My bank is closing

All good things must come to an end, I guess

I remember attending the  SXSWi 2011 panel Banks! Innovate or die and being impressed by the lively discussion. Especially Joshua Reich, the CEO of Simple at that point.

Simple had been going for a couple of years at that point, but seeing Joshua made me want to have them as my bank. Two things stand out from my notes on that panel.

  1. Josh's Bankers are poor at dealing with people statement was, and is, so true
  2. Like it or not, banks are now too big and can/will absorb these other types.  Not to the say they can't learn something

Now, a decade later, Simple is closing. It was sold to BBVA USA, they in turn are being bought by PNC Bank. The Verge has a good round-up on the history and announcement.

My experience with Simple has been nothing but excellent. The rare times I had to call I always spoke to someone directly who helped. Never had to call multiple times. The website and app were great and have influenced a lot of the changes traditional banks have made with their offerings.

I will miss the clarity in their email, messaging, and UI. I'll miss seeing exactly what is 'Safe-to-Spend' and having 'Goals' to squirrel away small amounts to pay for a specific thing later on. In a tweet Joshua said

Our first mission statement was to help people worry less about money. It morphed to ‘help people feel confidence’. Either way, we wanted to help people.

I feel they achieved this in my eyes.

Reddit users have now started a Google Sheet to compare features from Simple to other banks, helping people to choose an alternative. It's clear there are very few that can compare.