SmartyPig is a new online savings account that offers up to 0.70% APY and no minimum balance requirement. You can earn interest on your money by depositing it, or you can withdraw the interest earned at any time.
The high-yield savings account is a savings account that offers up to 0.70% APY.
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[Sallie Mae’s Smarty Pig reduced its prices just once this year, in September 2023.] Their highest yield has dropped to 0.75 percent annual percentage yield (APY) from 0.80 percent earlier this year. For accounts with $10,000 or more in them, their higher balance tier rates likewise fell from 0.50 percent APY to 0.45 percent APY. [For current rates, see the table below.]
Sallie Mae is well known for its private student loan business, but did you know that they also provide competitive deposit options, which they have done since 2005?
GOBankingRates rated Sallie Mae Bank a top bank of 2023 for providing lucrative and accessible savings accounts. Sallie Mae deposit options, which include savings accounts, money market accounts, and CDs, provide competitive interest rates without the hassles or costs that many banks impose.
The SmartyPig savings account is a popular option among Sallie Mae’s suite of FDIC-insured deposit products.
Savers who match one of the following characteristics will benefit from the SmartyPig savings account’s unique collection of features and high APY:
- brand-new savers,
- people who need to develop the habit of saving on a regular basis,
- individuals who need assistance with organization and/or motivation in order to achieve their financial objectives
- Those looking for a competitive interest rate.
If you’re thinking about opening a SmartyPig Savings Account, read our in-depth analysis of their product, tool set, current rates, and possible bonus offers.
This article will teach you how to:
Sallie Mae Bank offers a free online high-yield savings account called SmartyPig.
It’s FDIC-insured up to the federally permitted maximum of $250,000 and open to any U.S. citizen over 18 who has a social security number and an external account that may finance it (more details on eligibility requirements below).
This unconventional savings account, billed as an online “piggy bank,” is designed to help you save for a variety of attainable financial objectives. It does this by providing you with a user-friendly framework for organizing your objectives and tracking your progress. The following are the main characteristics of this account that allow you to grow your savings:
- Transfers are made automatically. You set up recurring transfers from your external checking account to gradually seed this project after you’ve established a new savings goal, such as a downpayment on a vehicle.
- Excellent annual percentage yield. The money that is automatically sent to finance your goal generates a fantastic annual percentage yield (APY) that is far above the current national savings account average.
The idea behind this account is that saving for specific objectives is simpler than saving for the sake of saving, which may be intimidating and unrewarding at times.
It’s easy and painless to open a SmartyPig savings account.
Simply go to the SmartyPig website (notice that this is a different domain from the Sallie Mae website) and click the red button that says “Start Saving” on the home page.
After that, proceed through the four-step registration procedure, which will need you to provide personal information, your social security number, and your driver’s license number.
You may fill your account with as little as a cent to start collecting interest and setting savings goals as soon as it’s ready to go and your external account is connected.
Set up regular donations from your external account to your chosen goal(s) on a monthly or biweekly basis.
A SmartyPig account is open to almost anybody. You must be at least 18 years old and have access to an external checking or savings account to finance your Savings Goals. To create an account, you must be a United States citizen, a resident with a social security number, or a permanent U.S. resident alien with a green card or social security number.
Call customer support at (811) 751-6884 Monday through Friday from 8 a.m. to 8 p.m. Eastern Time, or send a secure message via the Message Center if you’re having trouble setting up or maintaining your account (if you already have an account).
The SmartyPig account is distinguished by its savings goal function. A simple interface that enables you to create specific objectives and finance them in a consistent and controllable manner.
These objectives are adaptable and may be changed or canceled at any moment, and money can be transferred between them as needed. Regardless matter how far you’ve progressed toward your objectives or how many you’ve set up, the amount of your account will generate interest.
Each individual savings goal must be at least $50 and no more than $250,000. Recurring donations of at least $10 but no more than $50,000 must be made on a monthly or bimonthly basis. To finance this account, you must connect just one external funding source, such as a checking or savings account. This account is not a bank, but rather a savings vehicle that pays interest, and it is not intended to be used in lieu of a savings or checking account.
SmartyPig interest accrues on a daily basis and credits on a monthly basis. Your savings are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per person or $500,000 per joint account. The current pricing levels are shown in the table below.
Savings Rates at SmartyPig
|From $0.01 to $2,500||0.70%|
|ranging from $2,500.01 to $10,000||0.70%|
|$10,000.01 – $50,000.00||0.45%|
To put the aforementioned yields in context, the national average for:
- A savings account pays just 0.06 percent annual percentage yield.
- A money market account pays 0.08 percent annual percentage yield.
- According to the most current FDIC statistics, an interest checking account pays just 0.03 percent APY.
The top savings rates have all dropped below the 1.00 percent annual percentage yield threshold. As a result, the SmartyPig account is one of the most cost-effective FDIC-insured variable-rate deposit accounts available.
There are no minimum starting deposits or balance restrictions with this account. You’ll never be charged a monthly maintenance fee or a fee for having a low balance.
There are also no fines if you don’t achieve your savings goal by the deadline you set. Simply go into your account and modify the target date if this occurs. You may also move the money to another objective.
When a goal is met, automated transfers to that goal are stopped, but you will still earn the stated rate on your balance.
According to federal rule D, account transactions cannot exceed six each statement cycle. Excessive withdrawals will be prohibited, although you will not be penalized if you try. Just stay away from them to keep your account open.
Account balances are limited to $250,000 unless automated direct payments surpass this limit, in which case higher amounts will be allowed.
Bonuses from SmartyPig
SmartyPig Savings Accounts come with a few extra features that many other savings accounts lack, such as referral incentives and a bonus redemption scheme via Amazon. Earn $10 when you refer a friend to SmartyPig and they successfully create and fund a new savings account.
SmartyPig has collaborated with Amazon, allowing you to purchase Amazon gift cards ranging from $5 to $500 using your SmartyPig money. This isn’t a very good deal, but it might save you some time if an item you’re considering purchasing is available on Amazon.com. Instead of needing to wait for a transfer to your external fundraising account to post, you’d be able to purchase it right away if your target is met.
SmartyPig is an excellent micro-savings account for short-term objectives, with one of the best returns on the market for lower balance levels.
Let’s say you’re putting money down for a new mattress. SmartyPig allows you to set up recurring payments from another account toward this goal (while also earning a fantastic, FDIC-insured interest rate) until the goal is met and the funds are ready for withdrawal.
Even if it didn’t have a unique tool set or method to saving, the account’s interest rate and absence of fees made it appealing.
SmartyPig is a savings account that offers up to 0.70% APY, which is higher than most competitors. The account also has no monthly fees and comes with an ATM card. Reference: smartypig competitors.
Frequently Asked Questions
Is SmartyPig a high-yield savings account?
SmartyPig is a high-yield savings account that has an annual percentage yield (APY) of 2.00% and a minimum opening deposit of $100.
Do savings accounts change APY?
Yes, savings accounts change APY.
Is 1% APY on a savings account good?
Yes, 1% APY is a good interest rate for a savings account.
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