TL; DR: Use our External Accounts feature!
We’re stoked to bring you a fee-free option for transferring funds into and out of Simple. We’ve worked hard with our partners at The Bancorp Bank to build a beautiful funds transfer experience, and we hope you’ll love using it as much as we’ve loved building it.
With External Accounts, Simple customers are now able to electronically transfer funds between Simple and other personal bank accounts they own. To provide this service, we connect to the Automated Clearing House (ACH) network through our bank partner. We generate our customers’ ACH transfer files and manage any transfer issues that might arise.
At Simple we charge nothing for ACH transfers–in or out. At several of the major banks, you can expect fees of up to $6 for outbound ACH funds transfer requests. One of the most interesting things we learned while building our ACH service: It costs banks just a fraction of a cent to send an ACH transfer.
We’re on a mission to help you spend smarter and save more. Personalize your purchases with photos and memos, get help from some of the smartest and friendliest people working in support, and save more than you’ve ever saved by using Goals. External Accounts is a great way to transfer funds into Simple and get started.
John is Director of Product at Simple.
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