I haven't followed news about BankSimple, and the firs few minutes of the demo I watched didn't help me understand what it is. Is BankSimple an actual bank (with ATM card, routing numbers, etc.)? Or is it a PayPal competitor? Or is it just a front end that interacts with Banks? Going to BankSimple.com, it seems like it's trying to be an actual bank. But the demo on the website made it seem more like a Mint competitor. So, BankSimple is just another bank but with a potentially super-awesome website? So far, I'm not convinced.
Yes, it is an actual bank. With an ATM card (and no fees). You are right the demo on the website didn't hint to that too much, but perusing through the site it becomes a bit clearer.
I also emailed support a while back wondering if it acts as a layer on top of my existing bank, or whether its a replacement: their answer was "its a complete replacement".
From the customer perspective, they're a bank with an improved website and mobile app. They're actually just a front end to their partnering banks (but you don't need to know that as a customer). Essentially they're a bank with the improved interface you might expect from Mint (minus the aggregation).
