Simple Finance, Earn up to $300 and 1.90% APY with New Account
Simple Finance is offering a new bonus that can get you up to $300 in cash. This Simple Finance bonus is available nationwide until 2/15/2020. Let’s look at the details.
Offers
$300 Bonus
- Open a new Simple Account by 2/15/202019 4:59 PM PT.
- Deposit(s) totaling $20,000 or more must post to the new Account by 3:59 PM PT 10 calendar days after account opening.
- Maintain a balance of at least $20,000 through 4/30/2020 4:59 PM PT.
$150 Bonus
- Open a new Simple Account by 2/15/2020 4:59 PM PT.
- Deposit(s) totaling $10,000 or more must post to the new Account by 3:59 PM PT 10 calendar days after account opening.
- Maintain a balance of at least $10,000 through 4/30/2020 4:59 PM PT.
Balances in your Simple Account earn 0.01% APY. Also open an Individual Protected Goals Account to earn up to 1.90% APY and keep it safe from spending. Tthe combined balance between your Simple Account and Protected Goals Account will be used to calculate your eligibility for the bonus.
Key Terms
- Qualifying customers will receive the bonus credit to their Simple Account by 5/15/2020 4:59 PM PT.
- Accounts must be open and in good standing at the time of bonus credit.
- BBVA USA may report the value of the bonus to the IRS as required by law. Any client whose tax status would require BBVA USA to impose tax withholding of any sort will not be eligible for this bonus.
- Offer not valid for current customers
- US citizenship is required
Conclusion
You need to deposit $20K for the $300 bonus and keep it in the account for about three months. With a $10K deposit you get a $150 bonus. This is not the best offer from Simple Finance. A few month ago, for the same requirements they were giving out bonuses of $500 and $250 respectively. The account does earn a 1.90% APY, which is very competitive.
HT: Doctor of Credit
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So I opened an account with Simple and attempted to take advantage of this promo only to find out they have a $5k/day limit when you initiate an inbound ACH transfer. Then that will not post to the account for another 3 or 4 days. Therefore it is impossible to fund the account with $20k and meet the 10 calendar day deadline for funding after opening the account. The only way to do this is with a wire transfer. Way too much trouble to get the $300 bonus. Their APR has also dropped to 1.75% as of 2/8/2020.