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Offer at a glance
- Maximum bonus amount:Â $500
- Availability:Â Nationwide
- Deposit required: $10,000/$20,000
- Deposit length:Â 11/15/2019 – 1/31/2020
- APY: 2.15% APY in the protected goals account if balance is $10,000+
- Hard/soft pull:Â Soft pull
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â None
- Early account termination fee:Â None
- Household limit:Â None listed
- Expiration date:Â Must open by 10/31/19
Contents
The Offer
- Simple Bank is offering a bonus of up to $500 when you open a new Simple account. The bonus you receive depends on your deposit:
- Receive a bonus of $250 when you deposit $10,000 by 11/15/2019 4:59 PM PT and maintain a balance of at least $10,000 until 1/31/2020 4:59 PM PT
- Receive a bonus of $500 when you deposit $20,000 by 11/15/2019 4:59 PM PT and maintain a balance of at least $20,000 until 1/31/2020 4:59 PM PT
The Fine Print
- Balances in your Simple Account earn 0.01% APY. Also open an Individual Protected Goals Account to earn up to 2.15% APY and keep it safe from spending. Then we’ll use the combined balance between your Simple Account and Protected Goals Account to calculate your eligibility for the bonus.
- Qualifying customers will receive the bonus credit to their Simple Account by 2/14/2020 4:59 PM PT.
- Balances in Shared Accounts and Shared Protected Goals Accounts are excluded from the combined balance calculation.
- Balances in all Simple accounts are FDIC insured up to the legal limits.
- Customers with any Simple Account opened before 9/30/19 5:00 PM PT do not qualify
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
These accounts have no monthly fees to worry about
Early Account Termination Fee
According to the fee schedule there is no early account termination fee.
Our Verdict
They have offered a similar bonus in the past, but they have now simplified it. It’s now no longer necessary to open a protected goals account (although you will want to do this, as that account earns 2.15% APY and balances there count towards the $10,000/$20,00 required to be in there) and you can now do a $500 bonus without needed a shared account (required two people). Previously the biggest bonus you could get was $750 between two people, but now that would be $1,000 (as each person can do $500 each). I would recommend reading through the old post on the old bonus, as lots of people have had issues getting everything set up correctly. That being said, this bonus has been simplified so I’m hopeful it won’t be too difficult this time.
I do think this bonus is worth considering, you get a $250/$500 bonus and the funds can earn 2.15% APY which is just below the best high yield savings accounts with no requirements. That being said it probably doesn’t make sense to transfer across funds just yet as they don’t need to be in there until 11/15 (keep in mind account must be opened by 10/31). Might make sense to wait for a few people to sign up to see if they have improved the whole process or not. I’ll likely add this to our list of the best savings bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
