A 3.05% APY on Your Savings Account Via SmartyPig

A 3.05% APY on Your Savings Account Via SmartyPig

If your bank offers you an annual percentage yield (APY) of anything above 3%, then you have a great deal in your hands. This is why SmartyPig continues to be a leader in this field with its highly competitive rate of 3.05% on its savings account which is quite unique from the others.

Though it is true that this rate may look very impressive at first glance, the truth is SmartyPig’s APY offer has already fallen several times from a very high APY of 4.30% last March 2008 to last winter’s 3.25% APY and today’s 3.05% APY. Lower, yet still one of the best in the market at present.
It is very seldom to find a money market account or a savings account that will give you 3%, if any. (Should you know any bank that really does offer 3% or more, kindle inform us because we really will appreciate such rare information.)

To be able to enjoy this rate, you will have to also follow the unusual yet goal-oriented rules and restrictions set by SmartyPig. Some of these rules are as follows:

• Upon opening of your account, a savings goal must be set as well as the date you intend to reach said goal.

• A minimum of $250 should be deposited.

• SmartyPig will be monitoring the goal you set along with the timeline. It will further suggest the automatic withdrawal monthly from your other accounts, such as checking and savings, just to be able to achieve your goal.

Should you find the abovementioned regulations acceptable, you can already start your account. If you find the need however, you can always withdraw your savings even before you reach the goal you set. If you will choose to do that though, you need to withdraw all of the money in your account, not just part of it. This is just one of the unconventional rules required by SmartyPig which is actually designed to encourage the depositor to stick to their goals and be able to save for their future.

Your deposit with SmartyPig is safe being insured with FDIC. You can rest assured that its online site is quite secured with your personal information details, which you will supply in the online application form, will be protected. The money you deposited to them will be in a secured place held in West Bank, Iowa, an institution that is more than a century old already.

It would interest prospective depositors to learn that those who have placed their money in SmartyPig have no complaints and negative feedbacks on their choice of bank. In fact, they seem to like SmartyPig. One depositor divulged that he have been with the bank for more than six month to date and has not encountered any problem. He went on to add that the bank’s customer service is great with all his queries addressed promptly in a very courteous manner either by e-mail or by phone.

Should you want to compare or consider other banks, simply go through our extensive database of hundred of various banks. It is through comparison will you be able to truly appreciate SmartyPig.

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