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The Next Chapter
- jjoe 13y agoI get the impression that they undersold...
- H4nd5omeR0b 13y agoI hope this means Simple will offer joint accounts someday soon.
- iends 13y agoThe day they offer joint accounts is the day both me and my wife switch to Simple.
- ceejayoz 13y agoYes, that's one of the big remaining pain points, especially with taxes coming up - Simple has posted a statement that people filing jointly can't deposit refunds to their Simple accounts. The IRS FAQ says you can deposit joint refunds to single accounts but that it's up to the bank, so this is either a Simple or Bancorp limitation. Annoying for those of us trying to switch entirely. Instant account-to-account transfer has been great, though, for my wife and I.
- catfoods 13y agoAlso hoping for small business accounts becoming an option soon. I have been using them for my personal account for about six months and have no complaints, love it.
- selectnull 13y agoSo, www.simple.com is joining www.bbva.com/TLBB/tlbb/esp/index.jsp I don't know, doesn't really look like an improvment.
- filiwickers 13y agoThey are joining for exactly this reason. Simple excels in their user interface and experience. BBVA is a huge bank with lots of cash and backing. Seems like these are good partners.
- freditup 13y agoHow does Simple compare to something like Ally (http://www.ally.com http://www.ally.com)? Thinking about switching banks recently - are online only banks pretty nice, or do they have drawbacks?
- H4nd5omeR0b 13y agoI have accounts at both. Simple's draw is the UI - budgeting & reporting tools. Ally's draw is the (relatively) high interest rate. Simple has one great downfall, in my opinion. They don't offer joint accounts. For me, that's a fatal flaw. I've been at Ally for a year and was at ING Direct for several years prior. I never went to the physical bank, so I was happy to trade a brick & mortar branch for a higher interest rate.
- mathattack 13y agoAlly is a real bank, Simple isn't, right? My understanding is Simple just processes the transactions, without holding deposits. $1.7 billion sounds like a lot, but in Financial Services it's not that big. $117 million seems fair, if not high.
- nathanhammond 13y ago$1.7 billion is a misleading number. The number that matters most in banking is your total deposit assets which they did not reveal in the blog post. The purchase was for two assets: the total deposits on hand (easy to calculate return on) and the technology. It's likely that at any bank of reasonable scale that it would take 2-3x the $117 million to build something comparable to what Simple already has. (I've worked at Wachovia, Wells Fargo, and Ally, and live in Charlotte so I know BofA's story too.) This is an excellent purchase by BBVA, and a steal at that price. In short order they will move the assets over from the holding bank (that's the guaranteed money). At that acquisition price I suspect that Simple was struggling to return a profit since they were not actually a bank.
- mathattack 13y agoTo your last point was Simple's cost of funding just too high?
- deleted 13y ago[deleted]
- anExcitedBeast 13y agoI don't see a need for any of this. Banking is ugly, but who cares? Interest > UX niceties. Get a better interest rate and I'm in.
- stdbrouw 13y agoDo you really care about the interest rate on your checkings account?
- dagw 13y agoIf you care about interest rates more than quick and easy access to your money, you shouldn't be putting your money in a bank account
- kbar13 13y agointerest rates in any checking account is essentially nothing. I care a lot more about being able to send money and do other banking things on the go as well as at my computer, with good support.