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interest accrued = interest paid? (three questions)
The FAQ says that interest is paid quarterly, but I've read that it's also paid if you close your account before that date. Since withdrawing from SmartyPig is all or nothing (you can't withdraw unless you close the account), does that mean that your accrued interest is for all intents and purposes the same as your paid interest?
Second question: By "accrued" you mean "compounded" right? Is interest compounded on a daily basis?
My third question is: if I want to treat my Pig account as a general savings account, can I set my goal to be very low so that it is immediately met, thus preventing any monthly automatic contributions? And then continue manually adding money to it? Would this work or are there any drawbacks I'm not seeing?
Second question: By "accrued" you mean "compounded" right? Is interest compounded on a daily basis?
My third question is: if I want to treat my Pig account as a general savings account, can I set my goal to be very low so that it is immediately met, thus preventing any monthly automatic contributions? And then continue manually adding money to it? Would this work or are there any drawbacks I'm not seeing?
I’m curious
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Inappropriate?@Korey,
Your first two questions were submitted to West Bank, our banking partner, and they provided the following response:
"Accrued interest is interest that has been earned, but which has not yet been paid.“Compounded” is the frequency with which interest is added to the principal to arrive at a new balance. In this case interest would be compounded quarterly".
In regards to your third question, once you reach your savings goal, your automatic monthly contribution will stop. You may continue to add money to your goal at anytime, up to $50,000 a day.
If you have any further questions or concerns, please do not hesitate to contact our customer support team at 888-567-6278 or at support(at)smartypig(dot)com. Thanks, John -
This reply was removed on 08/04/09.
see the change log -
Inappropriate?Hi John, I applied for an account but somehow failed the credit quiz twice at the end (though I'm 100% sure on the answers). What happens now?
I’m undecided
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Inappropriate?@Korey,
Occasionally, the company we partner with cannot verify your identity online. To accommodate that, we have implemented a mailing in order to enable you to complete registration. You will receive a letter mailed to the address you provided. Once you receive the letter, simply complete and sign the form and mail it back in the pre-stamped return envelope. Then when we receive the completed letter, we will process your application manually.
Sorry for any inconvenience, but we take security very seriously and this process is in place for the security of our users.
Please let us know if you have any questions or concerns. You can reach us at 888-567-6278, or at support(at)smartypig(dot)com. Thanks, John
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