SmartyPig Rates & Review

SmartyPig Review

SmartyPig is an online money management savings tool based on a high yield online savings account.

SmartyPig is a free online savings management tool. It is a money management tool designed to allow customers to set and achieve specific savings goals. Deposits are held in a high yield savings account with Compass Bank, an FDIC member bank, under its BBVA Compass trademark.

SmartyPig has been named a leading online bank and money management tool by numerous sources including The New York Times, MSN Money, FOX Business, Business Week, CNN Money and The Wall Street Journal.

How SmartyPig works

This is a goal-oriented online savings account. Customers set goals such as saving enough for a wedding or vacation. Savings goals can range from $250 to $250,000. Customers link the online savings account to an external checking account or savings account. Then they set up automatic transfers to the online account from the external account. Additional deposits can be added to the account at any time.

When the savings goal is reached, customers can redeem their savings in multiple ways including transferring it back to the external account, getting a prepaid debit card or using the money for retail shopping. Customers are not locked into the goal and can change or end it at any time without penalties.

SmartyPig and social media

SmartyPig allows customers to take advantage of the popularity of social media sites to reach their online savings goals. Customers can select privacy settings and share savings account information through sites such as Facebook and Twitter.

Customers can then receive encouragement in saving from their friends and family. They can even accept donations from others to boost their savings and achieve their savings goal more quickly.

Deposit insurance

Deposits through SmartyPig are held by Compass Bank, which has been insured by the Federal Deposit Insurance Corporation since the bank's founding in 1964. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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