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
4/21 - SmartyPig Boosts Rate On SmartyPig Savings
1/30 - Smartypig Savings Account Rate Increases
9/6 - Smartypig Deposits Will Be Moving To Sallie Mae Bank
6/20/13 - SmartyPig Savings Account One Year Anniversary of 1.00%
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
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
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
8/10/10 - Tips and Warnings about the SmartyPig Savings Account
8/3/10 - SmartyPig Savings Account Review
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
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
1/27/10 - 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
Amazing Website Literally Life Changing
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 smartypig.com - 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
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
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58177 |
| Year Established | 2005 |
| Employees | 1512 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.07% |
| Return on Equity - YTD | 24.28% |
| Annual Interest Income | $468.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $28.92B$30.75B |
| Loans | Q1 2022vs Q1 2021 | $21.31B$20.39B |
| Deposits | Q1 2022vs Q1 2021 | $21.55B$23.77B |
| Equity Capital | Q1 2022vs Q1 2021 | $2.49B$2.31B |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $1.23B$1.18B |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $136.0MM$67.6MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$0 |