Moving money into your Simple account
So, you got this shiny new account, and now you'd like to get some money into it so you can start using it! There are lots of ways to get money into Simple, but some are more practical than others. Here are a few pro tips about the advantages and potential drawbacks of different funding methods.
Transfers from another bank account
This is the best way to get money into a new account. You can use our External Accounts feature to link another bank account and set up transfers, fee-free. Transfers into Simple take three or four business days; transfers out of Simple take just one or two business days. If you choose to initiate a transfer through another bank, they may charge a small fee, and the timeline varies: it's typically 2-5 business days.
Pretty straightforward! Direct deposit is a type of transfer using your account and routing numbers. Once it's set up, your paycheck will arrive early in the morning on payday (or the next business day, if payday falls over the weekend or on a holiday). Direct deposit is a great way to get funds into your account on autopilot.
Once your account has been open 31 days, check deposits are a great way to fund your account. Most checks can be deposited with Photo Check Deposit. You can also deposit money orders, making this one of the best and quickest ways to get cash into your account. It's quick and convenient, and the funds will be available after one to two business days of processing. You can learn more about check processing speeds in our Check Holds article. Larger checks and a few other types of checks must be mailed in. While your account is brand new (under 31 days old), check deposits are subject to an extended hold period of 9 business days, so we recommend avoiding this funding method until your account is mature.
Although Simple isn't able to send wires, we can receive them. We don't charge to receive a wire, but the bank that sends the wire will charge a fee. Wire transfers are the quickest way to move money. They're great for moving large sums into Simple, or receiving money internationally. They're also very secure—just make sure that the person sending the wire is careful to include all the routing information listed here.
Third Party Services
Simple accounts are also compatible with many of the electronic payment and transfer services you can use to fund your account. For the full run down, check out our article on Third Party Payment Services.