[m0th87]

It might help to try to understand the target demographic rather than handwaving them as idiots. I have a decent amount of money, and I'm most certainly fed up with my institutional bank. An increasing share of my money is making its way into my Simple account for a number of reasons:

1) Banks do have you opt-in for fees, but typically through opaque changes to terms and conditions. When my bank was acquired, I started getting fees for, e.g. using other ATMs. I'm sure they sent me something in regards to this, but who the hell actually reads legalese? Contrast that with simple. When the new year rolled in, they updated their terms and conditions with an email that explained its effects in plain english (in a manner reminiscent of Creative Commons licenses.)

2) Simple has ATMs everywhere since it's part of Allpoint.

3) Their apps are just beautiful. Dealing with financial matters is probably the thing I dread most in day-to-day endeavors. Simple completely changes that equation; it makes the process actually pleasant.

4) From a political perspective, I just find most banks (including my institutional one) deplorable. Their role in the financial crisis, and their behavior afterward deserves repercussions. Simple has an unsullied history.

Say what you will, but I'm happy to give Simple my money given the experience thus far. And clearly others are too.

[philwelch]

> Simple has ATMs everywhere since it's part of Allpoint

To be frank with you, Allpoint is pretty shit wherever I've lived. I don't want to have to go to some dilapidated 7-11 to use their ATM. I want to use any ATM I see on the street with no fee. It turns out I could get that with either USAA or, apparently, Charles Schwab.

> Their apps are just beautiful. Dealing with financial matters is probably the thing I dread most in day-to-day endeavors. Simple completely changes that equation; it makes the process actually pleasant.

Can't really comment, except USAA and ING Direct (soon to become Capital One 360) both have perfectly usable web sites, and USAA's web site is even an acceptable Mint, if that's what you want. (Personally, I use spreadsheets.)

> From a political perspective, I just find most banks (including my institutional one) deplorable. Their role in the financial crisis, and their behavior afterward deserves repercussions.

Isn't Simple backended by an institutional bank?

[m0th87]

RE: USAA, Charles Schwab, etc., this is a fair point. All of them have solid reputations. Any idea which one provides the highest interest rates?

> Isn't Simple backended by an institutional bank?

This is a good point, the answer to which I'm unsure.

[jacalata]

From the article: Simple is actually not a bank. It has deals with CBW Bank and Bancorp, federally insured banks, to hold its customers’ money.

[philwelch]

USAA membership is. You can get a USAA bank account without being a USAA member, but you don't get all the same privileges.

[alxndr]

> I want to use any ATM I see on the street with no fee.

Mechanics Bank in the SF bay area will pay you back for the fees you accrue using others' ATMs. It's only up to $15/mo (I think) but that's more than enough for me.