 26 Jun 2016 11:07:42 GMT

@Gmood1 wrote:
You have other options as well https://www.depositaccounts.com/checking/reward-checking-accounts.html . Look into the rewards checking accounts.
Its a great way to earn something off what you're saving.

Gosh theres so many its intimidating. I've never even heard of more than half of these institutions. Ahah. I'll keep reading.

Re: Simple online bank? Goal system...

Wolfeyy — Sun, 26 Jun 2016 11:15:31 GMT

@gibeon wrote:
I have Simple, I mostly use it for free transfers as you can link up to 5 bank accounts to push/pull. They aren't the quickest, but it is free.

I haven't set up any goals for savings.

They've been fine with me pulling transfers from multiple banks in any given month.

Hey Gibeon!

Ok, good to know. I have 2 accounts. One for my W2 and the other for my 1099. So at least one will be linked. I'm not too concerned will the speed so long as its within 3 days which is common for most places In my experience. Unless your Chase... when I had them they always took 4-5 days for me to get anything done. Anything else about them I should now?

Re: Simple online bank? Goal system...

gibeon — Sun, 26 Jun 2016 18:42:23 GMT

Transfers FROM Simple to other banks are pretty quick. For example, it's 2:30pm Eastern on Sunday, and if I schedule a transfer right now from Simple TO Navy Federal, it should be in my Navy account on the 28th (Tuesday). However, if I schedule a PULL from Navy TO Simple, it will debit Navy on Tuesday and be available at Simple on Thursday.

Also, my debit card came on a neat little laser cut and etched chipboard card holder. It was a fun little touch. I don't actually use debit cards very much (pretty much never). They do make it VERY easy to change your pin online. You can also block (freeze) your debit card online if you're not sure where it is - similar to the Freeze you can do with Discover.

Overall, their site and services are simple and easy to use.

If you want to delete an external account you have to wait at least 30 days from the last activity (transfer from/to that account).

I've had no problems, and the one or two times I've had to contact customer service (when I learned about the wait time for removing an external account) the CSRs were US-based and easy to get to - no long hold times or deep menus.

Re: Simple online bank? Goal system...

Anonymous — Sun, 26 Jun 2016 20:58:43 GMT

One of the drawbacks is they currently don’t offer joint accounts. They are now affiliated with BBVA Compass and have new features, such as joint accounts, planned as the integration is completed. They do offer instant transfer between Simple accounts.

My wife and I each have a Simple account that we use for our “fun” or whatever you want to call the guilt free blow money. We both previously had Google Wallet accounts ant we have been very pleased with Simple. The goal feature works well to manage hobby projects etc.

The accounts are basically fee free so I would suggest you try it out to see if it meets your needs.

Re: Simple online bank? Goal system...

Wolfeyy — Mon, 27 Jun 2016 12:11:37 GMT

gibeon wrote:

That sounds great. I don't use debit anymore either. The only time I use it is when I have pocket money and need to put it in the bank just so I don't have to carry it around. Wow, 30 days wait time, that's a long time but I can deal with that.

Re: Simple online bank? Goal system...

Wolfeyy — Mon, 27 Jun 2016 12:18:34 GMT

@Anonymous wrote:

Hey SpartanSoul!

No worries on that part. I don't plan to have any joint affiliation. I like to keep my finances separate in all aspects. Its nice that it will be there in the near future for those who need it though.

You and your wife have the right idea of why I would want to have one. In my case, my fun money would be my house money. The choice is getting more simple. Huehuehuehue. Anything else I should know?

Re: Simple online bank? Goal system...

dragontears — Mon, 27 Jun 2016 18:58:05 GMT

If you really want the ability to make "goals" check out Upromise goal saver account (https://www.upromisegoalsaver.com/) the interest rate is lower than others (0.85%) but you can make a lot of "goals"

Re: Simple online bank? Goal system...

RonM21 — Tue, 28 Jun 2016 09:46:25 GMT

Good link. Didn't know much about Upromise.

Re: Simple online bank? Goal system...

Wolfeyy — Wed, 29 Jun 2016 04:06:18 GMT

@dragontears wrote:

I actually looked into that awhile back as an option. It didnt really attract me though. I like to see pretty interfaces. xD