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Setting and achieving goals for ourselves is important. I would even say it's vital… especially when it comes to money. It is possible to get things you want without going into debt, and SmartyPig is proof of that. Let me share with you this SmartyPig Review, in hopes you realize just how amazing it is!
SmartyPig is a type of ‘micro savings' program that helps you set and achieve savings goals. In fact, their members have saved upwards of $5 billion. And these are just normal people taking their savings goals seriously.
You can too, and it's completely free.
It is an online goal-oriented savings account designed to make it easy for you to set and achieve savings goals. They refer to it as an “online piggybank”. What's really cool is that you can have as many piggy banks as you want. They take a second to set up and it's all free!
With a traditional bank, if you wanted to set different savings goals, you'd have to open up multiple accounts and manage everything. And then there's the hassle of opening up accounts in the first place. Beyond that, many savings accounts have high balance minimums, requirements, and embarrassingly low-interest rates.
Once you open a SmartyPig account, you can make as many financial goal savings accounts as you want, and move money among them however you want. Instantly. Plus, their interest rates are much higher than typical bank savings accounts. I mean, they aren't as high as they were in the ‘old days', but much better. As of July 2017, their interest rates are as follows:
Not too bad! Additionally, SmartyPig is not a bank in the sense that they hold your money. They help you save while it is held by Sallie Mae Bank and is FDIC-insured. You will need a traditional Savings and/or checking account as the funding account for your SmartyPig accounts. Or, you can set up a portion of your paycheck direct deposit into it.
The overall focus of their services is a save-then-spend mentality. Their accounts are not designed to focus on retirement investing or really long term saving, but on helping you achieve shorter-term spending goals and avoiding debt. Members use their SmartyPig accounts on things like:
Once you decide on what you want to save up for, here's what you do and what makes a SmartyPig account work for you:
Instead of transferring your goal money to your checking account, currently, you can use it to purchase an Amazon.com gift card through Smarty Pig. This is convenient if you are a big Amazon shopper, especially if you are saving towards holiday gifts or prefer to shop online.
For every friend that you refer to Smarty Pig using your unique link, you earn $10! When a friend opens an account and deposits $25 into that account, you earn $10!
Their Desktop and Mobile interface are both very intuitive and user-friendly. With their mobile app, you can keep track of your goals wherever you are, and transfer money out as needed. With accounts like this, if they aren't easy and quick to use, it makes the whole process a chore. SmartyPig gets this and wants to make the process of saving as simple as possible and it shows with their interface. Here's what it looks like:
YES. It is completely free! That includes: setting up an account, creating an unlimited amount of savings goals, and any withdrawals. All free. But, like with any savings account, there are some withdrawal limitations imposed by the federal government.
No. They are not designed that way. That's not their purpose. I think it's better this way. They are strictly an interest-bearing way to help you save for your financial goals. Once the goals are reached, just move the money back into your checking account.
Again, signing up is free, and it doesn't take long at all.
In addition to these items, you'll need a state-issued ID. Beyond that, they will verify your account by making a couple small deposits and an equal withdrawal from your checking or savings account.
Ask yourself these questions:
Is there something you have been wanting to save up for?
Something you should be saving up for (like your emergency fund)?
Or something you need to be saving up for?
– If you answered “yes” to any of these questions. SmartyPig is for you! –