Another advantage for some potential customers is that since it is a prepaid product just as Simple is they can accept any customer. Simple is also prepaid but for some unknown reason they filter customers through Andera.

https://www.gobank.com/faq/

“HOW DO I DEPOSIT MONEY INTO MY GOBANK ACCOUNT USING A MONEYPAK?
Pick up a MoneyPak at a local retailer and add cash to it at the register. FYI, stores usually charge $4.95 for this, but we’ll pay you back if it’s your first deposit. Select the MoneyPak option online or on the app, and enter the number listed on the back of the card. Click here to find a MoneyPak location.”

“And because Green Dot has a lot of retail locations, it can offer something Simple will never have: free cash deposits.”

1) you probably don’t remember Security First Network Bank (1st internet ‘pure play’, back in ’95). made a big splash, huge IPO, and then big losses. The problem with these ‘pure plays’ was building a [stable] deposit base. They couldn’t (I believe most of them were hot money, and broker introduced)
2) “That’s really the best chance we have for the big banks to get forced to make their checking accounts much more user-friendly” Get rid of cheques!

Simple has those three things (I don’t know what “the like” is), for all of their customers now.

“Gobank even offers you the ability to transfer money easily and directly from Simple, or any other checking account, straight into your Gobank account: you just type in your debit card number and your security code, and transfer as much money as you want.”

Simple has that capability, also.

Simple does not have a lot of retail locations, though, nor does it accept cash deposits, as far as I know.

“And in terms of marketing, Gobank can sell itself as being a bank; Simple can’t.”

Given how widely banks are hated, I don’t see that as a big advantage.

So what’s the real advantage of GoBank over Simple? Just the checking account? Eventually, paper checks will be mostly unnecessary (this debate has been played out on your pages before). Simple is completely free, they don’t even ask for a voluntary membership fee to make you feel guilty.