Frequently asked questions
Have a question about one of our products or services? We’ve got the answer. If you can’t find exactly what you need, feel free to chat with us.
I forgot my username. How can I get it?
On the login page, click forgot your username where you can enter your Social Security number or Customer Identification Number and birthdate to retrieve your username
How do I change my password?
You can go to salliemae.com/login, select forgot your password, and follow the prompts. If you haven't set up your security questions yet or are having trouble, chat with us or give us a call.
How do I start the student loan application process?
Log in to your account or visit our home page to begin a new app! Either a borrower or a cosigner can start an application. Complete it together in just a few minutes, or one person at a time. From there, you’ll be able to invite the other person to submit their portion of the application. Details on what you'll need to start the loan application process and what we do once we have your application can be found here.
What happens after my loan is approved?
First, we’ll send your application information to your school to review (certify), which means they’ll verify things like your enrollment, the loan amount, and graduation date. Borrowers and cosigners typically don’t have to do anything while we wait for certification, but we’ll keep you posted. After we receive certification and your right to cancel period ends, your funds will be sent (disbursed) to your school.
I recently submitted documentation for my application, so why isn’t my loan updated?
Documents usually take 3 – 5 business days to review. If we need anything else, we’ll reach out.
How do I make sure I have the right mailing address for my payment?
Customers have specific addresses to use when mailing in their payments. Check out the back of your billing statement for the right address or look here: ways to make your student loan payments.
What do I do if my third-party bill-pay doesn’t include the correct Sallie Mae payment address?
If your bank doesn't provide the correct address for payment, contact that financial institution for help. In the meantime, consider making an online payment or enrolling in auto debit.
How is my payment applied to my loan?
How a payment is spread across multiple loans is called “payment allocation.” If the payment is received with the remittance slip on the billing statement, we’ll automatically allocate the payment to all the loans in that loan group. Once we allocate a payment to a specific loan, payments are applied based on the terms of each loan’s Promissory Note, usually first to Unpaid Fees, then to Unpaid Interest, and then to Current Principal. Learn more about allocation and application.
I recently made a major life change (e.g., a name change or a Social Security number change). How do I update my account?
Some post-school changes simply require updating your account information. Others may require one-on-one help. Learn more about which life changes affect your account and what you can do.
Was my deferment processed?
You can check the status of your deferment request in your account here. If you need to submit a new request, you can do that here.
I'm still in school, so why is my loan(s) in repayment?
There are a few things that affect your loan's status, such as going back to school after your separation or grace period expired. Also, if you selected either an interest-only or fixed repayment option, you'll make payments while the student in school. Understand how going back to school affects your loan.
How do I find out who is servicing my loan?
You may have both federal and private student loans for your undergraduate and graduate school education.
- For federal loans, visit the National Student Loan Data System to see who your servicers are.
- For private loans, you can request a free credit report from annualcreditreport.com that lists the student loans reported to the consumer reporting agencies. (Most servicers report their loans to these consumer reporting agencies.)
What is the difference between a fixed interest rate loan and a variable interest rate loan? How do I know what type I have?
Interest is the amount you’re charged for borrowing money. When you pay back a loan, you pay it back with interest. How much interest you pay back depends on your loan’s interest rate.
- Fixed interest rates stay the same for the life of the loan.
- Variable interest rates varies with the market and could increase or decrease over the life of the loan.
Both your rate and rate type can be found on your billing statement and loan documents.
If you need more help, you can learn more about interest rates or choose which rate is right for you.
How is the interest rate on my variable rate loan calculated?
For a variable rate loan, most lenders start with a benchmark index and add a margin. For instance, if the lender uses the London Inter-bank Offered Rate (LIBOR) as its index and then adds a 5% margin, the rate will be quoted as “LIBOR + 5%.” While economic conditions may make the benchmark index go up or down, the margin added will usually remain fixed.
You can find your loan’s index and margin on your Promissory Note and loan documents.
For questions related to indexes and the transition from LIBOR to SOFR, please visit www.salliemae.com/libor2sofr.
