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
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.
Smartypig - Gets The Job Done
NOTE: I have had an account with SmartyPig since Oct 2020. I only have SmartyPig for the Online Savings Account and it's somewhat competitive rates. I cannot speak on other benefits that SmartyPig offers.
During these 2+ years, I've had very little issues with them.
Setting up an account online and pushing a transaction from my local bank took a total of 2 - 3 days. I prefer to make small transfers, so I cannot speak on what happens when you make transfers over $1,000.
Reoccuring deposits *external bank* typically pend for a 3 - 4 days (sometimes 7) before going through. I had no issue verifying my external account. The process took 2 days.
External Transfers before 4:00pm process very fast. Typically the transfer is processed within a few hours.
The website is very straightforward and very transparent. You can see a full list of activity, see current APY, the APY tiers based on balance, etc. Bank statements and Tax documents are easily accessible and you receive email notifications.
What seems to be unique to SmartyPig is setting up Goals. You can open a Goal and pull funds from your main SmartyPig account or external. You can track the activities and such for all the Goals on a single page.
I have not made a withdrawal yet, I will update this when I do.
I use the main website, I have no feedback on the mobile app.
I have not needed to speak with customer service and thus have no feedback on it. Overall if you're used to low maintenance savings accounts and want something transparent and a breeze to use I recommend it.
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.
Where Is Your Cd Min/Max Time I Need It For A School Progject
the site makes things really hard to find info and now im gonna fail
Data as of Q4 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58177 |
| Year Established | 2005 |
| Employees | 1729 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.48% |
| Return on Equity - YTD | 29.19% |
| Annual Interest Income | $2.61B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $29.14B$28.71B |
| Loans | Q4 2023vs Q4 2022 | $20.34B$19.68B |
| Deposits | Q4 2023vs Q4 2022 | $21.89B$21.65B |
| Equity Capital | Q4 2023vs Q4 2022 | $2.53B$2.32B |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $1.34B$1.36B |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $150.8MM$136.4MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $0$0 |