The 10 best Simple Bank alternatives in 2023

Simple Bank, one of the first neobanks and a mega popular banking app with US users, closed in 2021.

So if you’re looking for a good Simple Bank replacement, read on.

We’ve put together a list of online banks and mobile money apps to try, including the likes of Monzo, Revolut, Chime and of course, the Wise Account. Plus, some helpful info on accounts, features and fees for each option.

---

Looking for an alternative? Try Wise

While Wise is not a bank but a Money Service Business (MNB), it can be a great alternative to cover many of your banking needs. It’s especially useful for anyone who travels a lot, lives or works abroad, or has family, property or any other dealings in other countries.

With the Wise Account, you’ll get the following features:

• Bank details in 10 currencies
• The option to hold, send, spend and convert 40+ currencies at once
• Send money overseas with low and transparent fees,
• Order a Wise card for a one time fee of just $9 - for use in 174 countries
• Mid-market exchange rates on all transactions.

It’s quick, easy and free to open a Wise account online. And there’s even a handy Wise app so you can manage everything from your phone.

Get a Wise Account today

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

---

Digital banks have become more and more popular in recent years. People love the convenience of managing their money in a simple, user-friendly smartphone app. For some people, it works much better for their needs than dealing with a traditional or old-school bank.

So with digital banking on the rise, new apps are emerging all the time. We’ve put together a few options to look into. So if you were a fan of the Simple model, you’ll be able to find a decent alternative.

Chime¹

Chime is one of the most popular choices for those looking for a replacement for Simple Bank.

Chime offers an online checking account that’s free to open and comes with no monthly fees. You can manage your money 24/7 through the Chime app.

The Chime account features:

• A free debit card
• A fee-free overdraft up to $200
• Fee-free withdrawals at over 60,000 ATMs
• Get Paid Early feature - get your paycheck two days early via direct deposit.

Varo²

Varo Money has both a checking account and savings account available, all managed online or through the Varo app.

The Varo checking account is fee-free, and offers the following features:

• A Varo Visa debit card
• Instant access to your money
• Early direct deposit so you can get paid up to 2 days early
• Zelle payments available through the Varo app
• 40,000+ free ATMs
• Cashback when spending at select brands or retailers.

Varo even provides FDIC protection of up to $250,000 in case it should ever go under.

According to Varo, it takes less than two minutes to open an account online.

Monzo³

Monzo offers a feature-packed personal account, which comes with a free debit card, no monthly fees and full control via the Monzo app.

You’ll also get:

• No overdraft or foreign exchange fees
• Get paid up to 2 days early with direct deposit
• $250,000 FDIC insurance
• Card controls and other in-app security features.

Monzo claims you can sign up for an account in less than 10 minutes, starting by downloading the Monzo app.

Revolut

Another big-hitter, Revolut offers a choice of plans - starting with a free standard account. This comes with a personalized debit card, fee-free withdrawals at 55,000 ATMs and 1 free international transfer per month.⁴

But pay a little more and you can unlock many other features. Depending whether you go for the Premium plan ($9.99 a month) or the Metal plan ($16.99 a month).⁴

Perks include savings interest, primary accidental medical insurance, travel insurance, unlimited fee-free currency exchange, discounted airport lounge access and much more.

Revolut also offers business accounts. This could make it a good alternative for business users who were previously disappointed that Simple didn’t offer business accounts.

Current⁵

Fintech firm Current offers accounts for spending, saving and investing.

Its app-managed checking account offers many of the same features as other online banks on our list. This includes:

• A debit card with no monthly fees
• Fee-free overdraft
• Get paid up to 2 days faster with direct deposit
• Earn points at over 14,000 participating merchant
• No minimum balance fees.
• Free cash withdrawals at over 40,000 ATMs.

Current also offers dedicated teen accounts.

