Bonus updated 2/5/20. Simple is one of many fintech startups adding fancy tech and smartphone app sprinkles to your vanilla checking account. They were acquired by the big European-based bank BBVA in 2014. It looks like they are trying the direct route of customer acquisition (and my favorite of course) – paying you a cash bonus!

Simple has updated $150 and $300 bonuses for new accounts. They had similar bonuses in July and October 2019 that were bigger ($250/$500), but we are also in a lower interest rate environment these days. The competition is paying out less too.

$150 Bonus Details ($10,000+)

• Open a new Simple Account by 2/15/2020 at 3:59 PM PT.
• Deposit(s) totaling $10,000 or more must post to the new account by 3:59PM PT 10 days after the account is opened.
• Maintain a balance of at least $10,000 through 4/30/20 4:59 PM PT.
• The combined balance between your Simple Account and Protected Goals Account counts towards this bonus. The Protected Goals account currently pays 1.90% APY while the primary checking only pays 0.01% APY, so I would recommend opening one of those as well. Note that balances in *Shared* Accounts and *Shared* Protected Goals Accounts do not toward this bonus.
• Qualifying customers will receive the bonus credit into the eligible Simple account by 5/15/2020 at 4:59pm PT.

$300 Bonus Details ($20,000+)

• Open a new Simple Account by 2/15/2020 at 3:59 PM PT.
• Deposit(s) totalling $20,000 or more must post to the new account by 3:59PM PT 10 days after the account is opened.
• Maintain a balance of at least $20,000 through 4/30/20 4:59 PM PT.
• The combined balance between your Simple Account and Protected Goals Account counts towards this bonus. The Protected Goals account pays 1.90% APY while the primary checking only pays 0.01% APY, so I would recommend opening one of those as well. Note that balances in *Shared* Accounts and *Shared* Protected Goals Accounts do not toward this bonus.
• Qualifying customers will receive the bonus credit into the eligible Simple account by 5/15/2020 at 4:59pm PT.

This offer is for new accounts only. Any person who has applied for or opened any Simple Account before 4:00pm PT on 1/31/20 is ineligible to participate in this promotion. Maximum of one (1) $300 bonus OR one (1) $150 bonus per customer.

If there are two people with a lot of available cash in your household, you might have each person do the bonus individually. A couple could now earn $600 bonus + 1.90% APY (variable). No minimums, no monthly fees, FDIC-insured, see if you like the bells and whistles. Here is their full fee schedule.

Note that for some reason Simple limits ACH transfers to/from an external account to $5,000 cumulative during the first 30 days, when initiated on the Simple website. However, you can simply initiate a transfer from another bank (Ally Bank, Marcus, CIT, etc.) and there are no transfer limits.

Bottom line. Simple is offering a $150/$300 bonus on $10,000/$20,000 of new money. This works out to a 1.5% bonus after 90 days, which makes it roughly 6% APY annualized. The bonus is on top of the standard interest rate, currently 1.90% APY (as of 2/5/20). That is a pretty good return on FDIC-insured cash in this current rate environment. Compare with my most recent roundup of best interest rates.

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Simple Bank Bonus: $300 Bonus + 1.90% APY for $20,000 New Deposit from My Money Blog.

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