Simple Bank business account — Great alternatives

Simple bank was founded in 2009. The bank’s mission was to make banking straightforward. Simple provided low-cost, effective financial products, and human customer service.

Unfortunately, Simple bank formally closed down on May 8, 2021. Although the bank was interested in creating Simple banking for business, there was no business account.

The good news is that if you liked Simple’s smart but unfussy approach, there are some Simple bank business account alternatives. Here’s a rundown of some of the best business-friendly alternatives to Simple.

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Great Simple bank business account alternatives

The best alternative product for your business will depend to an extent on what features of the Simple personal account you liked. There are business checking accounts from traditional banks which come with zero monthly fees. But these accounts may not have the customer-friendly perks that Simple did well.

If what you loved about Simple was the convenience, you may find that a modern alternative from an online provider will suit you better.

Here are a few picks for the best alternatives to Simple, if you need an account for your business.

Wise multicurrency business account

Check out the Wise Business account if you require a smart account for your business.

Wise is a banking alternative that’s regulated in the same way as traditional banks are. It uses bank-level security to make sure your money is safe with Wise.

Like the old Simple personal account, the Wise Business account comes with innovative and customer-friendly tech solutions. These include batch payments, an open API for automating workflow, and integration with accounting software products like QuickBooks. Your business can save time and operate with ease using these solutions.

It’s a true multicurrency account, so you can hold money in over 50 different currencies. You can even use your own set of local account details to receive payments in 10 major currencies like Australian dollars, British pounds, and Euros.

You can transfer between currencies when you need to for a low fee. All currency exchange uses the mid-market exchange rate with no markup. These features make this a great account for businesses with overseas customers, suppliers, and employees.

Register with Wise Business for free

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Payoneer

If you’ll be using your business bank account to receive customer funds electronically, you might consider a Payoneer account.

Like Simple, Payoneer accounts are opened and managed online. This can be good for businesses selling digital services, for example, as well as freelancers and people getting paid for services like vacation rentals.

Payoneer lets you hold your money in different currencies. You can also get local bank details for the US, UK, Europe, Japan, Canada, Australia, and China. You can make and receive payments all over the world, and you’ll get a card to allow ATM withdrawals.

It’s helpful to know that there are fees for some Payoneer services. These fees include a 3% charge for receiving credit card payments, and a 1% fee for receiving ACH bank debits.

You’ll also pay a fee to withdraw your money — $1.50 to pay into an account in the same currency, or up to 2% for withdrawals using currency conversion.¹

🔍 Interested in Payoneer? Read more about Payoneer business account alternatives.

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Axos

Axos used to be known as the Bank of Internet, and like Simple, it’s a bank without branches, offering online accounts for business owners.

There are no monthly fees, but you do need to deposit at least $1,000 to get your account up and running. There are up to 200 free deposits, debits, or credits a month, with a small fee after that amount.²

You can also integrate Axos with tools you use for your business, such as QuickBooks.

🔍 Read more about the Axos business checking account.

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Why aren’t there more online business accounts?

It’s relatively hard to find an online business account. This is mainly due to security issues.

Banks and service providers must be able to verify the business details, as well as the identity of all the owners, to fulfill their legal obligations. This is to stop fraud and other issues such as money laundering, with much of the relevant legislation linked to the US PATRIOT act.³

The legislation also applies to personal accounts. However, it’s usually easier to check an individual’s identity and personal history. Verifying a business requires a lot more time and effort.

For some banks, it’s simply not worth coming up with innovative ways to deal with these checks online. They ask prospective customers to go along to a branch in-person to open an account instead.

If you loved the way Simple approached personal accounts, you may be disappointed that you can’t use a Simple bank business account to manage your finances. Luckily, you can pick one of the great alternatives out there, such as the Wise Business account.

The best approach is to find an account that fits your needs best. Use our list as a starting point to help you find an account that will work well for your business.

💡 Free useful business templates from Wise
Create invoices by using our downloadable free invoice templates. You can also use our balance sheet template, income statement template, cash flow statement template or an independent contractor agreement template to save time.

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Sources:

1. Payoneer - Fees

2. Axos Basic business checking

3. USA PATRIOT ACT

All sources checked 14 February 2022