Options for our delinquent customers
Your eligibility for any of the following options depends on a review of your financial situation, so please call us at 800‑472‑5543 to talk with an account manager who'll review your available repayment options.
- Loan Modification lowers your monthly payments by reducing your interest rate and possibly extending your loan term.
- Payment Extension allows you to bring your loan current by making payments that are equal to or greater than the Current Amount Due for three consecutive months.
- Reduced Payment Plan allows you to make six months of interest-only payments.
Savings, CDs, and mobile banking FAQs
These FAQs are for Money Market Accounts, High-Yield Savings Accounts, Certificates of Deposits, and mobile banking.
Are Sallie Mae Bank accounts FDIC insured?
Yes, our deposit accounts are FDIC insured up to the maximum amount allowed. To learn more about FDIC insurance limits, visit www.fdic.gov.
To calculate the insurance coverage for personal accounts, you can use the FDIC's Electronic Deposit Insurance Estimator.
Also, please note that our deposit accounts are offered through Sallie Mae Bank, Member FDIC.
What are "micro-deposits" and "linked" accounts?
Your linked account is your bank account with another external financial institution that you "link" to your Sallie Mae account. This link lets you transfer funds electronically, saving you time and money.
When you open an account, we'll make two micro-deposits (small deposits) into your external account. We then ask you to sign in to your Sallie Mae Bank account and verify these two small deposits (they'll be less than $1). This is a security measure to ensure you own the external account. It's important to remember that you can't transfer any funds from your Sallie Mae account until you've verified your first set of micro-deposits. Also, each time you add a new linked account, we'll send micro-deposits that you'll need to verify. Because you need to verify the micro-deposits before you can use your new link, don't delete your old link(s) until your new link is verified. This way you'll still have links to transfer your funds. You need to be an authorized signer on all linked accounts. Additional ownership verification may be required.
What’s our routing/ABA number?
Our routing/ABA number for Money Market Accounts, High-Yield Savings Accounts, and Certificates of Deposit is 124385119.
How do you calculate interest on my account, and when is it credited to my account?
Interest is calculated the same way for all our accounts. It's compounded daily and credited to your account monthly. Interest credits will appear on the first business day of the month following the month they're earned. (For example, interest earned in April is credited on the first day of May.)
When and how will I receive my statements?
The primary accountholder will receive a statement each month. You'll be sent an email telling you when your statement is available for viewing online.
How do I contact you about my Sallie Mae account?
Contact us using one of the methods below.
By phone
- Savings, CDs, or Mobile Banking: 877-346-2756
- SmartyPig® Savings Accounts: 877-751-6884
- Student Loans: 800-472-5543
By mail
- Savings, CDs, or Mobile Banking:
Sallie Mae
175 S West Temple, Suite 600
Salt Lake City, UT 84101
See all the ways you can contact us.
Will I receive a 1099-INT?
If you receive any interest as a primary accountholder during the year, you'll get a 1099-INT. If you have other accounts, like a SmartyPig Account, you'll receive a separate 1099-INT. 1099-INTs will be available online in late January.
How do I set up direct deposits?
Since direct deposits come from different sources, we don't have a standard form to set this up. Please reach out to the institution that has your funds and ask them for their procedure. They'll probably need the following information to set it up:
- Your Sallie Mae account number
- Our routing (ABA) number: 124385119
Can I download past transactions?
Yes, log in to your account and choose how you'd like to download your transactions.
How should I update my address or other personal information?
You can update your personal information online or by phone:
- Log in to your account to change your personal information.
- For updates to your deposit accounts, including High Yield Savings and Money Market, please call us at 877-346-2756.
- For updates to your student loan accounts, please call us at 800-472-5543.
If you need to update your name, date-of-birth, or Social Security number, provide us with proof of the correction.
- Name change: Send a copy of your marriage license, divorce decree, or other court order along with a copy of your driver’s license or other state-issued identification showing your new name.
- Birthdate correction: Send a copy of your driver's license or other state-issued identification.
