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When saving for a monetary objective, utilizing the suitable instruments, corresponding to a high-yield financial savings account (HYSA), could make all of the distinction. Not solely do high-yield financial savings accounts offer you extra curiosity in your cash, however you too can discover accounts with options that make it simple to set and attain objectives.
One of many high-yield financial savings accounts designed that can assist you attain your monetary objectives is SmartyPig. Referred to as the “on-line piggy financial institution,” this high-yield financial savings account by Sallie Mae gives a number of perks, together with a excessive APY, financial savings objectives instruments, no charges, and extra.
Commissions & Charges – 10
Buyer Service – 8
Ease of Use – 9
Financial savings Choices – 7
Charges – 8
8.5
SmartyPig is a good product for short-term financial savings and goal-setting. There are not any charges or minimal account balances, nevertheless, you received’t see lots of the options that include different financial savings accounts.
Professionals & Cons
execs
- No minimal deposit or steadiness necessities
- No upfront or ongoing charges
- Excessive annual proportion yield (APY)
- Means to set and monitor monetary objectives
cons
- No debit card or ATM entry
- On-line-only
- No checking account possibility
- No money, examine, wire, or cash order deposits
What Is SmartyPig?
SmartyPig is an internet financial institution that helps prospects lower your expenses for his or her monetary objectives — whether or not they’re saving for a giant buy, a trip and even the down fee on a house.
Michael Ferrari and Jon Gaskill based the corporate in 2008 in West Des Moines, Iowa. The concept for the corporate arose when Ferrari was saving for school for his son. They initially conceived the platform as a high-tech solution to encourage folks to save lots of for particular objectives.
By the tip of its second yr, SmartyPig had $212 million in deposits. Since then, Sallie Mae has bought the corporate and turned the platform into what it’s as we speak.
SmartyPig Options
| Accounts | Financial savings, Checking, Cash Market, CDs |
| Entry | Internet Based mostly, iPhone App, Android App, Blackberry App |
| Quantity of Branches | |
| ATM Reimbursement | |
| On-line Deposits | |
| FDIC Insurance coverage | |
| Buyer Service |
What Does SmartyPig Supply?
SmartyPig is designed to assist its customers save for his or her monetary objectives. It does that in a number of methods, which we’ll focus on within the sections beneath.
On-line Piggy Financial institution
SmartyPig’s core characteristic is its on-line piggy financial institution, an HYSA. The account means that you can arrange automated month-to-month or biweekly deposits out of your checking account. You too can make deposits or withdrawals at any time.
Inside your SmartyPig financial savings account, you possibly can set deadlines for particular financial savings objectives. For instance, you may need a Christmas financial savings objective with a deadline of December, a trip financial savings objective with a deadline of six months, and a home down fee financial savings objective with a deadline of two years from now. When you’ve arrange your objectives, you possibly can simply monitor your progress as you put aside cash for these objectives.
One of many key options of SmartyPig that units it other than many different HYSA is the power to divide up your financial savings towards totally different monetary objectives. You may see your objectives and the sum of money you’ve allotted towards every.
Not solely does a SmartyPig account show you how to save, but it surely additionally allows you to earn a living whereas doing so. The HYSA pays an annual proportion yield (APY) significantly greater than most conventional financial savings accounts. As of September 2022, SmartyPig accounts provide an APY of 1.7-1.8%, relying on the scale of your deposit.
Cell App
One other characteristic SmartyPig gives is a cell app. This app makes it simple to handle your monetary objectives if you’re on the go. Utilizing the app, you possibly can:
- View and edit your monetary objectives
- View your transaction historical past
- Switch cash to or from the account
- Arrange new monetary objectives
- Arrange automated transfers to your account
The SmartyPig app has greater than 500 critiques on the Apple App Retailer, with a median evaluation of 4.6 out of 5 stars. Within the Google Play Retailer, the app has 54 critiques with a median score of two.8 out of 5 stars.
Calculators
SmartyPig’s web site has a number of calculators that can assist you set and attain your monetary objectives. Listed here are examples of a number of the calculators out there on the web site:
- Emergency fund calculator: Utilizing this calculator, you possibly can plan how a lot you need to have in your emergency fund.
- Trip calculator: This calculator means that you can estimate how a lot your trip will price and the way a lot you’ll want to save lots of every month to succeed in your objective.
- Marriage ceremony calculator: Utilizing this calculator, you possibly can estimate how a lot your marriage ceremony will price and the way a lot you’ll want to save lots of every month earlier than your marriage ceremony.
Youngsters’ Nook
SmartyPig was designed by a guardian who wished to economize for his son. Due to that, it appears becoming that the corporate now gives a Youngsters’ Nook, which offers monetary sources to children. Listed here are a number of the sources included within the Youngsters’ Nook:
- DIY piggy financial institution: This printable device is designed to assist children construct the identical financial savings habits SmartyPig hopes to construct in its grownup customers.
