BankSimple is Coming, and I’m Excited

BankSimple promises simpler banking: no hidden fees and one card for checking, savings, and credit.You already know I have a bank fetish, so it should be no surprise that the latest banking startup has me in a tizzy.

It’s called BankSimple.

Cofounded by one of the original engineers at Twitter, BankSimple promises simple online services and “one simple card” that will provide checking, savings, rewards, and a line of credit. They also promise no hidden fees, including no overdraft fees.

Having one bank account—better yet, one card—that provides everything you need in the simplest way possible makes me giddy. Nevertheless, I have questions:

  • What’s the Catch? BankSimple will make money somehow…so I suspend judgment until I know how. (They’re launching later this year).
  • Can I Keep My Money Local? When possible, I’d rather keep my money local. That means community banks and credit unions. And since BankSimple doesn’t sound like it’s an actual bank (their site says deposits will be swept to other FDIC-insured bank accounts), I’d love to someday see BankSimple offer its products through local financial institutions. (BankSimple, if you want to use my idea, just give me a job someday!)
  • What If I Lose My Card? Finally, having only one card raises the question…what happens if it’s stolen? No liability for fraudulent charges is a must, but so is rapid replacement. The thing about having multiple debit and credit cards is you can leave one locked up at home in case you lose your wallet. At least you have a way to buy things for a few days until your new cards arrive.

So I’m excited, but perhaps a bit skeptical about BankSimple. As The Financial Brand, a bank marketing blog recently wrote: Making banking simple isn’t that simple.

But what do you think? Do you like the sound of a totally simple bank that gives you the benefits of savings, checking, and a credit card in just one product? Check out their Website and let me know what you think!

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About David Weliver

David Weliver is the founding editor of Money Under 30. He's a cited authority on personal finance and the unique money issues we face during our first two decades as adults. He lives in Maine with his wife and two children.


  1. Interesting concept, and would be interesting to see how they are going to make money. I am sure there are user fees and there is nothing wrong with that, as long as they are fair and disclosed. Keep us posted.

  2. fascinating, glad to know about this. It could be exciting…but as you say I’ll reserve judgement

  3. This definitely sounds very interesting. ING Direct has a somewhat similar concept with their money market checking account. Not only is it an FDIC-insured checking account, it also offers a credit line (up to $1,000 in my case). I haven’t ever had to tap the credit line, but it’s nice knowing it’s there.

    By the way, I just found your site today – many thanks for all the great content!

    • David Weliver says:

      Thanks for the comment, Daniel. Glad you like the site!

      You’ve got a good point that ING’s checking is kind of “all in one” in that it pays interest and offers an overdraft LOC. I wonder how different BankSimple could be, but I’m curious to see if they are!