Highest Interest Savings Account - Make the Most on Your Money - Smarty Pig

With a name like Smarty Pig this may not be a bank that you brag about having....not exactly a Swiss Bank account..but, the Pig has its advantages!  I leanred this in basically forcing my firlfriend to sign up for an account.  We had both been using Ally as they usually had the best interest rates, but we have a decent amount in savings and even a small difference in rates can add up to big money!  She really did not want an account as she said it was "silly" and did not sound like a big stable bank...I reminded her about Washington Mutual going under....

So the main reason you are reading this is you are looking for a good place to stash your dough and make more than the pathetic rates out there for most savings accounts.  The next best place I could find to Smarty Pig was Capital One which, when you factor in their little 10% bonus on the interest you earn each quarter might reach 1.4%.  Smarty Pig is a FULL 2.14% at last check up to $50,000!!!!

Ok, so Smarty Pig does things a little differently. They are backed by some pretty big, old and stable banks (such as West Bank which has been around for over 100 years) but they are pretty innovative and I love that!!   When you set up and account you create different "goals." Think of these goals like little sub accounts. Smarty Pig started out as a way for people to save for purchases instead of using credit cards etc. I really do not care about that aspect but here are some tips to make using them easier and less confusing,. Once I got the hang of things I actually realized I liked them BETTER than the traditional banks as it is easier to keep my savings goals seperate.

  • Make as many goals as you want, for example, I have goals for "emergency fund," "car repairs," "vacation," remodeling," and "general savings."
  • You can have as many goals as you want but any money you have OVER your first $50,000 gets a lower interest rate.
  • You can make transfers using ACH just like most other accounts HOWEVER, you have to close your goal to get the cash out of it, so it is a good idea to have multiple goals with smaller amounts if you think you might need the cash pretty often, that way you don't have to transfer it all back to your bank, then send back what you don't need to The Pig
  • You can choose to have them send you a check or a pre-paid debit card as well as gift cards to many stores. This might be good for those who would like some help budgeting as it limits and focuses your spending abilities.

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