What is SmartyPig?
SmartyPig is an online savings platform and bank that focuses on helping its members achieve their financial goals. It was launched in 2008 with the mission of making saving money both simple and rewarding.
One of the key features of SmartyPig is the ability for users to create multiple customized saving goals or 'Piggy Banks'. So whether someone wants to save up for a dream vacation, rainy day fund, new car, or other goal, they can create a specific piggy bank for it and watch their funds grow over time.
Interest rates are also a major perk of SmartyPig. They offer savers significantly higher yields than traditional brick-and-mortar banks - typically over 1% APY across all account balances. This can make a big difference in earning additional interest over long periods.
The sign-up process with SmartyPig is quick and convenient as they partner directly with online banks to provide FDIC-insured accounts. There are no minimum balance requirements, monthly fees, or overdraft charges either.
While SmartyPig itself does not function as a checking or transactional bank, the savings platform seamlessly integrates with an existing external bank account. This allows for easy transfers back and forth when depositing funds or withdrawing savings.
The SmartyPig mobile app and online dashboard also make it simple to monitor all goals, account balances, and interest earned from one central hub. Users can even schedule automatic savings contributions to keep steadily building their funds over time without having to manually move money.
Overall, with an emphasis on goal-based saving, high yields, and ease of use, SmartyPig aims to help consumers improve their saving habits and work toward important financial milestones.