Media mentions also give me some level of trust. How did you hear about these guys?

They've had media attention both locally and nationally. The Nytimes covered them at one point. They were originally called "Bank Simple" but about two months ago changed to Simple, maybe they bought that corporation for the marketing point. Because this is a startup for sure. Also, one of the founders is a co-founder from Twitter. They have the right angle going; but I am definitely cautious of their banking partners.

It's hard to not be cautious, but interested at the same time. My first impression is that they have a PO box and email for their contact details.

Their FAQ states "Our current bank partners are The Bancorp Bank (Member FDIC) and CBW Bank (Member FDIC)." However, I do not see how deposits are being invested safely, other than a lot of overdone FDIC claims (that makes me even more cautious).

Neat idea though for sure, but I would like to visit this LLC in person before involving myself financially in any way. You may also be able to contact the state to check them out. It looks like they were incorporated in 2000.
http://egov.sos.state.or.us/br/pkg_web_name_srch_inq.show_detl?p_be_rsn=481804&p_srce=BR_INQ&p_print=FALSE

Media mentions also give me some level of trust. How did you hear about these guys?

www.simple.com

Has anyone seen this new Simple Bank? They're pretty cool and modern. Simple Bank - based out of Portland, OR - is an internet bank startup that focuses on providing no fees. There's a twist; technically it's not a bank. Their job is to handle customer service, user interface, and teach you safe spending habits. Your cash is placed with a bank partner and FDIC-insured. Rather showing an available balance - Simple - will show the Safe-to-spend balance. The software analyzes your budget combined with spending habits.