- Coloring sheets: SmartyPig has a number of printable money-themed coloring sheets. These are useful instruments for folks to introduce conversations about saving.
- Smarty money: Mother and father can use this device to assist their children get into the behavior of saving by turning it right into a recreation.
- Phrase search: This printable phrase search is a enjoyable exercise that features phrases associated to cash and saving.
- Interactive jigsaw puzzle: This on-line exercise permits mother and father to unravel a money-themed puzzle with their children.
- Mum or dad ideas: Mother and father can obtain the information “Learn how to Educate Youngsters Nice Cash Habits” as a device to assist train children about cash.
Learn extra >>> Finest Financial savings Accounts for Youngsters 2022
SmartyPig Charges & Pricing
Sallie Mae doesn’t cost any charges for its SmartyPig accounts: You received’t pay any charges to open the account or any month-to-month upkeep charges, regardless of how a lot (or how little) you may have in your account. In contrast to another HYSAs, there are no account minimums, which means you received’t need to deposit a certain quantity if you open the account or keep a sure account steadiness.
Is SmartyPig Secure?
Like different legit monetary establishments, Sallie Mae retains its prospects’ cash and private info secure. First, the cash in your account is FDIC-insured, which means if the corporate goes bankrupt, the Federal Deposit Insurance coverage Company will compensate you on your losses as much as $250,000. And contemplating SmartyPig has a most account steadiness of $250,000, you possibly can belief that your entire cash is protected.
Sallie Mae retains the cash in your SmartyPig account secure with safety measures. First, the corporate makes use of safe login to make sure that nobody however you possibly can entry your account. Moreover, Sallie Mae makes use of bank-level knowledge encryption to maintain your account secure.
How Do I Contact SmartyPig?
There are a number of methods to contact SmartyPig buyer assist. First, you possibly can name the corporate toll-free at 877-751-6884. Common enterprise hours are 9 a.m. to six p.m. ET, Monday via Friday.
You too can ship SmartyPig a safe message utilizing the message heart if you log into your account. In accordance with the corporate’s web site, you possibly can count on to listen to again from somebody on the assist staff inside one enterprise day.
Lastly, if you wish to attain SmartyPig by mail, this is the tackle: SmartyPig LLC, 175 S. West Temple, Ste 600, Salt Lake Metropolis, UT 84101.
Finest Options
In case you’ve ever researched HYSAs earlier than, you in all probability know there are a lot of to select from. Whereas choosing the suitable account could be overwhelming, the multitude of choices signifies that if SmartyPig doesn’t meet your wants, you possibly can simply discover an account that does. Beneath we’ll discuss two of the most effective SmartyPig options.
CIT Financial institution
CIT Financial institution — now a division of First Residents Financial institution — persistently has a number of the greatest high-yield financial savings charges in the marketplace. As of September 2022, CIT Financial institution’s Financial savings Join account gives 2.70% APY, one of many highest you’ll discover. In contrast to SmartyPig, the account does require a minimal opening deposit of $100. However as soon as your account is open, you don’t have to fret about month-to-month charges or steadiness minimums.
CIT Financial institution gives prospects lots of the conveniences that SmartyPig is missing. First, it has an eChecking account, making accessing your cash simpler. In contrast to SmartyPig, you’ll get a CIT Financial institution debit card and extra deposit and switch choices.
Ally Financial institution
Ally Financial institution is one other wonderful various to SmartyPig. It gives one of many market’s hottest high-yield financial savings accounts. And as of September 2022, Ally offers a charge of two% APY. Like CIT Financial institution, Ally gives many conveniences that SmartyPig doesn’t, together with a checking account and extra deposit and switch choices.
One characteristic that makes Ally Financial institution such an interesting various to SmartyPig is its buckets characteristic. If you open your Ally financial savings account, you possibly can arrange separate buckets inside the funds to allocate your cash to particular classes. You too can arrange financial savings objectives for every bucket and monitor your progress. And given Ally’s extra sturdy technological options, it primarily gives the identical service as SmartyPig, however higher.
Discover the HYSA that works for you >>> Finest Excessive-Yield Financial savings Accounts For 2022
The Backside Line
The SmartyPig HYSA by Sallie Mae has a number of engaging options, together with a excessive APY and the power to set financial savings objectives.
Nevertheless, it might not be appropriate for everybody. First, every of the perks SmartyPig gives could be discovered at different monetary establishments. As we talked about above, SmartyPig’s APY isn’t as excessive as many rivals, and its financial savings options don’t fairly match up with different banks that provide the identical service. It’s additionally tougher to deposit and withdraw cash because the firm doesn’t provide checking accounts and limits how one can make deposits.
That being mentioned, SmartyPig might nonetheless be a wonderful possibility for some folks. Relying in your monetary habits, having a financial savings account that’s totally separate out of your different banking merchandise could be a bonus. It makes it more difficult to spend the cash, which means you’re extra more likely to attain your monetary objectives. In case you really feel like that type of separation might show you how to in your financial savings journey, SmartyPig could be price contemplating.
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