- Social Security number correction: Send a copy of your Social Security card.
Make sure you also include a note specifying the reason you’re contacting us.
You can provide proof by scanning and uploading your documents, faxing them, or mailing them to us.
- Upload scanned documents and pictures to secureupload.salliemae.com.
- Fax documents to 800-627-7532.
- Mail documents to Bank Operations, Sallie Mae Bank, 175 S West Temple, Suite 600, Salt Lake City, UT 84101.
What is a Payable on Death account?
A Payable on Death (POD) account, also known as a Totten or informal trust account, is a simple way to disperse assets upon death. Distribution of assets for beneficiaries, or people to whom money is paid or will be paid, of POD accounts occurs without going through probate. Also, you may be entitled to additional FDIC insurance coverage for each POD beneficiary.
Tell me about the extra FDIC insurance for Payable on Death accounts.
In many cases, funds in POD accounts are FDIC insured up to $250,000 for each qualified beneficiary. For more information, head over to the FDIC insurance calculator.
How can I make a new account a Payable on Death account?
You can make a new account a Payable on Death (POD) account during the account creation process. You'll be asked to select your beneficiaries. Once they're selected, your account is a POD account. All beneficiaries are assigned equal shares of funds. (For example, if you assign three beneficiaries, each will be given a one-third share of the funds in the account upon death.)
Can I make an existing account a Payable on Death account?
You can make an existing account a Payable on Death (POD) account on your account summary page. You'll be asked to select your beneficiaries. Once they're selected, your account is a POD account. All beneficiaries are assigned equal shares of funds in your account. (For example, if you assign three beneficiaries, each will be given a one-third share of the funds in the account.)
Can I remove the Payable on Death designation from an account?
Yes, deleting all beneficiaries will remove the Payable on Death designation.
What happens to my Payable on Death account if I die?
If you die, your designated beneficiaries receive the equal shares of funds in your account. The assets are transferred without going through probate.
How can I ask for a wire transfer from or to my account?
To request a wire transfer from your account, fill out the Wire Withdrawal Request. We'll only send wire transfers to your linked accounts (accounts you've already established that you own). We also require a copy of your driver's license or other state-issued identification.
After completing the form, submit it with your identification by scanning the documents and uploading them to secureupload.salliemae.com. You can also fax them to 800-627-7532.
For the transfer to be completed same day, please submit your wire transfer request by 3:00 p.m. ET.
Note that a wire transfer isn't the usual transfer that's set up online—that's called an ACH transfer. ACH transfers are free and take two to three business days. A wire transfer moves funds from one bank to another on the same day. Our fee for an outgoing wire transfer is $20. Incoming wire transfers from another bank to Sallie Mae aren't assessed a fee by Sallie Mae Bank. We won't initiate international wire transfers.
To send a wire transfer from another bank to your Sallie Mae account, use our ABA routing number, 124385119, and your Sallie Mae Bank account number.
Are there fees or charges for Sallie Mae High-Yield Savings and Money Market Accounts?
There are no monthly maintenance fees for these accounts, but there are fees for additional services.
If you have a Money Market Account, additional check services have the following charges:
- Check order, standard delivery: Free if ordered at account opening; $5 if ordered after account opening.
- Check order, expedited delivery: Free if ordered at account opening; $15 if ordered after account opening.
- Stop payment: $15
How do I make deposits and withdrawals?
There are four ways you can deposit funds into your Money Market or High-Yield Savings Account:
- Sallie Mae e-deposit (also known as remote deposit) lets you conveniently make deposits electronically with your iPhone® or Android™ device. We can't accept some checks via e-deposit, including money orders, third-party checks, foreign checks, and starter checks.
- Set up direct deposits.
- Transfer funds electronically via ACH transaction. To transfer funds electronically, all you need to do is log in to your account. Transfers set to be processed immediately can't be canceled, but recurring and future-dated transfers can be canceled.
- Deposit a check via mail. You can mail your check to us at Sallie Mae Bank, 7305 Pacific St. Omaha NE 68114-5430. (Please remember we don't accept some checks, including third-party checks.)
