Because they are an online bank and do not have the overhead of a traditional institution, they are able to offer very competitive yields and no fees on their savings accounts. ... SmartyPig deposits are held and insured through Sallie Mae Bank, an FDIC-insured institution.
SmartyPig is a free, FDIC-insured online piggy bank that helps you save for long- and short-term goals.
An offshoot of Sallie Mae, SmartyPig offers only one kind of savings account. However, its savings accounts offer some of the highest interest rates in the industry, earning more than most competitors, even big banks. SmartyPig also has a unique feature that rewards you for recommending the bank to friends.
SmartyPig is a free online piggy bank for people saving for financial goals like holiday gifts, vacations, and even retirement. with rates up to 0.70% APY1 to help you reach your savings goals faster.
The money is stored in SmartyPig's FDIC insured partner, BBVA, just like a regular savings account at any other bank. Currently, all SmartyPig accounts pay 1.60% in interest. ... According to CEO, Bob Weinschenk, SmartyPig makes money through their redemption program.
Electronic transactions initiated through the SmartyPig Online Banking Dashboard will normally take two (2)-3 Business Days to post to your Account. Funds will normally be available for transfer to other savings Goals or back to your External Funding Source five (5) Business Days after the funds post to your Account.
APY stands for Annual Percentage Yield. In non-banker-jargon, APY stands for the amount an account pays to you.
Sallie Mae is one of the largest private student loan lenders in the industry. If you're a borrower who has struggled to qualify for loans elsewhere, Sallie Mae may be an option for you. The lender offers undergraduate, graduate, career training, MBA, medical school, and dental school loans.
Yes, Sallie Mae Bank is FDIC insured (FDIC# 58177).
Sallie Mae is a consumer bank that owns 1.4% of student loans today. We are not Navient or any other company that services or collects loans for the federal government. Sallie Mae offers private student loans and other financial products.
APY is calculated using this formula: APY= (1 + r/n )n – 1, where “r” is the stated annual interest rate and “n” is the number of compounding periods each year. APY is also sometimes called the effective annual rate, or EAR.
A money market account is a type of savings deposit account that can be found at banks and credit unions. These high-rate money market accounts may pay a higher interest rate than traditional savings accounts, but their minimum deposit and balance requirements may be higher.
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