Press Contact: Tim Hanlon
Simple Takes the Lead in the Banking Industry by Offering a 2.02% APY
Is 2 Too Good to be True?
PORTLAND, OR – September 25, 2018 – Simple, a commanding innovator in digital banking, today announced that it will offer a landmark 2.02% Annual Percentage Yield (APY) on all current and newly opened ‘Savings Goals’ with a balance of $2,000 or more. A ‘Savings Goal’ is a protected balance within a customer’s checking account. The current national average annual percentage yield on a checking account is .05%. Simple’s 2.02% APY on balances as low as $2,000 is monumental in today’s financial market.
Simple is a Portland-based tech company that provides digital banking services to customers as a distinctive alternative to the confusing fee-structures employed by most banks. Now Simple seeks to reward its customers by challenging the low national average most banks are paying on interest-earning checking accounts.
“Two percent for two thousand dollars is NOT too good to be true,” says Dickson Chu, Executive Chairman at Simple. “It’s just Simple’s newest method of making personal banking a more rewarding experience for our customers. We pride ourselves in always looking for ways to help people succeed.”
Since its inception in 2009, Simple has pioneered a number of new products to support its mission to help people feel confident with their money. The company most recently launched an in-platform budgeting tool called ‘Expenses,’ an expansion of its automated saving feature, ‘Goals.’ To date, more than five million Goals have been created with Simple.
“Simple has always been committed to helping people fund their dreams,” said Chu. “We hope our 2.02% APY will encourage new customers to bank with Simple and encourage current customers to increase their commitment. Once they take advantage of our portfolio of saving and money management tools – both existing and to be released in 2019 – we expect people will appreciate seeing their money grow and their savings goals met.”
Simple combines innovative technology, intuitive user experience, and expertise in behavioral economics to help its customers easily bank, budget and save. Simple customers receive a Simple Visa® card that's tied to an FDIC-insured account with no surprise fees, and powerful budgeting and savings tools. Simple's banking services are accessible via web, iOS, and Android apps. For more information, please go to www.simple.com.
The Finest Print: The rate is effective as of October 25, 2018, is variable, and subject to change after the account is opened. Accounts subject to approval. So long as you keep at least $2,000 in your Protected Goal Account (this is where your Savings Goal lives) you’ll earn 2.02% Annual Percentage Yield on your entire balance. Dip below and you’ll earn 0.01% APY on your entire balance. Rates are variable and are subject to change after the account is opened
1 Check it out for yourself (based on the October 1, 2018 National Rate): https://www.fdic.gov/regulations/resources/rates/