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If you want to set specific savings goals and track your progress, you'll like SmartyPig's goal-setting tools, which allow users to plan and track multiple savings goals simultaneously by creating separate accounts.Amounts higher than that earn 0.55%, which is still on par with the highest rate offered by many of the bank’s peers. The 0.70% interest rate applies to account balances up to $10,000. The biggest drawback is its tiered interest rate structure, but only if you’re socking away more than $10,000.Sallie Mae SmartyPig finished in the top five high-yield savings accounts, thanks to its high (relatively speaking, these days) interest offering of 0.70% coupled with its saver-friendly tools.Top TakeawaysĪfter spending seven months testing 19 high-yield accounts to determine the best picks for savers, here are our top findings on Sallie Mae SmartyPig: The main difference is that the so-called high-yield account pays just 0.55% APY, versus SmartyPig’s 0.70% on balances up to $10,000 and 0.55% after that. Note that Sallie Mae has two savings account offerings: one that's explicitly referred to as a "high-yield savings account,” and the “SmartyPig account.” Both are online-only, savings-only (as in they have no checking account features). However, SmartyPig's rich lineup of saver-friendly features make it a worthy tool for reaching your savings goals. Rate-wise, it lags slightly behind Bread Savings (formerly Comenity Direct), which offers a 1% APY. SmartyPig's standard 0.70% interest rate (even with its limitations, which we’ll get to in a moment) helped it secure one of the top spots in our review of the best high-yield savings accounts of 2022. The top priority for most people shopping around for a high-yield savings account, is, quite simply, getting the highest yield possible on your cash. updates interest rates when changes in the federal funds rate cause fluctuations. Editor’s Note: Annual percentage yields (APYs) in this article are accurate as of the publication date.