SmartyPig Savings Now Alligned with Compass Bank

If you are a current SmartyPig customer, see the information below about authorizing your new BBVA Compass savings account.

SmartyPig just joined forces with Compass Bank. They are going to move all their accounts from West Bank to Compass Bank, their new bank services provider.

If you are not familiar with SmartyPig, they are an online savings tool that allows you to create specific savings goals and automatically save for those goals in an FDIC insured account. With SmartyPig it’s not about just stashing your money away once and forgetting about it. It’s more of an active savings tool for those trying to save more. See my full review of SmartyPig.

With this new alliance, SmartyPig is hinting at being able to provide more banking services. From their blog… “we’ve got lots of new ideas, features, and functions that we’ll be rolling out this year”. I’m assuming this will be things like full-scale checking and savings accounts with debit and ATM cards, CDs, and possibly investment products??? But with as creative as the SmartyPig folks are, I’m probably being short-sighted there.

Good news. From the comments on the blog I was able to determine that there won’t be any new fees to the account. Nor do they expect the alliance to affect the interest rate.

As you know SmartyPig currently tops the list of the best online savings account rates at 2.15%. It will definitely make them more attractive in my eyes if they can become more like a standard online savings account.

Here’s the press release from SmartyPig about the change and what’s required of current customers:

On August 1, 2010, with your permission, SmartyPig and West Bank will securely transfer your customer data and funds on deposit in your SmartyPig savings account from West Bank, our current bank services provider, to BBVA Compass. In order to keep your SmartyPig account active and your savings goals current, you must log into your account and authorize this transfer of funds and the opening of a BBVA Compass savings account. Please note that your funds will remain FDIC insured at all times to the fullest extent provided by law. All things being equal, aside from authorizing your new BBVA Compass savings account, you’ll likely never notice a difference…
If you would like to contact SmartyPig, please login to your secure SmartyPig account and click the Contact Support link or call SmartyPig customer service at 888-567-6278 and we would be happy to assist you in any way.

Read more about the alliance on the SmartyPig Blog.

Not a customer yet? Start achieving your savings goals with SmartyPig and start earning an industry leading 1.75% on your savings.

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