SmartyPig is still pushing for their high yield savings account that earns 2.75% APY. The bank has been offering very competitive interest rates in the past 12 months. The current interest rate is lower compared to the previous months but they are still on top of the charts.

The savings account with SmartyPig is not your typical high earning savings account. It is specifically designed so account holders can set their specific goals. It is also like a tool for social savings where friends and family can view what your goals are. Another good thing to it is that they can add to your funds by using the ACH transfer facility to help you achieve your goal.

The interest rates have dropped a few basis points in the past several months but they really haven’t changed that often. The savings account interest rates are established by West Bank which takes care of the deposits of SmartyPig. The rates may change any time so again it will be wise to call the bank first before signing up for anything.

The bank sets a bottom goal at $250 and a ceiling of $250,000 for the savings account. An account holder can initially fund the savings with $25 minimum and a maximum of $50,000.

Account holders can deposit to their account at any time but a 24-hour limit of $50K is set. You can also set multiple savings account goals or close any of them any time. These goals can be funded by setting up links with external savings or checking accounts.

If the account holder wants to withdraw the savings funds, he or she may do so but the goal of the account must also be closed. Partial withdrawals are not permitted.

The account holder has several options when closing an account. You can transfer back the money through your external account via ACH which takes 5 days to a week. Funds can also be sent to your SmartyPig debit card. A gift card can also receive the savings money. Remember that you can only choose one of these options and you cannot split the proceeds to a gift card, MasterCard, or transfers through ACH.

If you are worried about the requirement to close the goals first before you can transfer the money back to your external account, then you can set up multiple goals. The multiple goals can give you an opportunity to close one if in case you need liquid money to spend.

The bank does not do a hard credit inquiry according to the customer service representative. You cannot open this savings account as a joint account but you can nominate co-owners which will have limited access to the account.

West Bank which holds the deposits for SmartyPig is FDIC insured through certificate #15614. BauerFinancial gave SmartPig 3 stars while bankrate.com issued 3.5 stars when they reviewed its performance.