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How do I withdraw only part of my money after reaching my goal?
My savings goal has been reached, but I only want to withdraw part of the money. How do I do that?
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@lindy,
At present, you cannot make partial withdrawals from a SmartyPig goal. If you wish to withdraw your funds, you must stop the entire goal and withdraw all funds.
Thanks for the question!
I’m happy to address this question.
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Inappropriate?@lindy,
At present, you cannot make partial withdrawals from a SmartyPig goal. If you wish to withdraw your funds, you must stop the entire goal and withdraw all funds.
Thanks for the question!
I’m happy to address this question.
The company says
this answers the question
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Inappropriate?That seems like a very poorly designed system for a savings account! So, I will have to withdraw the whole amount, set up a new goal and redeposit. SmartyPig has attractive rates, but gets an "F" for product design. -
Inappropriate?lindy,
SmartyPig is not like a traditional savings account. SmartyPig is a savings solution that is designed to help people save for specific goals. With that said, your comment is certainly a valid one, and has been a suggestion by several other customers. Partial withdrawals is something we are absolutely considering in the very near future.
Thanks again. -
Inappropriate?I agree with Lindy...that option would be great as I have $100,000 with SmartyPig and may not want to withdraw all of it at once if i do not have to !!!
I’m concerned
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This reply was removed on 04/22/09.
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I do somewhat agree with you, but I think the reason you're getting a high rate is because of the hoops that you need to jump through. At other online banks, those hoops take the form of large minimum balances, tiered rates, or a high number of monthly debit transactions (for checking accounts).
That said, it really would be *very* nice to not have to cash out the entirety of a goal when it's closed. The bank holding my checking account has been getting very antsy as a result of my periodic deposits and withdrawals of large sums of money when I'm reprioritizing/restructuring my goals. The 100% withdrawal requirement, combined with the inability to move funds between goals, is at the top of my personal list of missing features. -
This reply was removed on 04/22/09.
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Inappropriate?Dude. Chill out.
Smartypig it not like other "Internet banks." It was designed as a tool to help people achieve specific savings goals and it works wonderfully for that. You are trying to make it do something it wasn't designed to do.
I’m indifferent
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Inappropriate?To be fair I would add an option where you can withdraw certain amounts of money AFTER you have reached your goal so therefore it still serves its purpose.
I’m anxious
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This reply was removed on 04/22/09.
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This reply was removed on 04/22/09.
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Inappropriate?@highsavingsrateisallthatmatters,
First let me say thank you for the honest feedback. SmartyPig is and always will be about helping people save for specific goals in their life. Presently we require an initial deposit and a monthly recurring contribution until your goal has been met. This is on our home page, terms, FAQ and features page where we have videos of the goal creation process. We do this for our customers who want to abandon the credit card mindset of "buy now, pay later," for our customers who want their children to learn the value of saving, and for everyone else who simply has a goal they want to strive for. Of course, once you reach your goal, you are free to let your funds stay in SmartyPig and continue to earn one of the best APY interest rates in the country (although not the highest, as you indicated - you can find that here http://www.money-rates.com/savings.html and you can continue to add money to your goal, up to $50,000 a day. This flexibility helps our customers who are saving for their first home, college tuition or medical expenses that they know are coming, will be costly, and their friends and family want to help them by using our social application. To some it might be gimmicky. To others it can help make a difference between realizing a dream or not.
As I have mentioned in previous posts, in the near future we will be adding more flexibility and options to the frequency of recurring contributions and allowing users to set their own contribution amounts. As well as allow customers the ability to transfer funds from one goal to another. As you have noted, SmartyPig is unlike any saving product that exists in the market today. And I certainly don't shy away from suggesting that SmartyPig may not be for everyone. If you are looking for a traditional savings account, one that allows you to move money in and out anytime you want, SmartyPig is not for you and I recommend visiting the link above to find a solution that best fits your needs. That said, by looking over the recent press we've received here http://www.smartypig.com/press/in-the... you can easily see that the people who are trying to make themselves fiscally fit, and have goals and want to stick to them, SmartyPig can be a big part of the solution.
