Because they are an online bank and do not have the overhead of a traditional institution, they are able to offer very competitive yields and no fees on their savings accounts. … SmartyPig deposits are held and insured through Sallie Mae Bank, an FDIC-insured institution.
Similarly one may ask, what is the SmartyPig interest rate?
Herein, is SmartyPig by Sallie Mae safe?
The SmartyPig Savings Account: At a glance
This account is free to open and charges no fees. Each account is FDIC insured up to $250,000 via Sallie Mae Bank. SmartyPig limits account balances to $250,000.
Do you need a bank account for SmartyPig?
To open an account with SmartyPig, you must be at least 18 years old and have an existing checking or savings account. You must also be a U.S. citizen, U.S. permanent resident with a green card and Social Security number or a U.S. resident with a Social Security number.
Currently, all SmartyPig accounts pay 1.60% in interest. Since SmartyPig is free for you to use as a consumer, how do they make money? According to CEO, Bob Weinschenk, SmartyPig makes money through their redemption program.
How do I close my Account? When you’ve saved up for all of your goals and decide you’d like to close your SmartyPig Account — please contact our Customer Support Team by calling (877) 751-6884 Monday-Friday, 8AM to 8PM ET.
Just log-in to Bankaroo from any browser while online. Download Bankaroo native apps for iOS, Android and Kindle phones, and tablets.
Summary of Best Online Savings Accounts 2021
|Varo Bank||Best for High Yields|
|Sallie Mae Bank||Best for Savings Goals|
|Capital One 360||Best for Digital Banking|
|American Express||Best for Access to Funds|
Best High-Yield Savings Account Rates
- Prime Alliance Bank – 0.60% APY.
- BrioDirect – 0.60% APY.
- Customers Bank – 0.60% APY.
- Vio Bank – 0.57% APY.
- SFGI Direct – 0.56% APY.
- Live Oak Bank – 0.55% APY.
- Comenity Direct – 0.55% APY.
- Quontic Bank – 0.55% APY.
Available on both Apple and Android devices, the new SmartyPig app helps account holders easily set new savings goals, make deposits and withdrawals, and manage their accounts – all from their mobile device.
Best overall: Marcus by Goldman Sachs High Yield Online Savings. Best for checking/savings combo: Ally Online Savings Account. Best for easy access to your cash: Synchrony Bank High Yield Savings. Best for earning a high APY: Vio Bank High Yield Online Savings Account.
Best money market accounts & rates for May 2021
- Highest Rate: BrioDirect – 0.60% APY.
- High Rate: Ally Bank – 0.50% APY.
- High Rate: First Internet Bank – 0.50% APY.
- High Rate: Navy Federal Credit Union – up to 0.50% APY**
- High Rate: CIT Bank – 0.45% APY.
- High Rate: Sallie Mae Bank – 0.40% APY.
- High Rate: TIAA Bank – 0.40% APY.
A certificate of deposit (CD) lets you grow your money with a locked-in interest rate/annual percentage yield (APY) over a set period of time. We offer a range of time periods and your CD’s rate is guaranteed.
Sallie Mae named one of the best money market accounts for 2020. GOBankingRates named Sallie Mae as one of the top online banks, recognizing its products’ high interest rate and no monthly fees.