System is strange, ACH transfers take forever, and the "culture" of the bank is clearly oriented towards a certain kind of customer. Rates are decent but equal to those offered elsewhere.
Also, you have to click on a cartoon frog to make your deposits.
I tried to open an account and kept getting an error "Your username has not been recognized" contacted support and its been several iterations with them. while they are polite, i do not think they are very competent.
I think this is not yet a fully mature company and they still have a lot of work cut out for them. i am now hesitant to park my money with them.
I think Smartypig is a fun and creative way to allocate funds and save for goals. I also like the idea of being able to use social networking sites to publicize your goals and accept gifts and donations to what you are saving for. Their interest rate is pretty decent compared to what's out there now. I would recommend using Smartypig for anyone interested who want to have fun with savings.
I have nothing but great things to say about Smartypig. Anytime I have locked myself out of my account, I am always easily let back in by answering my security questions. I haven't had the need to talk with the bank that actually holds the money I have with Smartypig, so I have no idea if they are easy to work with. I have also been able to get my money out in partial amounts or my entire goal. It might take a day or so to get your money into your account, but I like that. I always have trouble saving money in a savings account with my normal bank because it is hooked to my checking. I like having this separateness, so I am okay with the day or so it takes to get my money. I also love being able to see what percentage I am to my goal, as well as the ability to add money using their mobile app! I haven't use put my money into a gift card, but the ability to get cash back from doing so is making it something I will definitely look into in the future!! I definitely recommend Smartypig to anyone!
I've been using Smartypig for over 18 months now and I love them! I love being able to set up individual goals. I try to always keep a small "emergency fund," and then also set up ahead of time for birthdays, holidays, vacations, etc. The interest rate is very competitive, it's completely free, and it's actually FUN! I've never been a good saver (still struggle!), but Smartypig helps a lot. I take money in and out all the time and I've never had a problem. There is sometimes up to a 2-wk wait after deposit to be able to turn around and withdraw, but that has been good for us b/c we aren't as likely to spend what's in there. When we do move money back into our BBT Checking account (more than we should!), it's always been very fast, within 24-48 hours. I just love this bank/website and I recommend it to everyone!
If you can put up with the hoops, they do have a decent rate compared to other options out there. It's an interesting concept, and I like the original idea of having the availability of different categories of savings to keep yourself organized. But, they've dropped the rate steadily (like everyone) such that it's no longer such a good deal. Additionally, they've added "features" like a prepaid card that I am suspicious will add more to their revenue stream than to their depositors' wallets. Still, it's worth a look.