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SmartyPig’s 3.25% Savings Account

Posted in Expired Deals, Savings Accounts by RateRunner
March 2, 2009 11:40 AM - 11 Comments

SmartyPig combines old-fashioned discipline with state-of-the-art technology, and you earn 3.25% on your savings.

The catch? Your savings account has to be goal-oriented. It requires you to revisit the lost art of saving for something of value: a new computer, a wedding or maybe a family vacation.

When you open an account, you must set a savings goal along with the date you want to reach it and deposit a minimum of $250 into the account.

SmartyPig will look at your goal amount and timeline and suggest a monthly automatic withdrawal from your checking or savings account that will satisfy that goal. If you approve, you’re in business.

Your savings are FDIC-insured, the Web site is secured and your funds are held in West Bank, a 105-year-old institution in Iowa.

Once your goal is reached, you can cash in your account, receiving either a MasterCard debit card or a gift card from one of SmartyPig’s retail partners.

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Comments (11)
1 Star2 Stars3 Stars4 Stars5 Stars (13 votes, average: 4.62 out of 5)
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  1. dealster81 said:
    on March 2nd at 12:41 pm

    Great rate on a savings account!

    I submitted it to BankFiesta to share with others. Cheers.

  2. Ed B said:
    on March 2nd at 02:55 pm

    Glad you guy’s picked this up after my post yesterday. Best return I could find on the Internet.

    To close your goal, simply click on Stop Goal. You will then have the option of receiving your current savings plus interest on the SmartyPig MasterCard® Debit Card, the gift card of a best-in-class retailer partnering with SmartyPig, or you can ACH the funds back to your existing checking or savings account.

    Read the Frequently Asked Questions at :

    https://www.smartypig.com/about/faq#70dd1ca4-efbd-4194-af6c-58852a1cd36f

  3. BloggingBanks said:
    on March 3rd at 02:53 am

    That’s an interesting concept. How long is the 3.25% APY valid for?

  4. Ed B said:
    on March 3rd at 09:54 am

    Its a variable rate and is subject to change like all of the others. But when I asked about it’s stability, they gave me the history of change and it hasn’t changed that frequently.

    As of last night, there is no provision to setup a beneficiary on the account and I also had issues with the calculation on initial deposit and my goal. Kept getting errors. I reported it to Customer Service and it appears the site is down for maintenance this morning.

    But still the best rate around.

  5. marketsense said:
    on March 3rd at 12:01 pm

    I applied too and had trouble with the site. Will try again today – this is a good rate.

  6. D said:
    on March 4th at 09:24 am

    I have been with them for 6 months now and have not had one problem. It is a great rate, was at 3.9 last quarter. Anytime I have a had a question, customer service has been prompt and courteous both by phone and e-mail. Highly reccommend to anyone!

  7. Vince said:
    on March 10th at 08:49 pm

    I want my $$ back; who wants a debit card; maybe I want to invest my piggy droppings somewhre else

  8. Diane said:
    on March 12th at 10:00 am

    Vince – just to let you know I checked the smartypig website and there is the option to “transfer your savings plus interest back to your existing checking or savings account.”

  9. Berty said:
    on March 26th at 10:18 am

    Be warned with this though as they dont make it at all clear: You cannot remove part of your money, you have to close the entire goal and withdraw the whole amount. Why they have a tab for ‘Buffer Savings’ and then make you take $2000 when you only need $150 is beyond me. You also cannot switch off the monthly debits unless you close the goal. and then when you do that you stop getting interest. Weird system…but good interest rate while its running.

  10. James said:
    on March 29th at 12:20 pm

    It will be 3.05% on April 1.

  11. Concerned Saver said:
    on April 3rd at 03:04 pm

    To add to what Berty wrote –
    When wanting to transfer funds, you have to close your goal. Interesting point – you are unable to close your goal while a transaction is pending, i.e. monthly debit, which I just found out takes up to seven days to clear. They really want to lock you in…what a brilliant pig.
    At 3.05% it isn’t worth the hassle…there are other options in that range.

    I’m getting out of the Pig Pen as fast as I can!

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