We all need help when reaching for goals, and financial goals are no different. See how SmartyPig is your ultimate champion for reaching financial goals, especially if you have more than one goal. And you probably do, so let’s get you started.
Who is SmartyPig?
Did you have a piggy bank when you were a kid? Piggy banks usually sit next to a fish tank on a dresser or nightstand and anytime you found spare change, you ran to save it in your ever-filling bank.
You usually had a goal for the money you were saving, like a new toy or it was candy money for your next family vacation. The idea was to save and save and save, and then enjoy the spoils of your grownup “save then spend mentality.”
Well, Professor Pig of SmartyPig is your grownup piggy bank, and because you’re not a kid anymore you have multiple goals. You want to build your emergency savings account and still save for a new mountain bike for next summer fun in the mountains. You want to save for a down payment for that bigger home for your family, yet you still want to take the family on a nice vacation.
Better than the envelope system, SmartyPig lets you save for multiple goals simultaneously and have as many savings accounts as goals. To ensure you reach all your goals, SmartyPig savings accounts are funded with pre-scheduled, recurring contributions from your existing checking, savings account or via direct deposit.
Is SmartyPig a savings account?
Yes, SmartyPig is an online savings account.
You can open a SmartyPig savings account in minutes on your computer or phone and access your account online or on your phone at any time. SmartyPig’s designed to offer some of the best interest rates available today.
SmartyPig is a subsidiary of Sallie Mae Bank and is FDIC insured. So, your dollars (and your goals) are safe, and your money helps provide affordable loans to college students.
Does SmartyPig have fees?
SmartyPig has no fees, no minimum deposit, and no minimum daily balance requirements. SmartyPig is a free, high-yield savings account that offers some of the best rates in the industry even compared to bigger banks.
How long does it take to withdraw from SmartyPig?
Whether you’ve successfully reached a financial goal or have an unexpected expense, you can access the money in your SmartyPig account at any time. Electronic Funds Transfers (EFTs) initiated through your SmartyPig Online Banking Dashboard usually take two to three business days to transfer. You’ll want to confirm the holding period for deposits with the institution where you have your external checking or savings account.
Does SmartyPig have an app?
Yes, you can access your SmartyPig account at any time on your phone through our state-of-the-art app on Apple and Android phones. Don’t worry, though. You can, also, access your SmartyPig account at any time online.
How does SmartyPig work?
Open your SmartyPig savings account online and start saving for all your goals in four easy steps.
1. Set up your SmartyPig savings account Complete our secure four-part registration process.
Have your mobile phone, Social Security Number, and driver’s license ready.
2. Pick your financial goals and set your target date Knowing what your goals are and when you want to reach them are great ways to ensure your success.
This combination will give you both a sense of purpose and a sense of urgency. You can have as few or as many goals as you like. Not having too many goals will make it easier to reach whatever goal you set. If you don’t have a specific goal yet, set up a general savings account until you know what you want. If you feel like you have too many goals, prioritize them and start saving for the first one to three most important goals first.
3. Set up automatic, recurring contributions into your SmartyPig savings account Having a “set it and forget it” strategy is one of the easiest ways to reach any goal.
Make reaching your goals easier by setting automatic, recurring monthly or biweekly contributions from your existing checking or savings account or a direct deposit from your employer into your SmartyPig savings account. Only one external funding source is available per SmartyPig account.
4. Refer a friend Reach your money goals faster by referring your friends, family and colleagues to SmartyPig.
Each time you do, you’ll receive $10 in your SmartyPig savings account, up to $1,000.
How do I use SmartyPig?
You want to get the most for yourself from your SmartyPig savings account and so do we. Here’s your six-step plan to start saving for and reaching your financial goals today.
1. Pick and prioritize your goals
You first want to pick your financial goal or goals. This clarity will make it easier to reach your goals. You want to have at least one goal and you don’t want to have too many goals.
If you’re not sure what your goals are, a great exercise is to brainstorm any possible goals you can think of and write them down on a piece of paper. Without overthinking it or editing yourself, in 15- minutes write down any goal that come to mind.
Then, review your list of goals. Circle the goals that resonates with you and cross out goals that don’t make you excited. On another piece of paper, put into a list of priorities all the goals you circled.
Set up your SmartyPig savings account to work on your top goals first. Keep your list handy so that you know which goal to add next after you successfully reach one.
2. Price your goals
It’s one thing to know what your financial goals are, it’s another to know how much they’ll cost. Research and price how much money you’ll need to save in your SmartyPig account to reach the first goal or goals you set. Research online to estimate how much money you’ll need to save. Another great way to price your goals is to ask friends, family or colleagues who have reached the same or similar goals how much their goals cost them.
3. Set a target date for your goals
Based on how much money you’ll need to save to reach your goal and how much money you’ll be able to save on a monthly or biweekly basis, calculate how long it will take you to reach your goal. Pro tip: Set your target date in your SmartyPig savings account and SmartyPig will calculate how much money you need to contribute every other week or every month to reach your goal in time.
SmartyPig is here to help not hurt you. You will not be penalized for not reaching a goal by your set target date. Simply, push your target date out a bit further or increase your deposits. Plus, if your goals change or one becomes more important you can transfer your money from one goal to another goal.
4. Automate contributions toward your goals
Use this calculation to set the scheduled, recurring contributions from your external checking or savings account or your direct deposit from your employer. You can always contribute more to your SmartyPig savings account than you estimated you’ll need to reach your goals. We’ll only designate for each goal the amount you set.
5. Review your goals and strategy regularly
Having a “set it and forget it” mentality to reach your goals is a great way to reach your goals faster than you expect. But you will want to review your SmartyPig savings account and your automated contributions every occasionally to make sure everything is working correctly and that you’re on target to reach your goals. A good rule of thumb is to revisit all this once a quarter or every three months.
6. Open a SmartyPig savings account
Finally, the best way to start saving for and reaching your goals today is to open your SmartyPig savings account here today.
Here’s how you open a SmartyPig savings account:
- Click the pink ‘Start Saving’ button at the top right of this page
- Enter your email and password
- Enter your phone number
- Click the checkbox to agree to e-sign disclosure Click “Agree and Next Step”
- Next, verify your account
- You will receive a text message with a verification code
- Enter the code Then, add your personal information, including your Name Address Home Phone Date of birth Social Security Number Gender Driver’s license number (leave this blank due to an error in the system)
- After this is done, you’ll need to answer two questions
- Have you lived at this address for two years or more? If no, then you’ll have to add your previous address.
- Are you subject to back up withholding, meaning you still owe federal, state or local taxes?
- Next, set your security question and answer
- Finally, verify email
- You’ll receive an email at the address entered in the previous step.
- Click the link to verify your email address.
Now, you have everything you need to set up your SmartyPig savings account and start working towards your goals today. Get started now!
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