The “Simple” Way To Upgrade Your Bank Account

Retail banks used to compete on interest rates and perks, but lately they’re acting like smartphone makers–offering flashy features to lure you onto their platform. Now an elegant, Apple-like standard-setter has entered the market: Simple. advertisement advertisement Simple, formerly BankSimple, has a core value of “Don’t Suck.” The service has been in the works for a while, and already has thousands of customers on its wait list. Simple doesn’t do any one thing that’s entirely new, but it does nearly everything that’s neat about modern banking, including a transaction history that’s easy to search, built-in budgeting and analysis tools, quality iPhone and web interfaces, and, perhaps best of all, Simple has no other service to sell you than straightforward personal banking. Is Simple worth all the little headaches of a switch? Simple admits that its interest rates are not that different from mainstream banks, so you’re judging primarily on its features and service. And it has a few limitations, including a lack of joint accounts. But the idea of starting over with your money has major appeal. Here’s a feature-by-feature breakdown of the four biggest retail banks and two web-based competitors, using Simple’s ground-up launch as a starting point. Deep… Read full this story

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