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.
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 I have the money automatically withdrawn and forget that it's there until I need it - I like that I can't get to it immediately.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.
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.
|FDIC Certificate #||19048|
|Return on Assets - YTD||0.25%|
|Return on Equity - YTD||1.76%|
|Annual Interest Income||$620.3MM|
|Assets and Liabilities|
|Assets||Q1 2016vs Q1 2015||$87.63B$81.74B|
|Loans||Q1 2016vs Q1 2015||$61.38B$58.06B|
|Deposits||Q1 2016vs Q1 2015||$69.21B$63.06B|
|Equity Capital||Q1 2016vs Q1 2015||$12.19B$11.90B|
|Loan Loss Allowance||Q1 2016vs Q1 2015||$822.4MM$701.9MM|
|Unbacked Noncurrent Loans||Q1 2016vs Q1 2015||$861.0MM$401.1MM|
|Real Estate Owned||Q1 2016vs Q1 2015||$15.2MM$15.7MM|
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* 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|
SmartyPig is an Internet only bank and does not have branch locations. Its headquarters is located at 15 South 20th Street - Birmingham, AL 35233