To withdraw your money, all you need to do is log in to your account and transfer the desired amount to your linked account. Transfers set to be processed immediately can't be canceled, but recurring and future-dated transfers can be canceled.
When do deposits start accruing interest and how long are they on hold?
Deposits start to accrue interest as soon as they post to your account.
- For electronic deposits, this is usually two or three business days after the transaction was initiated.
- For check deposits, this will happen as soon as we get the check and process it.
For all deposits, funds will be held for five business days from the effective date of the deposit.
The effective date of the deposit is the day that your account is credited for that deposit. To the extent permitted by law, we reserve the right to extend these timeframes for certain reasons, including suspicion of fraud. In addition, funds in an account that is being closed may be subject to a brief temporary hold to allow outstanding transactions to clear and for any necessary processing procedures to be performed.
How long does it take for a withdrawal or transfer to arrive in my linked account?
Transfers to your linked account will normally arrive two to three business days after you schedule your withdrawal.
How do I cancel a transfer?
Transfers set for immediate processing can't be canceled. You can cancel any transfer that has a pending status, including recurring and future-dated transfers, three different ways:
- Log in to your account and select the pending transfers you'd like to cancel.
- Call us at least three business days before the transfer is scheduled to be made.
- Write to us at 175 S West Temple, Suite 600, Salt Lake City, UT 84101, and include your account number, the exact dollar amount of the transfer, and the transfer date. We need to get your request at least three business days before the payment is scheduled to be made.
How do I order checks for my Money Market Accounts?
Once you confirm your mailing address, you can call us to order your checks. Your checks will be sequentially numbered from any prior check order. We'll charge your account $5 for a check order with standard delivery (10 business days), or $15 for expedited delivery (2-3 business days). Checks ordered when the account is opened are free.
How do I stop payment on a check from my Money Market Account?
If you want to stop payment on a check or on a range of checks, log in to your account and choose the payment to stop. If the check (or a check within the range) wasn’t processed and paid, you can place a stop payment. We'll charge your account $15 to make a stop payment. The stop payment is permanent and doesn't expire.
What’s a promotional/bonus rate?
From time to time, we may offer a bonus interest rate and Annual Percentage Yield (APY) on new accounts. Bonus interest rates and APYs are applicable for a limited time only.
What will my interest rate be after the promotional period ends?
If you have a promotional rate, the interest rate on your account when it ends will be the regular interest rate in effect. Learn more about rates and disclosures for:
Does my promotional rate vary with the balance in my account?
If you have a promotional rate, it doesn't vary with your account balance. Your account will receive the same interest rate throughout the promotional period.
What happens to my account when my Certificate of Deposit (CD) matures?
Your CD will automatically renew at maturity. Upon maturity, you'll have a grace period of 10 calendar days during which you can withdraw funds without penalty. This grace period begins on the date of maturity.
You may choose to withdraw the funds in your CD at maturity or within the grace period. If you wish to do so, call us to provide us with notice.
If you choose not to renew your CD, interest will accrue until the day within the grace period when you withdraw your funds or we receive notice. Each renewal term will be the same as the original term, beginning on the maturity date. We'll set the interest rate on your renewing CD at our discretion. To determine your rate on renewal, please check our rate schedule at salliemae.com/savings/rate-table.
Will you remind me of the maturity date on my Certificate of Deposit (CD)?
Yes, we’ll send you an email notice about 30 days before your CD matures.
Can I receive interest disbursements from my Certificate of Deposit (CD)?
Yes, interest disbursements can be requested monthly or at maturity. They'll be sent electronically to the linked account you specify.
To set up interest disbursements, log into your account.
Does the Certificate of Deposit (CD) have early termination penalties?
Yes, our early termination penalties are as follows:
- If your CD has a term of 12 months or less, the penalty will be equal to 90 days' simple interest.
- If your CD has a maturity term greater than 12 months, the penalty will be equal to 180 days' simple interest.
