You are meant to use the app to save up money for specific purchases. These may be a new computer, a home down payment and more. You are meant to add money into your SmartyPig account on a regular basis until you reach a pre-established goal. At the same time, SmartyPig offers you advice to increase your rate of savings and help you save more money. The site is currently set up for users in the United States and Australia only.Show more screenshots »
SmartyPig is one of the older apps out there, having been founded in 2008. As such, the app has had a lot of time to gain publicity and popularity. SmartyPig has received numerous overwhelmingly favorable reviews in major media including CNN Money, The New York Times, Fox Business, CBS News, the Huffington Post and more. This has helped the app spread and it currently has one of the most popular and lively YouTube channels of any app, as well as a strong presence on social media.
The main difference is that SmartyPig mixes banking, social media and a completely user friendly feel. The cutesy graphics make online banking easier to understand and probably more fun to use. It takes banking into new areas in terms of demographics.
The app is very user friendly in comparison with similar banking-related apps. From the graphics to the interface to the text to the logo, SmartyPig has a cutesy feel to it. This helps users figure out the advantages of the app at a first glance. Users do, however, face the standard bureaucracy of setting up any online account. SmartyPig and its users are also subject to banking legislation of the country of residence. Part of the fun of the app is the constant flow of special offers from affiliated merchants.
To register with SmartyPig is a little more complicated than registering for most apps. With SmartyPig, after all, you are essentially starting an online banking account that is subject to national and international regulations. To create an account with SmartyPig, click the Create an Account at the upper right hand corner of the main page. From there, you will be taken to a basic explanation of interest rates and other features before being asked for a series of documents. You will need a driver's license or state-issued ID, social security number, residential address and more information.
The application is free to use.
The application is great for younger people looking for incentives and alternatives to save up for purchases. The interest rate paid on your account actually goes down when your account exceeds $50,000 so it is best for people with below that amount in savings. The app makes saving more enjoyable for younger people who grew up in the internet age.