Neither provider offers money market accounts, IRAs, or taxable investment accounts. They’re even making inroads with account holders at first-wave online banks like Ally Bank and Axos Bank.Ĭhime and Simple can’t be everything to everyone. With seamless money management suites, extensive ATM networks, and virtually no fees, they’re drawing thousands of disaffected clients of traditional banks. Existing Simple accounts will transfer to BBVA in 2021.Īre bank branches finally going the way of the fax machine?īranchless banking platforms like Chime® and Simple certainly hope so. Update: Simple is no longer accepting applications for new accounts.