In certain circumstances, such as the death or incompetence of an account owner, we may waive the early withdrawal penalty.
What is mobile text banking?
You’ll be able to retrieve information about your bank accounts from a mobile device using Short Message Service (SMS) texts.
Which accounts can I access with mobile text banking?
- High-Yield Savings Accounts
- Money Market Accounts
- Certificate of Deposit Accounts
How do I enroll in mobile text banking?
You'll need to log in to your account at banking.salliemae.com.
What do I need to be eligible to activate mobile text banking?
You'll need a mobile device that can send and receive text messages.
Is there a fee for using mobile banking?
No, we don't charge a fee for using mobile banking. You may, however, incur normal text or data usage charges from your wireless carrier to access the internet or text messages on your mobile device.
Is mobile text banking secure?
We're committed to the safety and security of your information. To ensure the security of your account information, several security features were built into our mobile banking services.
- No identifiable information: Our texts or alerts never include any personally identifiable information, such as your full account number, PIN, email address, User ID, password, or mobile number.
What happens if I change my mobile device number?
As a security precaution, you won't be able to get alerts or use mobile text/SMS banking until you log in to your online banking account and update your mobile preferences.
What if I lose or replace my mobile device?
If you lose your mobile device, contact us to suspend your mobile text banking. If you have a new phone, we can help you set up mobile text banking again.
What’s our short code?
Our SMS short code is 99701. Short codes are special telephone numbers, usually five or six digits long, which are used to send and receive text messages from mobile phones in the U.S.
I didn't receive the verification PIN or my PIN didn't work. What should I do?
If you didn’t receive your verification PIN, make sure your mobile device's phone number is entered correctly. You have the option to resend the PIN to your device. If you still don't receive a verification PIN, please contact us.
What are the text commands I can use for Sallie Mae text banking?
Here's a complete list of the mobile banking commands you can text to 99701:
- BAL—Receive account balances.
(Note: Available balance for deposit accounts is the balance of funds available for withdrawal or transfer; certain pending transactions, such as deposits on hold, may not be immediately available and wouldn't be included in the available balance.)
- BAL [nickname]—Receive the balance of the nicknamed account.
- HIST—Returns a list of your last five most recent transactions.
- HIST [nickname]—Returns the last five most recent transactions for the nicknamed account.
- T or TRANS [from acct] [to acct] [amount]—Transfer funds between two accounts.
- HELP—Returns a list of all available text commands.
- STOP—Deactivates mobile banking from phone.
- NICK—Returns a list of all account nicknames.
What is the difference between mobile text banking and mobile text alerts?
- Mobile text banking lets you request information, such as your account balance and recent transactions, from your mobile device, by texting commands to us at 99701.
- Mobile text alerts are automatic notices we send directly to your mobile device that contain important information about your registered account(s). You can choose which alerts you want to activate.
How do I set up customer alerts?
Once you've enrolled in mobile banking, you can set up mobile text alerts by visiting the alerts section in mobile banking. The alerts configuration page displays all available alerts for each active and mobile eligible account.
We offer the following alerts:
- Reminder alerts
- Balance alerts
- Check cleared alerts
- Daily balance alerts
- Transaction alerts
- Secure message alerts
How do I stop receiving mobile text alerts?
You can stop alerts by changing your preferences or texting STOP, QUIT, END, CANCEL, or UNSUBSCRIBE to Sallie Mae (99701).
How do I get the app?
Download the Sallie Mae Banking App to your smartphone through the Google PlayTM Store or the Apple® App StoreSM.
Which accounts can I access with the app?
- High-Yield Savings Accounts
- Money Market Accounts
- Certificate of Deposit Accounts
Is there a fee for using the app?
No, we don't charge a fee for using mobile banking. You may, however, incur normal text or data usage charges from your wireless carrier to access the internet on your mobile device.
Is mobile banking secure?
We're committed to the safety and security of your information. To ensure your account information is secure, several features were built into our mobile banking services:
- Secure login: The app requires secure login for access. No one can access your account information without knowing your unique username and password.
