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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I Love Smartypig

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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  I have the money automatically withdrawn and forget that it's there until I need it - I like that I can't get to it immediately.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.

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.   

Horrible - Don‘T Do It

After opening the account - just like one reviewer said, you couldn’t get back in, continually locked out saying I was a robo guy. You try to call customer service during business hours and they don’t even put you on hold, they just hang up after their call spiel. You can’t chat or email because you have to be logged into the account to use the chat feature. They ask for A LOT of personal information and now I’m trying desperately to find out how to close it. Sallie Mae’s bank website gives the same (only 1) phone number that no one answers - so I’m trying to find someone to call at Sallie Mae. Don’t waste your time with the high APY, thankfully I didn’t deposit any money, but they have a lot of personal info.



Data as of Q2 2021

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 - YTD5.28%
Return on Equity - YTD65.37%
Annual Interest Income$875.5MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$28.84B$30.42B
LoansQ2 2021vs Q2 2020$20.14B$21.18B
DepositsQ2 2021vs Q2 2020$21.69B$23.73B
Equity CapitalQ2 2021vs Q2 2020$2.34B$2.01B
Loan Loss AllowanceQ2 2021vs Q2 2020$1.16B$1.93B
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$62.9MM$72.4MM
Real Estate OwnedQ2 2021vs Q2 2020$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: 0.45% $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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