The Best Way To Save The Down Payment For A Home

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Casita, Cassie and Cassidy

The Simple Way To Save Money

Saving up for a down payment isn’t easy when home prices keep going up, as the amount of your down payment needs to increase also. The common way to save the down payment is to put money aside in a savings account until you have enough.

The Savings Problem

If you’re like most people that use a traditional bank and are saving for more than one thing at a time though, there’s not a good way to automatically keep track of how much is set aside for each goal, short of opening up a new savings account for each or keeping track of them on a spreadsheet. However, that’s not very practical considering how busy most of us are and the time and discipline it takes to actually put the money into savings and then to maintain accurate records for each goal.

The Solution

Luckily there is now an easier and better way to save with an online-only bank, and without the monthly fees of a typical bank account while your money is still FDIC insured just like a traditional bank!

There is more than one online-only bank to choose from, but they’re not created equal and don’t offer all the same advantages. I’ve been using both Ally Bank and Simple Bank for several years now. While I like Ally in that it offers great customer service and no fees, it’s more like a traditional bank as far as how their accounts work and what they offer. There’s nothing wrong with that if all you need is basic checking and savings accounts, but when you want an easy way to automatically set aside money while still having all your typical banking functions like paying bills, etc., Simple Bank is the way to go.

Simple Bank

Simple Bank LogoWhat is Simple Bank? It’s a modern, more efficient and technically advanced online-only bank that actually makes it “simple” for you to automatically save for as many goals as you want or need. It’s these automatic savings goals that make it stand out and help you save the money you need without the hassle. Did I mention that it’s also free of any monthly fees and your money is still FDIC insured? Nice!

Simple Banking Apps

Forget the complicated and difficult-to-navigate traditional banking website or app. Simple Bank offers two easy ways to do your banking and saving. While it has a clean and easy mobile-friendly website if you prefer using a website on your computer or phone, it also offers apps for both Android and iPhones. I used the Android app for a couple of years and it worked well. Since I switched to iPhone last year, I’ve been using the iOS app exclusively and do 100% of my banking on it now.

With Direct Deposit of income and Simple’s automatic goals savings, it’s very easy and painless to save money while getting your banking done quickly from the comfort of home or while on the go from your phone.

Simple Bank Features

Without going into too much detail on what Simple offers, here is a summary of their features:

  • Direct Deposit
  • Photo Check Deposit
  • Simple Card – ATM & Visa® Debit Card that works with Apple Pay and Google Pay (formerly Android Pay)
  • External Account Linking to other Banks
  • Instant transfers to other Simple customers
  • Instant real-time push notifications for every transaction
  • Personalize transactions with photos and notes
  • Third-party payment services like Square, Venmo, and Paypal
  • Block your card online if it’s been lost or stolen through the app or website

For a more detailed look at what they offer and how savings goals work, visit their website.

Start Saving Your Down Payment Today

I know this might sound like a commercial, but I really use Simple as my main bank and do everything I need quickly and effortlessly from my iPhone. No more need to get to the bank or credit union before they close and wait in line for the next teller. Just bank on your smartphone and keep it Simple!

Does this sound like an easy or “simple” way to save money? If you agree with me and want to try it, sign up today! As a bonus, when you do and use your new Simple card for the first time, you and I will both get $20 deposited in our accounts. How’s that for a nice treat just for trying it out?

Additional Down Payment Assistance

Did You Know? Depending on where you are buying your home in San Diego County, there may be some down payment assistance programs you might qualify for. Some of them are low-interest loans and some are grants that you don’t have to pay back. Ask Amy for details!


Amy-Ruiz,Keller Williams Realty San Diego

Amy Ruiz, REALTOR®
Keller Williams Realty

Hablo Español!
CalBRE 01513199

  • Bilingual (English/Spanish)
  • Former Keller Williams ALC
    (Agent Leadership Council)
  • MRP Certified
    (Military Relocation Professional)


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