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SmartyPig Savings account review

Save for short- or long-term goals with this tiered-rate account earning up to 0.7% APY.’s rating: 4.0 / 5.0


Smartypig is a free savings account insured by the Federal Deposit Insurance Corporation (FDIC) and backed by the consumer banking company Sallie Mae. It may have a silly name, but with a 0.7% APY, you could earn a serious amount of interest. But your interest rate decreases the more your savings grows.

Up to 0.70%





Minimum deposit to open


Annual percentage yield (APY)0.70% on balances of $0 to $10,000
0.45% on balances of $10,000.01+
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily

Review by

Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

Expert review

The SmartyPig Savings account is best for anyone looking to set specific short- or long-term goals. You can set specific automated rules on how much money you want to apply to each goal. Plus, you’ll earn a competitive rate up to 0.7% APY.

But keep in mind that Smartypig has a tiered APY and instead of rewarding you for saving by offering a higher rate, it does the opposite. You’ll earn 0.7% APY on balances up to $10,000 and 0.45% APY on balances over $10,000. Also, if you have any questions about your account, customer support is limited to phone and they’re not available on the weekends.

How do I open a SmartyPig Savings account?

Opening a SmartyPig Savings account only takes a few minutes, but you’ll need a smartphone to complete the process.

  1. Go to the provider’s site and follow the steps to apply.
  2. Visit the Smartypig website and select Start Saving.
  3. Enter your email address and phone number, then create a password and agree to the terms.
  4. Enter the verification code sent to your phone, then select Verify.
  5. Fill in your name, address and date of birth, then link a funding source, such as a checking account.
  6. Wait up to two business days for two small deposits to appear in your checking account, then verify those amounts with SmartyPig Savings.
  7. Once your account is verified, create a savings goal and set up monthly or biweekly deposits.


To open a SmartyPig Savings account, you must meet these requirements:

  • At least 18 years old
  • Citizen and resident of the US or US permanent resident alien with a green card

Required information

You’ll need to provide the following information when you apply.

  • Social Security number
  • Driver’s license details
  • Mobile phone number
  • Date of birth
  • Residential address — PO boxes are not acceptable
  • Routing and account numbers for a funding source

What are the benefits of a savings account with Smartypig?

A SmartyPig Savings account offers several benefits:

  • No fees. There are no fees to maintain a SmartyPig Savings account.
  • Helps build better habits. Smartypig encourages you to set specific and separate short- or long-term savings goals to help you build better savings habits and reduce the likelihood you’ll end up in debt.
  • Competitive APY. All Smartypig accounts earn 0.7% APY on balances up to $10,000 and 0.45% APY for balances over $10,000.
  • Referral program. You’ll get $10 for every successful referral you make.

What should I look out for?

As with most savings accounts, you’re limited to six monthly withdrawals and you won’t get a debit or ATM card with Smartypig. There’s also these potential drawbacks to bear in mind.

  • Tiered APY. Most savings accounts reward you with a higher deposit as your balance increases. But Smartypig’s rates drop as it grows.
  • Limited support. The only way to reach Smartypig is by calling 877-751-6884. But they’re not available on the weekends.

If you want a savings account that rewards you with higher interest the more you save, keep looking. As always, explore your options when considering a high-yield savings account.

Compare Smartypig with other savings accounts.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
Interest is compounded daily. No monthly service fees. Competitive rates
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.

Compare up to 4 providers

How do I deposit or withdraw my money?

Depositing and withdrawing money to and from your SmartyPig Savings account is relatively straightforward.

Funding options

  • Link a funding source. You can link a checking or savings account to deposit funds on a recurring basis.
  • Conduct ACH transfers. You can send one-time automated clearing house transfers.
  • Set up direct deposit. Your employer can deposit some or all of your paycheck in your SmartyPig Savings account.

Withdraw options

  • ACH transfer. Currently, the only way to withdraw funds from your Smartypig account is to initiate an automated clearing house transfer from Smartypig’s website or app.

Frequently asked questions

How do I contact SmartyPig for support?
You can contact a support specialist by calling 877-751-6884 on weekdays from 8 a.m. to 8 p.m. ET.

You can also send a secure message to a SmartyPig representative by using the Message Center section of SmartyPig’s website. A representative will typically get back to you within one business day.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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