Simple -> Envel

We were sad to hear about Simple closing, but confident that we can help users! What features of Simple would you like to see carried over, and where did you think there was room for improvement?

Join the discussion on reddit! https://www.reddit.com/r/Envel/

UPDATE you can pay all of your bills from Envel! See below :slight_smile:

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I think what a lot of people loved about Simple was the goals/expenses features. I can give more information if necessary. It seems like Envelopes/Goals are close but (as far as I can tell) there’s no option to add to the fund weekly/monthly/custom - just daily

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:wave: Simple user since 2014 (shortly before the BBVA acquisition), super glad someone mentioned Envel on one of the forum threads I was reading about the simple shut down.

I wasn’t the most robust user of simple, since it was usually my secondary account, but things I did use simple for: autopays, automatic saving using roundups, easy access to account/routing numbers for those random things, no overdraft or NSF fees (which is why I used it for autopays and ACH… I really hate the delays from ACH).

Regarding the budgeting features, mostly what I liked is that they made it impossible to accidentally spend money you had earmarked for other purposes. In the early days, that wasn’t the case and I dipped into my Safe-to-Spend a lot without realising it. Protected goals was a phenomenal improvement on that.

One thing I randomly loved about simple was the notification I got every time I paid for something. It was almost like a comforting reassurance that yes, I did just pay for that thing.

I also always really liked their support - during the pandemic they shut down phone support for one day and sent us an email about it, so they could catch up on all their open tickets… so much respect.

Excited to try Envel!

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I am kind of bummed about Simple as well. I had only just started banking with them and really liked the savings goals and expenses. I just started trying out Envel, but I am hopeful to learn more about its savings options and the way that it parceled out parts of my deposit automatically for some of my utility bills.

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Been looking in the r/SimpleBanking alternatives mega thread, and it looks like people are hoping for check-related features as well. Personally I wouldn’t mind having mobile check deposit and Bill pay (a la Send a check). I don’t need paper checks, but some do.

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What first drove us to start with simple was the shared accounts and personal accounts. My wife and I could both see and manage the shared account where all of our bills and shared spending occurred but had individual cards so you could see from which card each purchase was made from. In addition to this, it also had a separate personal account for both of us with a separate debit card which the other person couldn’t see or track but had the ability for easy transfers in and out of the shared account.
After getting started, we loved the fact that we could move money into goals and could categorize different merchants to automatically pull from specific goals. You could either set specific merchants to pull from a certain goal, or you could set a general category of purchase to always pull from a certain goal. For example, you could set your automotive goal to auto categorize all gas stations, and any purchase from a gas station would automatically pull from that goal. Every purchase that was made we could categorize to pull out of the appropriate goal with two clicks.
We also loved when they came out with the “savings” account feature (called “protected goals”) which separated money into a completely separate but linked account which earned 2% interest (pre-covid) but had no restrictions as to how many times you could transfer in our out of it. As long as it had at least $2000 in it, it would earn interest.

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As others have mentioned, the Expenses feature of Simple was extremely beneficial for me. I could see ahead of time exactly how much money would be allocated from my next pay check to specified expenses, giving me a clear picture of what I could safely spend, as Simple would effectively ‘hide’ the money that was allocated to those expenses. If say, $300 was due at the end of one month for a bill, it would allocate $150 from each pay check towards that expense, as I’d specify how often I’d be paid and the system would calculate the rest. It was all entirely automated and really helped me keep my finances in order as I always knew what I could and could not spend.

Also, to echo what @Carlile2011 said, the notifications for any deposits or transactions into the account. This actually helped with a fraud situation I had and Simple was able to resolve it quickly for me.

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@jacqueline thanks for linking to Envel Reddit but it doesn’t look like anyone is responding to the numerous posts and questions over there

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Thank you for your feedback, and welcome to our community! You can use the “Transfer” button on the Envelope screen (left tab) to custom add money to goals! If you have any more suggestions and feedback, happy to hear them!

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Thanks for the heads up, do you mean on the r/envel page? Personally I’m new to reddit so any suggestions you have on how to best use the platform are hugely appreciated!

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We are excited to have you in our community! I agree Simple was great at helping people (including the many financially illiterate among us) easily visualize their goals, budgeting, etc.

If you have any more thoughts on Envel or features you would like to see carried over from Envel, they are always welcome here!

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Hey Carlile2011, welcome to our community and we are excited to have you on board!

Thank you so much for your feedback, this is incredibly helpful to us! We are definitely working on notifications that help “nudge” users in the right direction, without being too overwhelming!

Good to know about the support, we definitely want to be friendly, helpful, and approachable to our users!

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We’ve noticed this! it’s high on our to do list haha

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Thank you so much for your feedback Babyhubel! Those features all sound very useful in managing financials, especially for a family. We will our absolute best to fill the loss in the neobank community and want to be an easy, straightforward, and even hopefully fun alternative to former Simple users!

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Thank you so much @syncpilot! As I’ve mentioned we appreciate your feedback and are hoping to be an alternative for those affected by Simple’s announcement.

The notifications are a big focus for us, so especially appreciate the note about Simple’s notifications!

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I’d love to contribute as well here. I used simple for about 2 years and the expenses (goal/envelope for you guys) feature was just a cut above anything else out there.

The system had you input a due date for the expense, select which method of income linked to your account you wanted to fund that expense, and then automatically moved money each payday or specified day into those expenses we create in the app. You could then link those recurring transactions with that expense directly, so when making payments, it automatically pulled it from the respective expense.

I think the biggest thing people from Simple will be looking for is that right there. Establishing dates that we control that money is automatically moved while the app takes care of handling how much is moved to have enough by a due date. I just opened my Envel account today, and the app seems awesome so far, I’m excited to have my money moved over and start using it.

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I’m in the process of moving my money to Envel along with my partner.

One thing we don’t know how we can replicate is a shared goal. For example, we had a shared simple account. Within that account, I had created a goal for a holiday donation. So, in December, I’m telling it I want $xxx by the following December 5. That’s it. That’s all we did. It literally moved money daily to the shared goal. OnDecember 5 I wrote a check and we made a joint donation to a local organization. It was mindless aside from the 60s it took to set it up and we could both see the progress throughout the year. Once the goal was met, I redid it fir the following year.
Is there a shared way to replicate this process so that we both have access to see progress and it is automated?

Thank you.

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I’m evaluating Envel and one other option. The Expenses feature was the biggest feature for me. Not all bills are due on the same date, so setting a due date, an amount, and funding schedule made budgeting super easy. Each expense would be filled on it’s own and be ready by the due date. I’m not sure how this would work with Envel lumping things into one category.

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That’s another concern of mine. I’m trying to just accept that my bills will all be lumped (utilities, student loans, etc.)

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@SirCris @JenB thank you both for your feedback!

Being able to differentiate between bills is a great suggestions, and would definitely be useful! I have taken note of this and will bring it up with the team, and get it on our roadmap!

Any other comments, suggestions, questions, feedback, are always welcome :slight_smile:

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