Simple continues product expansion with new CD offer


  • Three new products and features in the last 6 months: Simple expands its product and feature offerings again, adding its third in six months.

  • Traditional product for a new audience: The No-Penalty CD is designed to offer online customers a fixed interest rate with no-fee withdrawals.


PORTLAND, OR – April 6, 2020 – Simple today announced another addition to its rapidly growing list of products and features for its online customers with the launch of its No-Penalty CD.

The No-Penalty CD, Simple’s first foray into traditional time deposit accounts, offers a fixed rate of interest for one year, no fees for early termination and the ability to manage money entirely online. Simple CEO David Hijirida says this product is a timely addition to Simple’s product set.

“We heard the need for additional products and features to help customers gain more confidence with their money, and so we’ve been working toward that for months now,” said Simple CEO David Hijirida. “But, this product in particular just makes sense given the uncertain times in which we are living. It provides the consistency of a fixed rate, along with the ability to withdraw their funds without a fee, a feature that is useful during this time of uncertainty."

The addition of the No-Penalty CD to Simple’s product offerings comes on the heels of Simple’s Round-up Rules and Tax Refund Rule that automate savings for customers and new emailed reports that summarize goals and expenses contributions.

Hijirida says in the midst of this global challenge, it's more important than ever for Simple to continue its implementation push.

“We have tapped into a wealth of useful information from our customers, who have shared their goals and opinions with us,” said Hijirida. “Given the global impact of COVID-19, we are more vigilant than ever, taking cues from customers as we continue to provide ways for them to save and invest for their future. The No-Penalty CD is just the most recent tool we offer to help our customers feel more confident about their money and their future.”

Learn more about the No-Penalty CD here.

Banking services provided by BBVA USA, Member FDIC.

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About Simple

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® Debit 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.