Simple, a subsidiary of BBVA USA, announced on Friday its automatic savings program, Round-up Rules, has more than $1.2 million in customer savings accounts. According to Simple, Round-Up allows customers to have their debit card transactions rounded up to the nearest whole dollar amount, with the remainder transferred to a personal savings account.
Founded in 2009, Simple states it combines “innovative technology, impeccable user experience and expertise in behavioral economics” to help its customers spend smarter and save more. The company further explained:
“As a company, we believe that a bank that does good can also do well. We give our customers thoughtfully designed tools to help them feel confident with their money. We value curiosity, efficacy, craft and empathy and are proud to be disrupting the world of banking. We celebrate the big wins and learn from our failures.”
Simple reported that since the Round-Up program’s beta test in September 2019, followed by a full launch in October, over 18,000 Simple customers have opted into the program. Simple CEO, David Hijirida, also stated:
“Our customers consistently tell us that they want to save money, nut it can be a challenge to get started. We established Round-Up Rules as a painless way to start saving money a little at a time.”
Hijirida further explained that Simple remains focused on creating an integrated budgeting and banking experience with goals, expenses, safe-to-spend, and money movement rules.
We have a wonderfully dedicated group of customers that value our budgeting software. They tell us they have gotten out of debt, they don’t have to worry about what they can afford or can not afford to spend anymore, and we are adding more core banking products and tools to meet their increasing demands.”
Hijirida then added that Simple’s goal is to help customers feel more confident with their money and he considers Round-Up Rules as a great way to get started.