What is SmartyPig?
Our SmartyPig Review found out that they were created in 2008 as an online site to help people manage and save money for specific goals. SmartyPig has since become one of the most popular sites to use for savings money since they pay extremely high interest rates. SmartyPig is not a bank, they have savings accounts that are held at West Bank and insured by the FDIC up to $250,000. SmartyPig is designed to help you save for anything. Essentially, they are your virtual piggy bank with high interest rates!
In this SmartyPig review we’ve uncovered some compelling benefits to saving with them. Since SmartyPig is not a bank, they aren’t subject to the same interest rate standards as other banks. This is why they can provide users with high interest rates as they value people investing their money.
- It is free to sign up for an account and receive the high interest rates.
- The interest is compounded daily, so you have a chance to earn more!
- You will need $25 to open an account and you can earn an additional percentage of the money that is transferred to your retail cards.
- SmartyPig works with some great retailers to provide gift cards including; Amazon, iTunes, Macy’s, Best Buy, and a variety of restaurants.
- If you refer a friend to SmartyPig, you will get a referral bonus paid based on when the invitation was sent. According to SmartyPig, you can earn up to $100 in referral bonuses!
- The easy-to-use account visualizer helps savers establish savings goals and track their progress toward the various goals.
- You can set up automatic transfers from your current checking account or savings account.
- If you love sharing your savings ideas and goals with others, you will love how socially connected SmartyPig is to Facebook and Twitter.
You can save for anything you want on SmartyPig. It allows you to set specific goals and watch your money grow. Once you have the money saved, it is easy to transfer the money to a retail card or withdraw the money. Plus, SmartyPig does allow you to contribute to others to help them reach their savings goals.
This SmartyPig review also found a few drawbacks to their service. SmartyPig is all about saving money, so you won’t get the broad-range of product offerings as you do with banks. It is important to remember that SmartyPig is not a bank, even though accounts are insured by the FDIC up to $250,000 since West Bank holds the money.
- In fact, you can only save money; you can’t open a checking account or pay bills.
- SmartyPig can change the interest rates you receive at any time.
- If you want to contribute to another users account, be prepared to pay for it! It costs 2.9% to contribute money to another users account. Since SmartyPig was designed to help people help each other save, it seems strange to charge a large fee to help another person out.
- Credit cards can be used as a funding source for account contributions. Using a credit card for savings? This never ends up to be a good thing for most people.
Is SmartyPig a Good Choice for You?
In conclusion of our SmartyPig review we feel confident in saying that it’s an amazing option if you are a dedicated saver. If savings is something you occasionally think about, or you have a hard time saving due to high debt burden, you need to open a SmartyPig account.
SmartyPig is a roadmap to savings. Anyone who has a dream of buying a home, car, or wants money for a vacation can find it is doable with a good savings plan. Even if you only have $50, consider opening an account with SmartyPig to let the money sit and earn interest.
Overall, SmartyPig savings is a good idea for anyone that wants to set up some savings goals and earn interest in the process.
1271 8th Street
West Des Moines, IA 50265
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