How Simple is Trying to Bridge the Emergency Fund Gap

Emergency Fund

Most Americans lack an emergency fund that could cover expenses over $1,000. A recent survey from Bankrate indicated that only 40 percent of Americans have an emergency savings of at least $1,000 to help cover unexpected costs. Instead, they would likely need to ask for help from family or friends or—worse—rely on their credit cards to get them out of a bind while risking getting into more debt. But Simple is here to help change that narrative and help more people reach their savings goals. Here’s how:

Making Saving Easier With Automated Savings

Simple automates your savings to help you save time on manual transfers of money into your Emergency Fund. With Simple, your Emergency Fund lives within your Protected Goals Account, which allows you to stash away money automatically without spending from it accidentally. Save a little every day and keep the money safe from card swipes simply by nature of it being in a separate Protected Goals Account.

Access to a Great APY

Take advantage of a great annual percentage yield (APY) when you use Simple to reach your savings goals and earn up to 2.02% APY. Simple pays 2.02% APY on all balances in a Protected Goals Account, so now it’s easier to reach your Emergency Fund goals.

Interested in getting started with Simple? Apply now!

How Minimum Balance Requirements Slow Down Savings Progress

Some financial institutions require a certain balance to earn a premium interest rate. Simple helps you achieve your savings by offering a 2.02% APY on all Protected Goals Account balances. That means you can start earning 30x* the national average with any balance, so you can have peace of mind and focus on reaching your financial goals while earning a great APY.

Start and Grow Your Emergency Fund

Starting an Emergency Fund is simple when you have a plan. Here are a few tips to start your emergency fund and help it grow:

  • Start small to achieve big goals. Set up your Simple Protected Goals Account and create an Emergency Fund. Simple will automate your savings to add a little to your Emergency Fund each day. For instance, you can aim to save $5.46 a day (basically a daily latte) to build a $2,000 emergency fund within a year. You can even open a Shared Protected Goals Account with a partner.

  • Cut costs and save. Reduce unnecessary expenses to help save money that you can use to build up your Emergency Fund, such as TV streaming subscriptions you don’t use, or your daily coffee fix. To get an even greater handle on your budget, use Simple to track your Expenses so you can easily monitor your cash flow.

  • Use convenient resources. Use Simple as your resource to reach your savings goals, and take advantage of built-in savings and budgeting tools. Use some of these suggestions to help you personalize your Simple Emergency Fund to help you save based on your needs.

While many Americans lacks sufficient savings, it’s not impossible to get ahead of an unexpected expense. Kick start your Emergency Fund savings with Simple, and let us automate saving for you. Enjoy a little more peace of mind when you know you can cover that next surprise expense.

*Check it out for yourself (based on the June 10, 2019 National Rate):

The rate is effective as of June 6, 2019, is variable, and subject to change after the account is opened. Accounts subject to approval. Balances between $0.01 - 1,999.99 in your Protected Goals Account will earn 2.02% Annual Percentage Yield. Balances $2,000 and above in your Protected Goals Account will earn 2.02% APY.

Disclaimer: Hey! Welcome to our disclaimer. Here’s what you need to know to safely consume this blog post: Any outbound links in this post will take you away from, to external sites in the wilds of the internet; neither Simple nor our partner bank, BBVA USA, endorse any linked-to websites; and we didn’t pay/barter with/bribe anyone to appear in this post. And as much as we wish we could control the cost of things, any prices in this article are just estimates. Actual prices are up to retailers, manufacturers, and other people who’ve been granted magical powers over digits and dollar signs.

Important! Keep your account safe from fraud

As fraud attempts are on the rise recently — especially related to unemployment funds — help us keep your account safe by following these guidelines.

Use your Simple Account only for your own personal use. Don’t share your account with others or receive funds on behalf of third parties.

Don’t share your username or password with others. Never give out your login information. Simple will never ask you to tell us your password — if any third party makes such a request, it’s an attempt at fraud.

Don’t open an account at someone else’s request. If someone else asks you to open a Simple Account — such as a real estate company, prospective employer, or someone you met online — it is likely an attempt at fraud.

Be alert for unemployment insurance fraud. You may be violating the law and the terms of your Simple Account if you receive deposits of unemployment funds on behalf of someone else. There are state and federal penalties for unemployment insurance fraud (including potential fines and incarceration). If you suspect you are a victim of unemployment fraud, contact the appropriate state fraud hotline listed here.

Don’t receive funds on behalf of a third party. Keep in mind that receiving funds on behalf of a third party violates the terms and conditions of your Simple Account; in such instances, we may restrict and/or close your account and hold the funds while we await direction from enforcement agencies.

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