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Overview / Commentary
175 S West Temple
Salt Lake City, UT 84101

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.

Related Posts

SmartyPig Boosts Rate On SmartyPig Savings To 1.12% APY - 4/21/2017

SmartyPig (internet bank) has boosted the rate on its SmartyPig Savings account (1.12% APY, $50k+) and restructured its deposit balance tiers.

Smartypig Savings Account Rate Increases - 1/30/2017

SmartyPig savings account rate increases took effect on 1/28: 1.05% APY $50k+ (no change) 0.95% APY $10k-$50k (was 0.85%) 0.90% APY $2.5k-$10k (was 0.85%) 0.85% APY under $2.5k (was 0.80%) The last rate increase was on 12/9/16 when the top tier APY increased from 0.90% to 1.05% APY. Note, SmartyPig deposits are now held by Sallie Mae Bank.

Rate Change, Linked Account/Withdrawl Term Changes With New Partner - 11/2/2016

Smarty Pig changed over to new banking partner SallieMae as of November 1. New rates are tiered:  0.80% for balance of $0.01 to $2,500, 0.85% for both middle tiers of up to $10K and up to $50K, and 0.90% over $50K. They now allow direct deposit AND partial withdrawals. The unpleasant surprise: new customers can only have one linked account at a time (existing customers with multiple linked accounts are grandfathered).

View all posts from:

6/20/13 - SmartyPig Savings Account One Year Anniversary of 1.00%
7/23/12 - Selling SmartyPig to Other Banks
6/19/12 - SmartyPig Savings Account Yield Increases to 1.00%
6/19/12 - Smartypig Rate Rises To 1.0%
5/24/12 - Used to Give Savings Bonds as Gifts? Consider SmartyPig Gift Cards
1/31/12 - Details Of Closing A SmartyPig Account
12/2/11 - SmartyPig Announces a Major Rate Cut
6/2/11 - SmartyPig Announces Major Rate Cut
6/2/11 - SmartyPig Is Cutting Its Savings Account Rate to 1.10% APY
4/18/11 - SmartyPig Savings Account: Gift for Grads & Improvements for Cashing Out Goals
2/15/11 - Another High Yield Savings Account is Sold Out - Today's Best Choices?
1/7/11 - Changing Business Model And Future Rates At SmartyPig?
1/3/11 - SmartyPig Quietly Cuts its Savings Account Rate
11/30/10 - SmartyPig Gift Card for a Holiday Gift
10/15/10 - Update on My Short List of Top Online Savings Accounts
10/1/10 - Best Place for Your Savings? Reward Checking, Savings Accounts or CDs?
9/27/10 - Is SmartyPig's Cash Boost Worthwhile?
9/25/10 - Future Interest Rates At Smartypig?
9/3/10 - SmartyPig Announces Rate Cut - Savings Account Yield Remains Competitive
9/2/10 - Smartypig Is Cutting Its Rates To 1.75% APY Effective Sept. 7, 2010
8/27/10 - Internet Savings Accounts - Is Rate Chasing Still Worthwhile?
8/10/10 - Tips and Warnings about the SmartyPig Savings Account
8/3/10 - SmartyPig Savings Account Review
8/1/10 - SmartyPig's New Alliance with BBVA Compass
6/7/10 - SmartyPig's Deposits Will Be Held by BBVA Compass
5/31/10 - SmartyPig Gift Card for a Graduation Gift
5/18/10 - Reminder for Those with SmartyPig Accounts
5/1/10 - More SmartyPig Details Released in West Bank's 1st Quarter Results
4/27/10 - Important Note about SmartyPig's Soon-to-Be Rate Tier
4/19/10 - SmartyPig Will Be Raising its Savings Account Rate But Will Cap Top Rate
3/18/10 - SmartyPig Account Opening Review
1/29/10 - SmartyPig Is Outgrowing Its Bank
1/27/10 - Problem with 1099 from SmartyPig?
12/5/09 - Update on SmartyPig's High-Yield Savings Account
8/14/09 - SmartyPig Savings Account Rate Scheduled to Drop from 2.75% to 2.01%
8/14/09 - Update on SmartyPig's High Yield Savings Account
5/28/09 - High Yield Savings Account with Some Twists at SmartyPig
10/27/08 - Improvements to SmartyPig's High Yield Savings Account

I Love Smartypig

Posted by: cheer4gc | Nov 30, 2011

I have never had a problem with SmartyPig and have had an account there for about 3 years,  I have saved and used the money to pay off 2 cars and put a down payment on a house.  I have the money automatically withdrawn and forget that it's there until I need it - I like that I can't get to it immediately.  It takes 1-2 days to withdraw your money but I don't consider this "Jumping through hoops" it's just the way it is (and it's not a secret).  You aren't locked into anything you just can't cash out partial amounts- there is a way around, you can create a new goal and split your funds if you only want to withdraw a portion (this may be jumping through hoops but it keeps me from withdrawing on a whim).  You don't have to do anything to get the promised rate (there is a limit though, the interest rate drops once you reach $50K in your account so just keep it below that and you are fine- and I felt like this was all disclosed up front, I wasn't surprised by anything) The interest rate can't be beat.  I have never cashed out money into retailer gift cards but it's a unique option (and bonus money) if you were going to buy something from one of the partners anyways.

Smarty Pig for Savings

I use Smarty Pig for my family's savings goals. I like using Smarty Pig the most because I can setup automated withdrawals. I set them to cooincide with our pay periods. Also being able to set up multiple accounts/savings goals is a huge plus. I can manage funds for vacation, emergency, etc all under one umbrella account. Each withdrawal is seperate but I don't have the hassle of so much paperwork like at a brick and mortar bank when opening/closing goals. A few things that I don't like about Smarty Pig include the fact that there is no option for debit cards. This relates to the second complaint; that if an emergency did occur it's very difficult to get access to your funds. When you have automated withdrawals you can't cancel a goal when a draft is pending, which could take days.

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.   

Terrible Since They Moved To Sallie Mae!

I've had an account with Smarty Pig for years, and recommended it to dozens of people. I loved their old system and platform, and didn't even mind their three day transfer process. Since switching to Sallie Mae, they have messed up my account balance on more than one occasion. Their system has gotten slower, and their customer service has gotten terrible. I ultimately had to close my account as I no longer have confidence that they are managing and monitoring accounts - I had to call multiple times to confirm the amount I had saved. They wouldn't even confirm my balances before closing, and I'm no longer allowed to log in to monitor the transfer while I wait for the three days. I'm unfortunately glad to be rid of them.



Health Grade Components

FDIC Certificate #58177
Year Established2005
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.12%
Return on Equity - YTD19.28%
Annual Interest Income$329.8MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$19.03B$15.17B
LoansQ1 2017vs Q1 2016$16.56B$13.11B
DepositsQ1 2017vs Q1 2016$13.88B$12.00B
Equity CapitalQ1 2017vs Q1 2016$2.11B$1.77B
Loan Loss AllowanceQ1 2017vs Q1 2016$187.1MM$126.2MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$32.6MM$29.5MM
Real Estate OwnedQ1 2017vs Q1 2016$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

1.12%*$50k*$250kSmartyPig Savings
OTHER TIERS: 0.85% Up to $2,500 | 0.90% $2,500 - $10k | 0.95% $10k - $50k

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