Applied Bank VS SmartyPig

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
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Pros:

  • Variety of different personal accounts
  • Low opening required amounts
  • Checking and saving rates are not tiered
  • Business accounts offered

Cons:

  • Accounts have low-interest rates
  • Jumbo CDs do not offer higher rates
  • Accounts have monthly fees
  • High interest in MMA requires a large sum
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
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Pros:

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

Cons:

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

Applied Bank has a variety of different personal accounts. There are basic savings, checking, and money market accounts. Checking accounts for people over 50 are available. There are specific savings accounts for youth and specific goals like a vacation. CDs, loans, and credit cards are available through Applied Bank.

Most Applied Bank accounts have a low opening required amount. The savings and checking account requires $100 to open. The club savings account only requires $10 to open. The money market account requires $500 to avoid a fee and earn interest. The CDs require $1,000 to open. The checking account for those over 50 does not have required amounts.

The interest rates for Applied Bank checking and savings accounts are not tiered. The savings account only requires $100 to earn the most competitive rates. The Club Savings account only requires $10 to earn competitive rates. The checking account requires $1,000.

Applied Bank offers business accounts. They offer checking accounts, loans, and lines of credit for businesses. They also offer merchant processing options in select states. Online banking is available for business accounts.

Interest rates for Applied Bank accounts are low. The rates are similar to your typical brick and mortar bank rates. Even the CDs rates are low. The most competitive interest rates are the Club and youth saving accounts. Those rates are higher than the other savings account. They are still much lower than other online-only accounts.

Applied Bank offers jumbo CDs. These CDs require at least $95,000 to open. The interest rates for the jumbo CDs are not any higher than the regular CD interest rates. The jumbo CD terms range from six-months to five-years. Those CDs are available for businesses, nonprofits, and personal deposit accounts.

Applied Bank accounts have a monthly fee if you do not keep a minimum amount in the accounts. The amounts required to avoid the fee are low. The checking and savings accounts require $100. The money market requires $500. The monthly fee is $10 per account per month if minimum balances are not met. The only fees for CDs are for withdrawing money before the maturity date.

The highest interest rates for the Applied Bank money market account requires a large sum. To earn the most competitive rate requires $25,000 in the account. Amounts over $500 earn interest, just a much lower rate. Any amount over $25,000 earns the highest rate.

Read the full Applied Bank review.

SmartyPig Review

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.

Read the full SmartyPig review.

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E*TRADE Bank
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Capital One 360
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TIAA Bank
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