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 I have the money automatically withdrawn and forget that it's there until I need it - I like that I can't get to it immediately.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.
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.
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.
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.
|FDIC Certificate #||19048|
|Return on Assets - YTD||0.42%|
|Return on Equity - YTD||3.02%|
|Annual Interest Income||$1.85B|
|Assets and Liabilities|
|Assets||Q3 2016vs Q3 2015||$84.98B$84.68B|
|Loans||Q3 2016vs Q3 2015||$59.45B$60.20B|
|Deposits||Q3 2016vs Q3 2015||$67.86B$64.65B|
|Equity Capital||Q3 2016vs Q3 2015||$12.19B$12.11B|
|Loan Loss Allowance||Q3 2016vs Q3 2015||$862.1MM$722.1MM|
|Unbacked Noncurrent Loans||Q3 2016vs Q3 2015||$1.13B$429.0MM|
|Real Estate Owned||Q3 2016vs Q3 2015||$17.9MM$21.4MM|
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.
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.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|OTHER TIERS: 0.80% → Up to $2,500 | 0.85% → $2,500 - $50k|
SmartyPig is an Internet only bank and does not have branch locations. Its headquarters is located at 15 South 20th Street - Birmingham, AL 35233