- Data encryption: For your protection, only limited information, such as your account nicknames and balances, is stored on your mobile device. All your account data resides at Sallie Mae, just as with online banking. All data placed in your mobile device is encrypted before it's stored and it's only accessible with your PIN. This ensures that your data is unreadable if your mobile device is lost or stolen.
What if I lose or replace my mobile device?
If you lose or replace your mobile device, you'll simply need to re-download the app.
What is Sallie Mae e-deposit?
Sallie Mae e-deposit (also known as remote deposit) lets you make deposits electronically with your smartphone. To make an e-deposit, you'll have to take front and back pictures of the check and answer a couple questions. Camera and check images are securely processed the same as a paper check. Checks deposited after 3:00 p.m. ET won't be processed until the next business day. Standard hold times apply for check deposits.
How do I use e-deposit?
To make a deposit with your smartphone, you need to download the Sallie Mae Banking app and log in to your account. You'll then be asked to take front and back pictures of your check, choose the account for the deposit, and confirm the deposit amount.
Are there any types of checks I can't e-deposit?
You can't deposit:
- Money orders
- Third-party checks
- Foreign checks
- Starter checks
We also can't accept:
- Checks with fields that were altered.
- Checks already converted to a substitute check.
- Checks that were created remotely.
- Checks not payable in United States currency.
- Traveler's checks or money orders.
- Checks dated more than six months prior to the date of deposit.
- Checks prohibited by our current procedures for Sallie Mae mobile banking or that are otherwise not acceptable under the terms of your account(s). This includes checks that you know or suspect are fraudulent or otherwise are not authorized by the owner of the account on which the check is drawn.
What are the guidelines for using e-deposit?
Here’s what you need to keep in mind when using e-deposit on your smartphone:
- Make sure you have a strong mobile signal.
- Endorse your check as, For mobile deposit only, Sallie Mae Bank [account number].
- When taking pictures of your check, make sure the check is completely within the frame and that the picture isn't distorted or blurry.
- You can't deposit checks to a Certificate of Deposit account.
Is e-deposit secure?
Yes, our e-deposit is secure. Our website and application have multiple layers of security, including password protection, internet firewalls, and encryption.
Why is my app timing out?
If your mobile device signal strength is weak, app features might time out. Make sure you have a strong signal when e-depositing checks.
What happens to my checks after I deposit them?
When a check is e-deposited, images of the front and back of the check are processed as if the item were a paper check. We recommend that you keep all e-deposited checks until you see the deposit post to your account. Once your funds are available in your account, mark the physical checks as "Void" and destroy them to ensure they're not re-deposited.
How will I be notified if my e-deposit isn't accepted?
If your e-deposit isn't accepted, you'll receive a message. All checks may be subject to further review, and we'll notify you by email if there's a problem with your e-deposit.
We recommend that you keep all e-deposited checks until you see the deposit post to your account. Once your funds are available in your account, mark the physical checks as "Void" and destroy them to ensure they're not re-deposited.
Sallie Mae e-deposit limits
Deposits via e-deposit are limited to the following maximums:
E-deposit daily deposit limit ($)
- Total dollar amount: $10,000.00
- Total number of deposits: 5 deposits
E-deposit monthly deposit limit ($)
- Total dollar amount: $50,000.00
- Total number of deposits: 10 deposits
SmartyPig® Savings Account FAQs
These FAQs are for SmartyPig Savings Accounts.
What is a SmartyPig Primary Account?
You will notice a “SmartyPig Primary Account” section on the SmartyPig Online Banking Dashboard. This is where your SmartyPig Primary Account resides. All of your unallocated deposits will post to your SmartyPig Primary Account. You will then have the option to decide how you’d like to allocate the funds among your savings Goal(s).
What are the requirements to open a SmartyPig Savings Account?
To open an account, you must be at least 18 years of age and have an existing checking or savings account. You must also be one of the following: 1) U.S. citizen, 2) U.S. permanent resident alien with a green card and social security number, or 3) Resident with a social security number.
