SmartyPig is a new bank that offers a high yield rate and a bunch of tools to help savers reach their goals.
Submitted: Mar 26, 2008
Views: 12300
Comments: 11
Likes: 4
SmartyPig is a new online savings service that allows users to set up savings goals (take a trip, buy a car, etc.) and then makes it easy to contribute towards those goals. If also allows members to make their accounts "public" so that others can contribute financially towards the stated goals.
SmartyPig has launched with a competitive interest rates. Deposits are held at West Bank, an FDIC insured bank. West Bank has assets exceeding $1.3 billion and its parent is West Bancorporation, Inc, whose common stock trades on the NASDAQ Global Market under the symbol WTBA.
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Comments Received:
Viva le Pig! Although I wish their was an easier way to withdraw money.
Posted: Apr 21, 2008
Vance
(Unregistered)
I'm going to open an account today. I'll let you know what I discover
Posted: Apr 27, 2008
Drew
(Unregistered)
Rate is 3.9%, NOT 4.3%.
Posted: May 3, 2008
Rate chaser
(Unregistered)
Does it take 5 days for an ACH withdrawl?
Posted: Jul 24, 2008
I like it!
(Unregistered)
I love the rates! Plus it is not easy to just transfer your money out so I am actually saving something! This is for heavy duty savers and not people who want to just get a little interest on their mad money before they spend it. I already did that with ING and I ended up withdrawing my savings when I was in a pinch. This money had been budgeted OUT of my paychecks, so I won't touch it and it's taken out automatically.
Posted: Jul 30, 2008
MeLikeySavey
(Unregistered)
SmartlyPig is OK, it's got a high rate, but I would NOT use this as your primary savings account. I have it as a secondary account and am using it for "fun, gettaway" savings for leisure travel. I don't think the website is set up for frequent usage, though it is a neat idea and the idea of a goal is good.
Posted: Oct 14, 2008
All the rates are variable.
(Unregistered)
Yeah, this is one of the problems. But oh well. All the banks seem to have variable interest rates that will fluctuate when the fed rate adjusts the lending rate. I've found a few good rates at www.interestsavingsaccounts.net but even these accounts rates tend to shift. You can also find a few at www.bankrate.com but that site seems a bit loaded with ads recently.
Posted: Oct 25, 2008
Rate chaser
(Unregistered)
How long does it take to withdraw money? 5 days? PLEASE HELP!
Posted: Mar 6, 2009
SavingsFan
(Unregistered)
I noticed on the website that interested is only posted quarterly. That was a deciding factor for me, so I thought I'd share.
Posted: Mar 9, 2009
Jimbo
(Unregistered)
They just dropped the rate:
Effective April 1, 2009, the APY (annual percentage yield) on SmartyPig accounts will be 3.05%.
Posted: Mar 27, 2009
Pokergerms76
(Unregistered)
Rate chaser it does take at least 5 business days for them to do anything. They say it's because of security. I don't know but I had a problem when I first opened my account it was a few days into the month, I acctually opened the account along with authorizing the withdraw, that took tow weeks... that'd fine but they on the front page of my savings account the first auto-withdraw would be the next month on the 15th (this was on the 18th of that month, then withdrew another auto-withdraw that month. By then I had put all my not immediately needed monies away in there on the 18th. Well, now it was double the money out and I had no money to pay the checks coming out of my account. So I had to do a stop order through my bank. It took allot of time and grief, and the people at Smartypig were no help, they didn't know why the system had a glitch and did not offer any help just that in about a week they could redeposit the funds. By then I would have bounced checks. Another, where they said they would take out money on a certain day and it didn't come out till a week later. I like the rate so I stay but I know I have to give it a week for them to do anything.
Posted: Apr 6, 2009
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