SmartyPig is an online Piggy bank which fulfils the need of organizing our money to save for multiple financial goals. The motto of SmartyPig is Simple and Smart Saving. The service is free of cost; FDIC insured and it is also a micro saving product. At SmartyPig, you can save for buying a new house, a car and even for small goals such as vacation and buy a new computer or Laptop. By just creating a goal and setting up an automatic transfer from the bank account you can start saving with this app. The Owners of the app Michael Ferrari and Jon Gaskell introduced this service for encouraging small financial goals without any debt. SmartyPig is, however a self-managed account and it does not offer any kind of joint account. But you may add someone as Payable on Death nominee for your SmartyPig account. The primary user has full access to his account and he can decide only the View only or limited access designation to his nominee.
How to create an Account with SmartyPig
For creating an account with SmartyPig you just have to go to the website and then click at creating account button. The basic requirements for opening account are:
- You must be 18 years old and a permanent resident or Green Card Holder of U.S.
- You must have an already existing saving or checking Account in one of the U.S. Institutions.
- You have to submit a copy of Driving Licence and submit your Social Security Number, address, Email ID, Date of Birth and Mobile Number. The information provided by you is encrypted and remain secret until you won’t disclose it yourself.
All this process can take just a few minutes and after the verification of your email and phone number your account is created.
Setting Up a New Goal
After setting up a new account, the Dashboard area will show an option where current goals will be displayed. Just click on the option add a New Goal and set up a new goal. After that name the goal according to what you are saving and then decide how much you want to save.
Funding your account
You have to set up Initial deposit which is to be more than $25 and then choose the date till which you want to achieve the goal. Set up the bank account from which automatic transfers will take place.
Setting Up of recurring deposit
After all the process is completed you have to set up a recurring deposit i.e. you can either deposit monthly, weekly or one time transfer as per your convenience. The service also provides you with recommendations which are based on your goal that how much you require saving. You can also set manual saving amount as per your requirement. After confirmation of new goal the initial deposit is transferred from your account to SmartyPig account. The banking partner of the service is U.S. based BBVA compass.
Important Features of SmartyPig
- The best feature of the SmartyPig which makes it different from other micro saving apps is that you can publicize your progress details on social media sites such as Facebook and Twitter and also get contributions from friends and family who are following you. But in that case, you are charged with convenience fees of 2.9% and they can transfer funds from $10 to $250.
- Another feature of SmartyPig is that money you save in your account is secured with BBVA compass and is FDIC insured. You can earn interest on your savings depending on your saving amount. For an amount up to $50,000, you will earn an interest of 0.75%. And for above than $50,000 interest earned is 0.748%.
- The third Feature of SmartyPig is that at the time of withdrawal you are given three options such as retail gift card, SmartyPig MasterCard Debit card, Bank deposit and you have to choose one option out of them.
SmartyPig Mobile Application
The SmartyPig also has a mobile app for I-phone and Android phone users. You can see the current status of your goals, history of all transactions and also transfer additional funds to you or your friend’s account with the help of mobile App. Also, updates to Facebook and Twitter are posted. The mobile app has a 4-digit security code and it is also free of cost.
Benefits of SmartyPig
- The opening of account requires no money: the best thing about SmartyPig is that it is free of cost service. You can open your account without any fees and use the services on Mobile and desktop for achieving your savings goals.
- Separate goal accounts: You can set up multiple goals and then set different deposits amount for every month. After reaching a particular goal you can start saving for new one.
- Interest bearing Accounts: The amounts of money in your SmartyPig account will earn you interest either you have reached your goal but have not withdrawn money from the account.
- Encourage Savings Habit: By saving a fixed amount of money every month in SmartyPig you can develop a saving habit which will prove beneficial for you in the long run.
In the end, we can say that SmartyPig is the best option if you are saving for short term and the best place to make secure your emergency funds. SmartyPig provides you with the best tools to reach your goals faster. You can save for a wedding, Birthday clothing and anything you desire. Once you achieve your goal SmartyPig expands your buying power by offering Retailer Gift Cards with a large amount of cash saving. You can send money and get back interest in your account according to your interest.
Also, all the information you provide with SmartyPig is secured end to end. The security of accounts and information provided by users is maintained by Integrity Software, Digicert, Trustwave, and McAfee Secure. After 15 minutes of your inactivity, you are automatically logged off.