Smarty Pig’s 3.05% APY savings account

April 7, 2009 8 Comments »

Smarty pig savings accountBankVibe reader Patrick just gave us the heads up on a very lucrative savings account rate through They are offering all potential customers an FDIC insured 3.05% APY savings account.

If you decide to invest money with Smarty Pig you may want to note that your money will be held at the West Bank of Iowa. Anyone in the US is allowed to sign up for Smarty Pig’s savings account.

The Smarty Pig savings account is particularly unique in two ways. First, is their unbelievable savings rate (3.05% APY) which beats the national average by roughly 50%. The second is that the SP savings account is specifically designed to help you save for something in particular (a trip/vacation, flat screen TV, anniversary, etc). Along with a predefined savings purpose is also the ability to make your savings account public to anyone you deem worthy. For example, you may adjust the settings of this account so that your grandmother, brother, or mother could view the account and make small deposits within it to help you achieve your particular savings goal.

Smarty Pig Savings Account details:

- no minimum balance required

- FDIC insured

- Interest rate is subject to change without notice

- Interest rate effective as of April 7, 2009

Our take:

Since Smarty Pig has entered the online savings game, they have altered their features and fees slightly – adjusting to consumer feedback. Their fees were a little steep during their first few months but they have since dropped substantially after consumer backlash flared up on the web. We like the fact that they are a goal-based savings account with an attractive rate (when compared to the national average).

Interest rates in general are on the decline, so its refreshing to see a savings account with an attractive rate. However, we don’t expect this to be the case for much longer. The FED is continuing to lower key rates which means lower annual percentage yields on both variable and fixed rate savings accounts. If you can, you may want to consider locking in a 5 year deposit while interest rates are still respectable for those terms.

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  • Nathan

    I like this concept but I dont like the way they are promoting saving for stupid material things. Like Hey Cousin, help me get myself a flat screen…bad marketing approach in my opinion.

    Can’t knock the rate though :)

  • Michael Ferrari


    Appreciate the feedback. And while many of our customers choose to make their savings goals “public”, allowing friends and family the opportunity to contribute to an interest bearing savings goal, well over half choose not to. Many of our customers are simply saving to save, or saving for things like a down payment on a house, a new car, a home remodel, a wedding, etc…

    Please feel free to email me direct anytime. Your feedback is always appreciated.

    Mike Ferrari, SmartyPig co-founder

  • BankVibe

    Thanks for stopping by Mike! Keep us posted on any new features or rates with SmartyPig.


  • Michael Ferrari


    We’re actually rolling out a new feature tomorrow! It’s a great new feature. If interested, please visit our blog tomorrow at:

    Many thanks again!

    Mike Ferrari, SmartyPig co-founder

  • newman

    10/15/09 rate drop to 2.01%

  • shirley webster

    Why don’t you keep the site up to date? It’s 2010 now.

  • Jessica Sethman

    On other hand, Capital One is 1,10% per year! You are analyzing the types of accounts incorrectly. The difference is, in ABOFA accounts, this is fixed deposit (you can’t take money out before the end of the savings contract). For accounts with Capital One and SmartyPIG you can take money out at any moment that is why the interest rates are so low.

  • McNugget

    ABOFA (American Banco of Asia) interest rates are 1.27% monthly! That is over 15,30% per year. And this is if you only have a balance of $1000. Some higher deposit amounts have higher interest rates and additional options.

    For me, the BEST is American Banco of Asia. I started using ABOFA savings accounts last year. They pay interest rates on time(I selected the quarterly payment option). They have quick online support to answer my questions. I fully recommend ABOFA.