There are several micro savings apps in the market today, but very few allow you to have multiple accounts that allow you to access all your financial transactions at one place. Although it’s beneficial to have numerous accounts, it can get cumbersome after a while, especially if you aren’t able to manage it. That’s where SmartyPig comes in. This SmartyPig app review aims to show how easy it is to save by tracking all your accounts easily. Read on to understand the pros and cons of using the app through this SmartyPig app review.

What Is SmartyPig?

Most of us save money little by little, and whether it’s for the down payment on a brand new home or a car, it’s imperative to save. It’s least painful if you save your nuts right away instead of panicking on a rainy day. SmartyPig understands the importance of saving and not only helps you save, but it also enables other family members to contribute towards the goal.

In other words, SmartyPig works like a piggy bank with the only difference that it’s based online. You can set up several goals and then save to meet them. This makes you push harder to attain your dreams and also gives you satisfaction like none other. SmartyPig works just like other micro savings apps we’ve reviewed, and while some apps cost you money regarding fees, SmartyPig is absolutely free.

For instance, if you’re vying to get that Mac laptop that’s expensive, you simply create a goal and start saving. You can also set up bank transfers that are automated, and the money will be transferred from your checking account without any hassles. What’s more, you also earn money through the interest accumulated in your savings account, thereby ensuring that you save more.

How Does SmartyPig work?

SmartyPig was created by Jon Gaskell and Michael Ferrari to help people develop a savings habit and achieve financial milestones effortlessly. To use SmartyPig, one need to:

  • Open a SmartyPig free accountThis is the first step and a very simple one too. Like other websites, you simply head to the SmartyPig website and click on the “Create Account” tab that’s found at the top of the screen (far right). SmartyPig is only available for U.S customers now, so you need to be a resident of the USA with a valid green card. Also, one needs to be above 18 years to be eligible. This entire process takes just a few minutes, and you’ll be required to upload details regarding your Social Security number, email address, home address, driver’s license or ID card, DOB and, of course, your phone number.
  • Choose a goal – Once you’ve completed all the formalities mentioned above, you can check your goals displayed in the ‘dashboard’ area. There’s also an ‘Add a New Goal’ tab that allows you to set up your very first goal. For instance, if you’re saving to get that flashy, shiny car, you can name it and choose among several categories to start off.
  • Funding the Account – Now that you have your goals set up, the next step is to start saving. But before you do that, you need to set up the initial amount, which needs to be at least $25. Select a date that determines as to when you’ll be able to reach this goal and you’re done! As simple as that! Most importantly, don’t forget to set up your bank account from which the amount will be transferred.
  • Recurring Deposits – So how do I start saving, you ask? Well, first off, you need to set up your recurring deposits, and you can choose to do it every two weeks or once every month. Additionally, you could also select one-time transfers if it suits you best. The app will recommend an amount based on how much you need to save, taking the date into consideration. As you finish setting this up, the first transfer will occur instantly, and the amount will be transferred from your bank to the SmartyPig account. Remember that your family and friends can also help you reach your goals. All transactions made in the future will take at least2 days.

    smartypig app review :App Interface

    Smartypig App Interface

Fees and Features

As you accumulate money in your account, SmartyPig will also offer an interest rate, based on how much you’ve saved. In other words, you’ll earn 0.748% of the balance in your SmartyPig account. What sets SmartyPig apart from other apps is that you can post your goals on Twitter or Facebook and encourage your family and friends to contribute. As soon as you save enough money to withdraw, you can do it through a) SmartyPig debit card, b) Bank Transfer or c) Gift card with a cash bonus that goes up to 14%.

What Users Say

While many users are gaga about the SmartyPig app that allows others to contribute to your goals, many users complain about the fact that there’s a convenience fee (2.9%) whenever someone gifts you money.  Therefore, the user won’t receive all the funds. Keep in mind that you can receive contributions ranging from $10 to $250.

Also, since SmartyPig is not a bank account and you’ll need a savings account to start saving. Additionally, this app encourages you to spend more rather than saving since it’s built that way. Yes, the app is meant to save, and you’re supposed to head that way, but many users have complained that the app would rather have them cashing money out through gift cards. It’s tempting to use your credit card to save faster, but it’s simply not worth it because you’ll be spending a lot more on fees. However, since it’s absolutely free to sign up and also offers an interest as you save, many users are happy with SmartyPig.


SmartyPig works best if you want to start saving for a rainy day. Although it’s free and offers quite a few excellent features with a good interest rate, it’s not the best app out there if you’re looking to save huge amounts. Of course, since it’s a micro savings account, it’s a well-known fact that you can’t really aim for more anyway, but if you want to begin saving without spending money on fees, you can start off with SmartyPig right away!

If you like our Smartypig App Review do check out other Micro savings app reviews!