If you truly do have questions regarding the legality of what we're doing, I fully encourage you to contact West Bank CFO Doug Gulling at 515.222.2300. West Bancorpartion is a 115-year-old publicly traded company. (NASDAQ: WTBA)
Again, many thanks for the feedback.
Mike Ferrari, co-founder -
This reply was removed on 04/22/09.
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I'm not one to normally attack the intelligence of others on the web... but honestly, "highsavingsrateisallthatmatters" how stupid do you have to be to be putting thousands of dollars into an online bank without even knowing how the bank works. Jeez, talk about dense!
SmartyPig is very simple and very straight forward with how it's supposed to be used. It's not a normal savings account, because it's not designed that way. You idiotically act like the company ran one by you or something... and even make comparisons to Madoff which is patently ridiculous since your funds are in an FDIC insured bank which has been around for over 100 years.
Here's a recommendation, the next time you decide to throw thousands of dollars around on the web, read the FAQs, read the Terms of Service, heck... you could have gotten away with just reading the marketing verbiage. SmartyPig is a highly lauded website with thousands of fully satisfied customers all across the country.
I for one am glad that SmartyPig doesn't try to be everything to everyone. It does exactly what it says it will do, easily, quickly, securely, and even beautifully. It offers a customer experience you simply can't find anywhere else... and because of how it's setup it actually gets people to save for things before they buy. SmartyPig gets it right where other companies get it wrong. This Get Satisfaction page is an excellent example of that.
Your idiotic rants are pointless, hurtful, and just a plain waste of space. If you don't have something constructive to say, then don't say it at all. You're not giving suggestions, you're just being a jerk.
But then again, what do I know!?!? -
This reply was removed on 04/22/09.
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"I didn't realize I had to figure out how this bank works because after banking for decades, they pretty much all work the same."
Exactly! You made assumptions, and those assumptions were drop-dead-wrong. SmartyPig never promised to be a simple online savings account. They do things differently, and it's what makes them unique (and award-winning). Anyone who calls SmartyPig's social functions "fringe features" clearly doesn't know what they're talking about since that's a CORE FUNCTION of their site.
"I dont have time to read all fine print for every bank account I open. You dont understand because you are not investing hundreds of thousands of dollars like I am."
Except that it wasn't just in the fine print... like it has been pointed out to you several times already. It was in the terms of service, the FAQ's, and even the marketing verbiage. It has nothing to do with the 'fine print' and everything to do with your false assumptions.
"So I have to open a lot of bank accounts throughout the month with many different banks to get the top rates and to keep all my money working."
For someone who relies on online banking so much, you SHOULD be paying better attention. SmartyPig isn't doing anything different than exactly what it promised it would do. To the "T."
"If it's not a problem for you, great, but you work for smartypig, and I know what you're up to, so put that in your pipe and smoke it."
I don't work for SmartyPig. I found SmartyPig about 6 months ago through www.consumerist.com, and currently used it to save for a Lawnmower, a Europe Trip for my wife and I, and a 6 month salary savings goal. I'm a person who actually uses this Get Satisfaction site to post POSITIVE advice to the owners of SmartyPig. (several of which have been solved by their excellent team)
No one here would has a problem with you posting questions, but jeez man... they were trying to be helpful and to honestly answer your questions, and in return you compared their top-rated service to Nazi training camps and Madoff! (how ridiculous)
Anyway, that's all... I don't plan on responding anymore. Good luck with your future investing! -
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It's a very nice lawnmower :)
Why so angry? :( -
Inappropriate?ATTENTION MODERATOR: The above two posts by fivepoint are abusive and are in violation of your Community Guidelines. I ask that you remove them.
Fivepoint acknowledges and admits in his own words that he is attacking another member, he says "I'm not one to normally attack the intelligence of others on the web... but honestly, "highsavingsrateisallthatmatters" how stupid do you have to be"
Fivepoints other post is abusive language with the taking of the lord's name in vain. ie "jeez" which is a derivative of Jesus Christ. He is using it in a disparaging way and I ask that you remove the post. -
Inappropriate?wow. adults acting like kids... the economy isnt the only thing going down hill...
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