Once I reach my Goal, how do I get the money?
Congratulations on reaching your Goal! Withdrawing is easy. Simply initiate a transfer from your savings Goal and as long as the funds are available, they will be transferred back to your External Funding Source. If you’ve set up recurring or scheduled transactions and your last transaction exceeds the savings Goal amount, we will only transfer the remaining amount needed to reach the Goal. After you’ve reached a savings Goal, automatic contributions will stop being allocated to that savings Goal (regardless of the savings Goal end date).
What if I don’t reach my Savings Goal by the target date?
No worries. SmartyPig is here to help motivate you to save. We will never penalize you for not meeting a Goal. Simply login to your account and change the target date, transfer the funds to another Goal, or transfer the funds into your SmartyPig Primary Account for you to use to meet a future Goal.
Can I add a beneficiary to my SmartyPig Savings Account?
You may add a beneficiary to your SmartyPig Savings Account within the “My Profile” section of the Online Banking platform. Designating a beneficiary will have the effect of making your SmartyPig Savings Account a Payable on Death Account.
What is a Payable on Death account?
A Payable on Death (POD) account, also known as a Totten or informal trust account, is a simple way to disperse assets upon death. Distribution of assets for beneficiaries of POD accounts occurs without going through probate. Also, you may be entitled to additional FDIC insurance coverage for each POD beneficiary. In many cases, funds in POD accounts are FDIC-insured up to $250,000 for each qualified beneficiary. For additional information, please visit www.fdic.gov.
What happens to my Payable on Death account if I die?
Should you pass away, your designated beneficiaries will receive the funds in your account. The assets are transferred without going through probate.
When will I receive my SmartyPig Savings Account statements?
An electronic statement showing your account activity will be generated each month for your SmartyPig Savings Account. We’ll send you an email when your statement is ready. Statements will be uploaded to the Profile section of the SmartyPig Online Banking Dashboard.
Will I receive a tax form for my SmartyPig Savings Account?
A 1099-INT form will be available in late January of each calendar year to account holders who’ve earned interest during the prior year. 1099-INTs will be uploaded in the Profile section within the SmartyPig Online Banking Dashboard.
Will I receive interest if I close my Account before the interest has been posted?
Yes, you will still receive the accrued interest, even if you close your account before the interest has been credited.
How is the interest calculated on my SmartyPig Savings Account?
We use the daily balance method to calculate the interest on your Account. This method applies a daily periodic rate to the principal balance in the Account each day. Interest will be compounded daily on a 365/365 basis (366/366 in leap years) and will be credited on the monthly cycle date. Interest accrues based upon the Account balance every calendar day at 4:00 p.m. ET. If your deposit is received on or before 4:00 p.m. ET, it will begin to accrue interest on that calendar day. If your deposit is received after 4:00 p.m. ET, it will begin to accrue interest on the next calendar day.
What is the SmartyPig Savings Account routing/ABA number?
Routing/ABA Number: 124085299.
How do I update my personal information?
You can submit a request to update your information by logging into your account and visiting the “Profile” section of your SmartyPig Savings Account. You can also contact our Customer Support team for assistance by calling 877-751-6884 Monday-Friday, 9 a.m. to 6 p.m. ET.
Please note: You may be prompted to provide/upload supporting documentation when submitting a request for name and address changes.
How do I contact Customer Support about my SmartyPig Savings Account?
For help or additional SmartyPig Savings Account questions, please contact our Customer Support Team by calling 877-751-6884 Monday-Friday, 9 a.m. to 6 p.m. ET or via secure messaging by logging into your account.
How do I close my Account?
When you’ve saved up for all of your goals and decide you’d like to close your SmartyPig Savings Account, please contact our Customer Support Team by calling 877-751-6884 Monday-Friday, 9 a.m. to 6 p.m. ET.
What is an External Funding Source?
An External Funding Source is your external bank account that is linked to your SmartyPig Primary Account and used to fund your Goals. Funds that have not been allocated to a particular Goal will post to your SmartyPig Primary Account first. You may then choose how to dole out your available funds into each savings Goal you have created.
