One of the most talked about online savings accounts is SmartyPig, a bank designed to help customers reach their savings goals. SmartyPig offers competitive yields, and an interesting system aimed at making it difficult for depositors to get their money before their savings goals are reached. Savings account are fee-free.
With SmartyPig, depositors specify a goal, and then put money in an account to save toward the goal. If you want to withdraw money before your goal is reached, you have to empty the entire account; there are no partial withdrawals. One of the most attractive practices of SmartyPig is that you can receive a bonus if you decide to withdraw your money in the form of a gift card from one of SmartyPig’s retail partners. The 10% bonus means that you get an extra $10 for every $100 in your account. SmartyPig also offers a cash rewards prepaid debit card that offers upto 10% cash back that can be kept on your card are put into the SmartyPig goal.
SmartyPig’s savings accounts are held at BBVA Compass. The switch was made in August 2010, after SmartyPig decided that West Bank was no longer able to support the volume of depositors. Because the accounts are held at BBVA Compass, they are FDIC-insured.
Related Posts
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?
12/4/09 - Update on SmartyPig's High-Yield Savings Account
8/14/09 - SmartyPig Savings Account Rate Scheduled to Drop from 2.75% to 2.01%
5/28/09 - Update on SmartyPig's High Yield Savings Account
10/27/08 - Improvements to SmartyPig's High Yield Savings Account
4/3/08 - High Yield Savings Account with Some Twists at SmartyPig
I Love Smartypig
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.
Fun Way To Save, But Beware...
If you want your funds by a specific date, make sure your goal is closed at least 10 days before you need them. I made the mistake of adding to my goal, thinking I'll have even more money saved for vacation, only to learn it takes 5 business days to actually close your goal from the time they receive your last payment. And another few days to actually get your money back into your account. Looks like I'll get mine AFTER vacation is over. Buzz kill for sure.
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.
Don't Save At This Bank
Smarty pig honestly sucks. Sure they're able to save your money without strings attached but they have this shitty policy of closing your account after 5 bushiness days and when you do transfer your money, it takes two business days. So if you need your money at a specific time, do not save your money with this bank. I'm just so frustrated with them because I'm still waiting for my funds to come through due to shit policy.
Data as of Q2 2016
Learn more about bank healthHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19048 |
| Year Established | 1964 |
| Employees | 9862 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.38% |
| Return on Equity - YTD | 2.74% |
| Annual Interest Income | $1.23B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2016vs Q2 2015 | $86.74B$82.89B |
| Loans | Q2 2016vs Q2 2015 | $60.95B$59.48B |
| Deposits | Q2 2016vs Q2 2015 | $68.04B$62.66B |
| Equity Capital | Q2 2016vs Q2 2015 | $12.11B$11.95B |
| Loan Loss Allowance | Q2 2016vs Q2 2015 | $843.1MM$721.5MM |
| Unbacked Noncurrent Loans | Q2 2016vs Q2 2015 | $1.07B$435.8MM |
| Real Estate Owned | Q2 2016vs Q2 2015 | $15.0MM$17.8MM |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Smartypig Deposits Will Be Moving To Sallie Mae Bank
We are excited to announce today that beginning November 1, 2016 SmartyPig accounts will be held at Sallie Mae Bank. This change is an exciting one for you because Sallie Mae will answer your requests for a higher interest rate, partial withdrawals, direct deposit and more goal-saving features!Looks like good news. Hope the “higher interest rate” will put SmartyPig back with the rate leaders.
Thanks to the DA reader who emailed me the news.
Always verify rates and promotions with the bank or credit union. We are not SmartyPig; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
SmartyPig Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.75% | - | - | SmartyPig Savings |
SmartyPig is an Internet only bank and does not have branch locations. Its headquarters is located at 15 South 20th Street - Birmingham, AL 35233