*This service is available to US Citizens only!*
A Fun Twist on Savings Accounts
You open an account with a minimum deposit of $25. Deposits are funded through ACH bank-to-bank transfers. Your money gets stored at West Bank, an FDIC insured bank. The best part is that you earn 4.30% APY interest (as of 3/22/08).
SmartyPig has some social-networking that differentiate them from traditional high interest savings accounts
- You can set up a savings goal. Ie, if you need $1000 for rent or $1500 for a plasma TV
- You can make your goals public so that your friends and family can see what you are saving $$ for.
- People can give you $$ to help you reach your goal. Ie, if grandma sees that Junior is saving up $100 for a new tricycle, grandma can use SmartyPig to give Junior some cash. You can also add-on SmartyPig’s Facebook and Myspace applications to share your savings goals with the world. Who knows who might be inclined to help you out with some money?
- If you decide to cash out your money in the form of a gift card (ie, Home Depot, Best Buy, etc) you can get up to 5% extra.
If you have an account with SmartyPig, you can contribute to other SmartyPig customer’s savings goals for free. Alternatively, you can contribute via credit card for a 2.9% processing fee. (If you use a 5% cash back credit card like the Citi CashReturns card, then you can actually make a few bucks.)
If this interests you visit SmartyPig’s website at: