SmartyPig by Sallie Mae Savings Account Review 2023

I've been mentioning the SmartyPig by Sallie Mae savings account since my first YouTube video in 2021 on high-yield savings accounts.

For as long as I've been tracking them, the rate on their savings account continues to be competitive, currently you can earn 3.40% APY. It's not quite as high as some of the other high-yield savings accounts, but it's in the ballpark.

If you're looking for one of the highest rates on the market right now, I'd recommend checking out Bask Bank, where you can earn 4.25%, but as you're about to read, there are a few features that you'll find with Sallie Mae's SmartyPig account that you won't find with most savings accounts on the market.

One of the top features are their savings goals. It's very easy to set up individual goals and set up recurring deposits to make sure you reach your goal by the date you choose. There's even a feature where you can tell SmartyPig your goal amount and the date you'd like to reach your goal, you can then have SmartyPig calculate how much you need to set aside every two weeks or month to reach your goal. This can help you take out the guess work or you having to run the numbers yourself, just tell SmartyPig the amount and when you'd like to achieve the goal and then set up the recurring deposit that is calculated for you to make sure you reach your savings goal.

How to Set up a Savings Goal with SmartyPig

  1. Click on "Add a Goal"
  2. Give the goal a name
  3. Choose the Target Date you'd like to reach your goal
  4. Enter the Target Amount of your goal
  5. Set your goal Category and Sub-Category
  6. Set up a recurring deposit (optional), it can be either bi-weekly or monthly.
  7. Choose the next withdrawl date (the first day you want money added to this goal account)
  8. If you're not sure how much to set as a recurring deposit, hit Calculate and let SmartyPig figure out how much you need to deposit every 2 weeks or monthly so you can reach your goal by the date you choose.
  9. Add an account beneficiary (optional)
  10. Click Save and Create and you'll be on your way to reaching your savings goal.

Here's an example of a savings goal I set up for holiday gifts, I'd like to have $500 by December 20, 2023:

SmartyPig Refer a Friend

If you are working with a friend or family member to make better financial decisions together, you can refer them to SmartyPig and each of you will earn $10 after your friend deposits $25 with SmartyPig.

One of the difficulties with the refer a friend program is that it must be done via email. I can't just put a link here to share it with you. If you have a friend who has an account, have them email you the invite to sign up for your account to earn the extra $10 when you open your account.

What I don't like about SmartyPig by Sallie Mae

If you've seen any of my YouTube videos about saving and savings accounts, you will know that being able to save for individual goals is one of the most important features I look for and SmartyPig has that covered, but there are a few things that hold it back from being one of the best bank accounts in 2023.

  • Not the highest savings account interest rate on the market. 3.40% is a decent rate on your savings, but there are now many banks paying over 4.00% APY on their savings accounts.
  • No checking account, I'd prefer to do all of my banking in one place and not have to send money between several different banks with a delay between sending and receiving money.
  • No ATM access, to deposit or withdraw money it needs to be done through ACH or direct deposit.

The Best Bank Account in 2023: SoFi Checking & Savings

  • Earn 2.50% APY on your checking account with direct deposit
  • Earn 3.75% APY on your savings account with direct deposit
  • Easily save for individual goals with savings vaults
  • Earn up to $275 when you fund your account with over $10 and set up direct deposit.

Read our SoFi Bank Review or check out the offer with SoFi.

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