Deposits held and insured by Sallie Mae Bank

Overview / Commentary
175 S West Temple
Salt Lake City, UT 84101
Deposits held and insured by Sallie Mae Bank

SmartyPig is a unique online bank (or “piggybank,” as they call themselves) designed to help users save towards a specific goals of their choosing. Because they are an online bank and do not have the overhead of a traditional institution, they are able to offer very competitive yields and no fees on their savings accounts.

While SmartyPig’s savings accounts are meant to help you save for specific goals, they do not carry with them the withdrawal limitations associated with traditional “club” savings accounts. You can withdrawal some or all of your money or move funds from one savings goal to another at any time. The only withdrawal limitation is the federally-mandated maximum of six withdrawals per account per statement cycle. This means that you can withdrawal funds from each individual goal up to six times a month.

SmartyPig deposits are held and insured through Sallie Mae Bank, an FDIC-insured institution.

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Amazing Website Literally Life Changing

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I have banked with smartypig for several years now. Hardly ever have any issues. Site is mostly stable and quality experience. Some bugginess but not bad. I set up savings goals there and automatic withdrawals from my personal checking and the goals stack up over time. It's a amazing way to budget and save money and reach many savings goals. I cannot imagine life without this site. It has turned me into such a great saver and made me so financially secure. HIGHLY recommend. The poor reviews might be sketchy customer service or w/e but the site just works and I never need to use customer support since the site is easy to use without help. There's no fees and you just make money on interest on smartypig. Win win. Other reviewers mentioned being called a bot by the login screen of - well then they aren't passing the captcha test! Just click on the little animal that is facing upward, not on the upside down or sideways animals. Not rocket science! Maybe these reviewers are bad review bots!

Not the best to bank with

I've been using Smarty Pig for about 3 years now and they were pretty good until they switched to using Sallie Mae for their services. Since they've switched I seem to always have issues logging into my account, always having to reset my password every time I go to login even when I know my password is right. And I despise the fact that in order to reset my password I have to call customer service versus being able to have a link sent to my email or have a code texted or emailed to me in order to reset it. I wouldn't have such an issue with having to call customer service if it weren't for the fact that usually when I call customer service nobody picks up and they require me to leave a message. And usually they don't call you back until days later. To me this is a bit alarming because it makes me feel like if I can't get access to my own money who knows what they could be doing to it in the time they get around to calling me to help me reset my password. This means I can't check my account balance or see if anyone's tried to compromise my account in any way. I also do not care for the fact that with the savings account it takes forever the funds to clear. If I put money in my savings account on the first of the month it should not take until halfway through the month for the funds to be cleared for me to be able to make any changes with whatever money I have in my account.

Soccer Mom's Bank

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.   

Smartypig Is Not Smart, They Are Just Pigs

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SmartyPig's website says they will pay a higher interest rate as long as your account is no more than $10,000. So I deposited $10,000. At the end of that month, they paid the lower interest rate. When I asked them why, they said that they calculated the interest rate based on what my balance was going to be after they deposited the interest. WTF?

They are not SmartyPigs, they are DumbPigs, so they lost a customer.



Data as of Q1 2022

Data displayed below is for insuring bank: Sallie Mae Bank
Learn why bank health matters

Health Grade Components

FDIC Certificate #58177
Year Established2005
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.07%
Return on Equity - YTD24.28%
Annual Interest Income$468.0MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$28.92B$30.75B
LoansQ1 2022vs Q1 2021$21.31B$20.39B
DepositsQ1 2022vs Q1 2021$21.55B$23.77B
Equity CapitalQ1 2022vs Q1 2021$2.49B$2.31B
Loan Loss AllowanceQ1 2022vs Q1 2021$1.23B$1.18B
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$136.0MM$67.6MM
Real Estate OwnedQ1 2022vs Q1 2021$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

SmartyPig Savings Account Rates

0.70%*-$10kSmartyPig Savings
OTHER TIERS: 0.65% $10k - $250k

SmartyPig is an Internet only bank and does not have branch locations. Its headquarters is located at 175 S West Temple - Salt Lake City, UT 84101

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