SmartyPig is ending the week by not only raising the rate on its SmartyPig Savings account (1.12% APY, $50k+), but by also restructuring its rate tiers.
For those not familiar with SmartyPig, it’s not your typical savings account. SmartyPig Savings is built around a savings goal concept: you set the amount of a savings goal you want to reach at some point in the future. You then make an initial deposit and set up recurring deposits to meet that goal.
SmartyPig’s How It Works page describes the process in detail, including “Share With Friends.”
For each friend you refer who sets up a high-yield savings account with SmartyPig and savings goal with a successful contribution, you will receive a referral reward of $10 from SmartyPig!
SmartyPig’s FAQs page contains a great deal of detailed information, including:
6. How many external funding sources can I have?
Each SmartyPig Account is eligible to have one (1) External Funding Source at a time. If you became a SmartyPig customer before November 1, 2016, you may have had more than one external funding source set up and those funding sources will stay intact.
14. What are the deposit and withdrawal transaction limitations?
Withdrawal Maximum Per Transaction $50,000
Individual User Aggregate Daily Withdrawal Maximum $50,000
Individual User Aggregate Monthly Withdrawal Maximum $50,000
Deposit Maximum Per Transaction $50,000
Individual User Aggregate Daily Deposit Maximum $50,000
Individual User Aggregate Monthly Deposit Maximum $50,000
User Account Balance Maximum $250,000
In late August, the following appeared in SmartyPig’s blog:
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!
SmartyPig had previously operated under the aegis of BBVA Compass (Birmingham, Alabama).
U.S. citizens, permanent resident aliens (with a green card and Social Security number), or residents with a Social Security number are eligible to open an account with SmartyPig.
As SmartyPig’s accounts are now being held at Sallie Mae Bank, SmartyPig now operates under Sallie Mae Bank’s FDIC Certificate # 58177 and now shares its financial history.
SmartyPig/Sallie Mae Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.58% (excellent) based on December 31, 2016 data. In the past year, the Bank has increased its deposits by $2.17 billion, an excellent annual growth rate of 46.16%. Please refer to our financial overview of SmartyPig/Sallie Mae Bank for more details.
How SmartyPig Savings Compares
When compared to the 212 savings accounts tracked by DepositAccounts.com that are available nationwide, SmartyPig’s SmartyPig Savings APY currently ranks third, regardless of minimum deposit.
The above rates are accurate as of 4/21/2017.