Updated: Apr 25, 2024

SmartyPig Savings Account 2024 Review

Our review of the SmartyPig Savings Account looks at interest rates, fees, and features designed to help track savings goals.
Editor's Rating
Today's Rates
Super boost your savings with highest rates.
Savings Accounts up to:
5.35% APY

SmartyPig is an online piggy bank that's designed to help people reach their savings goals. There are no fees to open an account or save with SmartyPig and competitive rates can help you grow your money faster. 

Our Verdict

SmartyPig helps you build savings automatically with no minimum deposit requirements or monthly fees. The SmartyPig account is offered through Sallie Mae Bank, an FDIC-member institution.

You might consider saving with SmartyPig if you:

  • Have one or more savings goals you're working toward
  • Would like to be able to grow your savings on autopilot
  • Are comfortable with an online savings account
  • Want to get an outstanding rate on savings

You'll need to be at least 18 and a U.S. citizen with an existing checking or savings account to get started with SmartyPig. Once you get your account set up, you can set your savings goals and set up automatic contributions to fund them.

SmartyPig Savings Account Pros & Cons

  • Strong savings rates on all balances
  • No opening deposit requirements or minimum balance requirements
  • No fees at all
  • Automatic savings features available
  • FDIC-insured up to the applicable limits
  • Not among the high-tier savings rates
  • No branch or ATM access

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Compared to Other Online Savings Accounts

One Savings Account

One is a mobile banking app that offers a checking account with built-in savings features. You can earn up to 5% cash back on eligible purchases while earning an exceptional rate on savings balances. There are no monthly fees or minimum balance requirements and you can deposit cash at Walmart locations. 

Read our full editorial review of the One Savings account

SFGI Direct Savings Account

SFGI Direct Savings is an online savings account with no monthly service fees and a low minimum balance requirement of $1. The rate is on par with other online savings accounts and you'll have convenient online and mobile banking access. It's easy to open an account online and deposits are FDIC-insured. 

Read our full editorial review of the SFGI Direct Savings account

Apple Savings Account

If you have an Apple Card you can grow your Daily Cash with a high-yield savings account. The APY is well above average and there are no monthly fees, annual fees, late fees or foreign transaction fees. Apple Card earns cashback on purchases and you can apply online without impacting your credit. 

Read our full editorial review of the Apple Savings account

Quontic High Yield Savings Account 

Quontic offers a high-yield savings account with an impressive APY. There are no monthly fees but you'll need at least $100 to open this savings account. Quontic deposits are FDIC-insured and you can also open high-yield CD accounts here if you're looking for other ways to grow your money. 

Read our full editorial review of the Quontic High Yield Savings account

Interest Rates

SmartyPig accounts earn the same APY across all balance tiers. So you get the benefit of a competitive rate whether you're saving a little or a lot. Interest compounds daily. 

It's possible to find online savings accounts offering higher rates. But it's important to keep in mind that there may be higher opening deposit requirements or minimum balance requirements to earn them. 

As you shop around for rates, remember to consider:

  • How rates are applied 
  • Frequency of interest compounding 
  • Minimum balance required to earn interest
  • Whether rates are capped once your balance reaches a certain limit

A high APY may look attractive at first glance. But it's important to consider the full range of features and benefits when opening a savings account. 


SmartyPig is fee-friendly since the goal is to help you save as much money as possible.

Essentially, SmartPig does not charge any fees at all.

ATM Access

SmartyPig is designed for saving, not spending. You won't get an ATM card though you do have other options for transferring funds out of your account. 

Should you get an ATM card with a savings account? 

There are some pros and cons. On one hand, you'll have convenient access to cash if you need it. On the other hand, it could be a temptation to dip into your savings unnecessarily. 

If you're considering a savings account that offers an ATM card, here are two key points to check:

Ideally, you have access to a large network of ATMs you can access without a fee. And if you are charged a fee, your bank will reimburse you for them. 

Account Management

SmartyPig offers online and mobile banking access. You can link an external bank account to fund your savings goals or transfer funds out of your SmartyPig savings account. 

Here's how saving with SmartyPig works: 

  • Set up your account using your mobile phone number and Social Security number
  • Create your savings goals
  • Link your bank accounts
  • Choose monthly or biweekly deposits to SmartyPig
  • Transfer funds any time

You can earn a $10 referral bonus to add to your savings when you refer friends and family to SmartyPig. 

There are some deposit and withdrawal limits to know.

SmartyPig Account and Transaction Limits

Type Fee
Withdrawal minimum $0
Withdrawal maximum (per transaction) $50,000
Daily withdrawal maximum $50,000
Monthly withdrawal maximum $250,000
Deposit minimum $0
Deposit maximum (per transaction) $50,000
Daily deposit maximum $50,000
Monthly deposit maximum $250,000
Account balance maximum $250,000

FDIC Insurance

FDIC insurance is designed to protect you in case your bank fails. If that happens, the FDIC can step in to ensure that your deposits are safe. 

SmartyPig is FDIC-insured through Sallie Mae Bank. The maximum FDIC coverage limit is $250,000, which also happens to be the maximum balance you can have in a SmartyPig account. 

What to Look for in a Savings Account

Savings accounts are designed to help you grow your money but they aren't all alike. As you're shopping around for a savings account, here are a few things to keep in mind.  

  • What interest rate and APY will you earn? 
  • Are rates tiered?
  • Is there a minimum balance requirement to earn interest? 
  • Is there a monthly fee?
  • What other fees will you pay? 
  • What's the minimum deposit requirement?
  • Will you get an ATM card or debit card? 
  • How large is the ATM network? 
  • Are there rebates for foreign ATM surcharges? 
  • Does the bank have branches?
  • Will I have online and mobile banking access?
  • Is the bank compatible with Zelle?
  • How easy is it to get in touch with customer support? 

It's easy to compare savings accounts at online banks to see what kind of terms are available. You can also check out traditional banks and credit unions if you're interested in branch banking access. 

Frequently Asked Questions

Is SmartyPig a high-yield savings account? 

SmartyPig is a high-yield savings account that's designed to help you reach your financial goals. You can deposit money to your SmartyPig account automatically on a regular schedule to watch your savings pile up.

Is SmartyPig free?

SmartyPig is a free savings account. There are no monthly fees or hidden fees of any kind. 

Can a kid open a SmartyPig account?

You'll need to be at least 18 to open a SmartyPig savings account. Parents can open an account on behalf of their child and contribute to their savings, but they'll still need to list themselves as the account owner.