Should you leave your bank for Simple?

Before this becomes too confusing, I’ll answer the question most of you are asking: what’s Simple? Simple is a banking alternative. It supports direct deposit and offers debit cards but that’s where the similarities to a bank end. Understand you must have a smartphone to use Simple — their service is highly dependent on their app.

Simple’s services are free (it’s interesting how they make money) and they offer a ton of tools that help you, the customer, take control of your money. For example:

• A huge, no-fee ATM network (with an ATM finder built right into the smartphone app)
• Intuitive money management tools (including Goals — want to go to Tahiti in six months? Tell Simple and it will gradually put money in your vacation fund for you, automatically)
• Huge push toward mobile (you can do just as much banking on your smartphone as you can on your computer)

Check out the video below to see what I mean.

So, should you switch to Simple today? Not so fast. It’s invite only right now, and there are a couple drawbacks.

• No joint accounts – at least, not yet, but it’s coming soon
• No brick-and-mortar banks – you can deposit checks via your phone but it takes a couple business days for the funds to become fully available

The lack of joint accounts is the only thing keeping me from going all in with Simple. As soon as they remedy that, I’m ditching my traditional bank and not looking back.

In Simple’s defense, their two business day mobile check deposit policy is the best in the “virtual bank” business, by far. My current bank only gives me access to $100 of any deposit in the first 24 hours so this isn’t a huge change for me.

Answer me this, then: when Simple opens up to everyone, will you switch?