Build an Emergency Fund and Earn Up To 0.60% APY

Broken phones don't have to break the bank. Be prepared with a Simple Emergency Fund.

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Create Your Own Emergency Fund

Part of feeling confident with your money is knowing you can weather unexpected storms when they show up. However, saving up for that moment can be pretty hard. In fact, a recent report suggested that over half of Americans don’t even have $1,0002 in savings. If you’re one of those Americans struggling to save, we think we can help solve this challenge.

  1. Open a Savings Goal (which lives inside a Protected Goals Account)
  2. Open an Emergency Fund
  3. Start saving!


That’s it!

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Earn up to 0.60% APY on Your Protected Goals Balance!

We want more people to feel the confidence of having a safety net for the unexpected. Build your Emergency Fund faster with an interest rate that is higher than the national average.

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How To Use an Emergency Fund

Here’s a bit more about how it works:

  • Personalize your Emergency Fund. As you set up your Emergency Fund, you’ll see some handy suggestions for how much to save up, and you can tailor it to your needs.
  • Contribute automatically. We’ll set money aside every day, based on how much and how quickly you want to build up your Emergency Fund.
  • Keep it tucked away. You won’t accidentally spend from your Emergency Fund because the funds are set aside in a separate Protected Goals Account.
  • Use it when you need it. To use what you’ve saved up, just transfer the money from your Emergency Fund into your Safe-to-Spend in your main Simple account.
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Like a bank, but Simple

Banking shouldn’t be complicated. Or unfriendly. We don’t profit from customer confusion. We wake up every day excited to help our customers feel more confident with their money.

The finest print: The rates are effective as of October 15, 2020, are variable and subject to change after the account is opened. Accounts subject to approval. Balances in your Simple Account earn 0.00% Annual Percentage Yield. In order to open a Protected Goals Account, you must already have a Simple Account open. For the Protected Goals Account, see the rates below.

Daily Collected Balances

This means that we use the account’s
end of day balance to calculate the interest earned that day.
APY
$0.01 to $1,999.99 0.60%
$2,000 to $4,999.99 0.60%
$5,000 to $9,999.99 0.60%
$10,000 to $14,999.99 0.60%
$15,000 to $19,999.99 0.60%
$20,000 and above 0.60%

1 Check it out for yourself (based on the October 5, 2020 National Rate): https://www.fdic.gov/regulations/resources/rates/

2 A $1,000 emergency would push many Americans into debt

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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