After 11 years, online bank Simple is shutting down — here’s what that means if you have an account

Image
Simple bank is closing, but accounts will remain open for now. Ridofranz/Getty Images
  • On January 7, Simple bank announced that it will be closing.
  • Customers learned via email that their Simple accounts will eventually become accounts with BBVA USA, Simple’s parent company. Simple accounts will remain open for now.
  • The Simple mobile app, website, and Visa debit card will continue to work for now. Simple says it will keep customers updated via email.
  • Stimulus checks, unemployment payments, and paychecks should continue to arrive in Simple bank accounts without interruption, according to the company.
  • Check out Personal Finance Insider’s guide to the best online banks »

On January 7, Simple bank announced that it will be shutting down. In an email to bank customers, Simple explained that its parent company, BBVA USA, had made the “strategic decision to close Simple.”

Simple launched in 2009 with the goal of simplifying banking. It was acquired by BBVA USA in 2014. In 2020, PNC Bank began the process of acquiring BBVA USA.

For the time being, Simple customers will still be able to manage their money through Simple’s website and mobile app. Here’s what you can expect if you’re a Simple customer.

Table of Contents: Masthead Sticky

What will happen to my money?

According to BBVA, Simple accounts will remain open for now. There’s no action you need to take to move or protect your funds.

Because Simple was acquired by BBVA, Simple customer accounts are already housed at BBVA USA and will remain there. Those deposits are FDIC-insured. In the future, your Simple account will become a BBVA account, and eventually a PNC account once the acquisition is complete.

You can continue to use your Simple Visa debit card.

What about Simple’s account features?

Simple offered a number of customer-beloved account features, including its budgeting, savings “envelope,” and shared checking account options. We’re waiting to hear back from the bank about the future of those features.

In a statement to TechCrunch, BBVA said, “Simple customers already have a dual relationship with BBVA USA and Simple. We will be migrating these customers to the award-winning BBVA USA mobile app. Those same customers will become PNC customers upon the close of acquisition, which is subject to customary closing conditions. As part of BBVA USA, Simple customers will have access to a much broader suite of products and services, alongside the bank’s award-winning mobile app, which includes BBVA Financial Tools.”

We’ll update this story as we get more information.

Will I still get my stimulus check?

Yes, Simple says stimulus checks will be deposited to eligible customers’ bank accounts without issue. If you received a stimulus check via check or debit card the first time around, you will receive your second stimulus check the same way. You can check the status of your stimulus check using the IRS “Get My Payment” tool.

Will I still get my unemployment money?

Yes, you will continue to receive direct-deposited unemployment payments without interruption to your Simple bank account.

Will I still get my paychecks?

Yes, as with stimulus checks and unemployment payments, your direct-deposited paychecks will continue to arrive in your bank account without interruption.

Is there anything else I need to know?

Simple told customers via email that its customer service agents won’t be able to answer any questions about the bank’s closure, so you’ll have to hold tight and wait for more information. Simple asks that customers call customer service for banking-related questions only.

If you’re looking for a new bank, check out Personal Finance Insider’s guide to the best online banks.

Related Content Module: More Personal Finance Coverage