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.
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 I have the money automatically withdrawn and forget that it's there until I need it - I like that I can't get to it immediately.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.
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.
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.
The buffoonery of this place is stunning. I contacted support to ask them how I could transfer money from my bank into smartypig. I did not want to initiate that transfer from within smartypig. One support person said that I could not do it that way. Another person said that I could. I said that if I cannot transfer money from my bank account into smartypig then they can close my account. Within seconds they closed my account as another support person said that I could transfer money from my bank account. Apparently they are not interested in my business, so I will take my business elsewhere.
|FDIC Certificate #||58177|
|Return on Assets - YTD||2.09%|
|Return on Equity - YTD||20%|
|Annual Interest Income||$1.74B|
|Assets and Liabilities|
|Assets||Q3 2019vs Q3 2018||$31.02B$25.62B|
|Loans||Q3 2019vs Q3 2018||$24.72B$21.98B|
|Deposits||Q3 2019vs Q3 2018||$22.94B$18.29B|
|Equity Capital||Q3 2019vs Q3 2018||$3.10B$2.76B|
|Loan Loss Allowance||Q3 2019vs Q3 2018||$414.4MM$329.0MM|
|Unbacked Noncurrent Loans||Q3 2019vs Q3 2018||$89.9MM$59.1MM|
|Real Estate Owned||Q3 2019vs Q3 2018||$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.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
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