How many External Funding Sources can I have?
Each SmartyPig Savings Account is eligible to have three (3) External Funding Sources at a time.
How do I change my External Funding Source?
You may replace an external funding source by visiting the “Funding Source” section within your profile and click “Manage funding source.” Then you can add or remove your external funding sources. You will be required to complete the form with the information for your new funding source. Once you have successfully uploaded and submitted the required form, we will review and if all requirements are met, we will then replace your funding source.
What is a Funding Source Verification?
The Funding Source Verification process is in place as a security measure to ensure your ownership of the external account and ensure it is eligible for ACH transactions. When you open an account and add your external funding source, within two (2) business days we will make a series of verification deposits (two credits and one debit in the total of the credits) by way of an ACH transfer into your external funding source. We then ask you to sign in to your SmartyPig Savings Account Online Banking Dashboard and verify these two small deposits (each will be less than $1). It is important to remember that you may not transfer any funds from your SmartyPig Savings Account until you have confirmed your verification deposits. If you fail to confirm your verification deposits within 14 calendar days (See FAQ regarding Expiration Timelines), please contact our Customer Support Team at 877-751-6884 Monday-Friday, 9 a.m. to 6 p.m. ET.
How do I transfer money into my SmartyPig Savings Account?
Funding your SmartyPig Savings Account is easy! You may set up a funding source using the SmartyPig Online Banking Dashboard. This will allow you to set up recurring or one-time transfers into your SmartyPig Savings Account. You may also initiate an ACH or sign up for direct deposit through your financial institution or employer.
Transactions must be made in U.S. dollars. We are unable to accept checks, cash, money orders, or wire transfers at this time.
Can I cancel/void/edit a transfer?
You may cancel/void/edit a transfer that you initiated through your SmartyPig online Account up until 11:59 p.m. ET of the day the transfer is scheduled. If you wish to stop or change a recurring transfer, simply edit the pending transfer within your SmartyPig Primary Account or the selected Goal no later than the business day before the date your transfer is scheduled. Please note: pending transactions may not be edited after they have been initiated. For assistance, please contact our Customer Support Team at 877-751-6884 Monday-Friday, 9 a.m. to 6 p.m. ET.
How do I set up direct deposit?
Since direct deposits come from different sources, we do not have a standard form to set this up. Please reach out to your employer or source of your direct deposit from which you would like your funds to be direct deposited and ask them for their procedure. They will likely require account and routing information to complete the setup.
How long are deposits on hold?
Normally, funds are held for 5 business days after a deposit posts to your Account. Funds will be made available for transfer to other Goals or back to your External Funding Source after this time.
How long will it take for my deposit to post to my SmartyPig Savings Account?
Electronic transactions initiated through the SmartyPig Online Banking Dashboard will normally take 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 SmartyPig Savings Account.
What are the deposit and withdrawal transaction limits?
Withdrawal Minimum Per Transaction | $0.01 |
Withdrawal Maximum Per Transaction | $50,000 |
Individual User Aggregate Daily Withdrawal Maximum | $50,000 |
Individual User Aggregate Monthly Withdrawal Maximum | $250,000 |
Deposit Minimum Per Transaction | $0.01 |
Deposit Maximum Per Transaction | $50,000 |
Individual User Aggregate Daily Deposit Maximum | $50,000 |
Individual User Aggregate Monthly Deposit Maximum | $250,000 |
Expiration Timelines:
Below you will find our standard verification timeline. Should you have any questions, please contact our Customer Support team by calling 877-751-6884 Monday-Friday, 9 a.m. to 6 p.m. ET.
Time allowed for a user to complete the online verification is 14 calendar days.
Time allowed to upload documentation if requested during registration is 14 calendar days.
Time allowed to complete the verification deposits is 14 calendar days. After the period, the funding source verification will expire.
A savings Goal may be closed once all funds are verified, which is five (5) business days after the last transaction posts into the savings Goal. A savings Goal cannot be closed if there are pending transactions.