SmartyPig Review

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  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon


  • Free savings account
  • Tiered Interest Rates
  • Set up multiple goals
  • Direct withdrawals


  • Only offer one type of account
  • Six withdrawals allowed per month
  • Maximum account balance
  • One external funding source allowed

What You Need to Know

SmartyPig accounts do not have monthly maintenance fees. There is not a required amount to keep in the account. The first initial deposit to open the account is $25.

This savings account offers tiered interest rates. This means the more money you have in the account, the more interest you will earn. The interest rates do not vary much between tiers. The difference from a low amount to the higher amount is around 0.05%.

With this SmartyPig account, you can set up different savings goals. The savings accounts can be long-term, like saving for a college education. They can also be short term, like saving for a mountain bike or birthday party. You can transfer money from your SmartyPig primary account to different savings goals.

The best way to save money is to set up direct withdrawals. You set up when you want the money to come out of your account and how much to withdraw. Then, SmartyPig does the rest. Once the money is deposited into your account, you can transfer it into different savings goal. The withdrawals can be set up to occur monthly or biweekly.

SmartyPig has only one account offered: a high yield savings account. They do not offer checking accounts, CDs, money market accounts, or business accounts. The interest rate on this savings account is considerably higher than other banks savings accounts.

The website says you can withdraw money anytime, but federal regulation only allows six withdrawals per billing cycle. This includes transfers between your SmartyPig primary account and your different savings goals. The transfer or withdrawal will not take place if you have made more than six in a billing cycle. If you repeatedly try to make more than six, your account will be closed. Once you reach your goal, you cannot withdraw part of your money back to your external funding source. You must withdraw it all, or transfer the money between other savings goals.

This account is not meant for high account balances. There is a maximum account balance of $250,000. If your account has $250,000, you will earn interest on the money in the account, but you cannot add to the account.

Each SmartyPig account is only allowed to have one external funding source set up for it. That means you can only have one bank account connected to each SmartyPig account. You can change your external funding source if you want, but never have more than one.

Cool Things

SmartyPig Helps

Since SmartyPig launched, it has helped customers save almost $5 billion. The money is not in your typical bank, which means you are less likely to want to use the money before you reach your goal. Transfers are automatic, so you do not have to worry about remembering to save money. The goals can be big or small, depending on your needs. You can see your saving progress online or in the app to keep you on track.

SmartyPig Primary Account

Once you open an account, the money is transferred from your savings or checking account to the SmartyPig primary account. From there you can transfer the money into different savings goals. Remember as you transfer money to different goals that federal regulation only allows six per billing cycle.

SmartyPig App

Through the app, you can view your transactions, transfer money, and check balances. You cannot change your goals or your external funding source on the app. Make those changes on SmartyPig's website.

Disney Vacation Fund

Disney and SmartyPig have teamed up to help you save for your Disney vacation. This account does not earn interest like other SmartyPig accounts. Instead, Disney will pay you $20 for each $1,000 you deposit into the account. That amount ends up being about two percent of the purchase. You only need $10 to open the account. There aren't fees for this account, and you can take the money out of the account at any time.


SmartyPig started in 2008 by Michael Ferrari and Jon Gaskell as a new way to help people save. Ferrari thought of the idea after his first son was born and he needed to start his college fund account.

SmartyPig is set up to withdraw money from your current bank to their account. You choose the amount and how often. When SmartyPig first started, others could contribute to your savings account. This option ended in 2016.

By the end of 2009, SmartyPig had deposits of $212 million. In 2012, other banks were interested in the idea of the SmartyPig account. Other banks started buying the concept of SmartyPig and marketing it in their own way. The first bank to jump on board was ICIC, the second largest bank in India by assets.

Today, SmartyPig is excelling at tracking American's spending and helping them reach their savings goals.

Awards and Recognition

  • "America Saves Designation of Savings Excellence" by America Saves Week
  • 2017 Silver winner of "Recognizing the Power of Web Creativity" by Academy of Interactive and Visual Arts

Giving Back

In the summer of 2017, SmartyPig increased the interest rates on their accounts. By increasing the rates, they are giving more money back to you, the customer.

SmartyPig offers contests to earn extra money for savings goals. Watch their website to see what different contest they have. Some include tweeting your best savings goal or setting up direct deposit on a new account.

SmartyPig will pay $10 for each person you refer to SmartyPig. To earn money, the referred member must apply through the form you send and open an account with at least $25 within 30 days. You are limited to 100 referrals per year.

Frequently Asked Questions

Is this bank FDIC insured?

Yes. SmartyPig is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By transferring the money to your SmartyPig account back into your external funding source.

Does this bank offer mobile banking?

Yes. The bank is 100% online. SmartyPig offers an app for iPhone and Android. Through the app, you can check balances, make transfers, and see your account history. You cannot change your goals or change your external funding source. That must be done through the website.

Is this bank free?

Yes. There are no monthly maintenance fees or required amounts to keep in the accounts. You cannot have over $250,000 in your account.

Is this a good bank?

If you want to save money before you make a big purchase or go on a vacation, SmartyPig is a great option. The interest rate on the high yield savings account is competitive. SmartyPig tracks your progress to keep you on track.

Is this bank secure online?

Yes. SmartyPig is FDIC insured and in partnership with Sallie Mae. They never send personal information through text, provide a secure login, and encrypt data.

Does this bank offer competitive interest rates?

Yes. The interest rate on SmartyPig's savings account is very competitive.

Can I use this bank for my business accounts?

SmartyPig only offers a high yield savings account. If you wanted a savings account for your business goals, then yes. However, remember SmartyPig does not allow more than $250,000 in your account. SmartyPig does not offer business accounts, checking, CDs or money market accounts, or credit cards for your business.

How is the online bank different from the online banking my bank offers?

SmartyPig is an online bank, but it only offers a high yield savings account.

Do their checking accounts pay interest?

SmartyPig does not offer checking accounts.

How do I reach customer service?

By phone, email, or mail.

Does this bank offer bill pay?

No. SmartyPig only offers one high yield savings account.

Can I deposit cash?

No. Direct deposit is the only way to make deposits.

How long do transfers take?

Transfers from your external funding source to your SmartyPig account take 2-3 business days. The money is not available to transfer to different goals for five business days after the funds post to your account.

Can I sign up for direct deposit to this account?

Yes. You must have a direct withdrawal from an external funding source to your SmartyPig account. This will ensure you are saving money each month or biweekly, whichever you choose.

Bank Information

SmartyPig, LLC.
175 S West Temple, Ste.600
Salt Lake City, UT 84101
(877) 751-6884

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