Capital One⁶

US bank Capital One’s main checking account is an online one. Called the 360 Checking Account, it promises no fees and 24/7 mobile banking. It also offers:

• A debit card
• Fee-free cash withdrawals at over 70,000 ATMs
• Overdraft options
• Get paid up to 2 days early with ‘Early Paycheck’ feature
• Zelle payments in the Capital One app.

Capital One also offers digital savings, teen and kids savings accounts.

ONE⁷

Not to be confused with Capital One, ONE is an online banking service that shares many similarities with Simple Bank. And of course, many of the other digital banks on our list.

The ONE app offers the following features:

• A debit Mastercard
• Round-ups - where you can set aside savings as you spend, and earn 1% APY
• Cash Rewards when shopping at some of your favourite brands
• Up to $200 overdraft protection
• No monthly fees
• Deposit cash at Walmart locations nationwide.
• Fee-free cash withdrawals at over 55,000 ATMs
• Early Payday with direct deposits.

Accounts at ONE are also covered by up to $250,000 FDIC protection per person.

Juno⁸

Juno promises to have “the most powerful checking account”, which comes packed with features. The fintech firm offers:

• A Juno debit card
• 5% interest on your cash deposits (interest paid on the first $50,000 of your balance)
• 4% interest on balances between $50,000 and $250,000
• Unlimited fee-free transfers and withdrawals
• No account fees
• FDIC-insured cover for up to $250,000
• 5% cashback on participating brands, including Amazon and Doordash
• Pay bills instantly
• Free ATM withdrawals at 80,000+ locations.

Juno also claims you can open an account in as little as 3 minutes.

Majority⁹

Last but by no means least, we come to Majority. It’s a little different to other options we’ve covered, as it’s a digital banking platform specifically aimed at newcomers to the US.

Along with banking services, it also offers other helpful services such as international calling - this could be very useful if you’ve just arrived and need to get set up quickly. It describes its services as “all in one mobile banking for migrants”.

Majority offers a checking account for everyday banking, along with a debit card and powerful mobile app. Features include:

• Mobile top ups with no fees
• International calling
• A personalized advisor, with multi-lingual support
• Money transfers with competitive exchange rates
• Get your paycheck early with direct deposits
• FDIC-insured protection for your money
• No minimum deposit or minimum balance required.

However, the features and benefits above don’t come for free. The Majority checking account has a $5.99 monthly fee, which isn’t too steep considering how much is included in the package.

---

Bottom line

And that’s it - our full rundown of great potential Simple Bank replacements.

So if you’re looking for a new digital bank, you’ll have lots of different options to look into. Just remember to compare features and fees carefully, so you’re not caught out. With a little research, you should be all set to choose the right option for you.

The good news is that the majority of options are fee-free, so you can bank conveniently and affordably however you like to do it.

However, most of the online banks we’ve mentioned so far aren’t necessarily the best or cheapest for managing your money internationally. If you need to send money overseas or spend in another country, the Wise Account could be a better option.

Learn more about Wise

---

Frequently asked questions

Is there another bank like Simple?

Yes, there are lots of online banks like Simple, and new ones are entering the market all the time. Check through our list above to get an idea of the best replacements for Simple.

What is the alternative to the Simple card?

Many of the online banks we’ve looked at here in this guide offer a fee-free debit card. These can be used for spending and cash withdrawals just like the Simple card. Some even offer extra features such as cashback on spending.

Will Simple Bank come back?

Simple Bank closed for good in 2021, so it’s unlikely to make a return any time soon.

What bank did Simple change to?

When Simple Bank closed in 2021, it was acquired by Spanish multinational finance company BBVA. Existing customers were migrated over to BBVA accounts.

---

Sources used for this article:

1. Chime - Checking Account
2. Varo Money - Bank Account
3. Monzo - Personal Account
4. Revolut - Our pricing plans
5. Current - Spend
6. Capital One - Online checking account
7. ONE app
8. Juno - Home
9. Majority - Home

Sources checked on 08-May-2023.