SmartyPig: Smart Financial Saving With a Twist
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Ladies & Gentlemen, there’s a new financial website taking the Interwebs by storm: SmartyPig.
What is SmartyPig? Well, essentially, SmartyPig is a social networking (of sorts) financial site which allows you to deposit any amount of money you’d like (over the $25 minimum) in the West Bank bank — an FDIC insured bank with $1.3 billion in assets — where it will earn a whopping 4.30% (APY) interest.
From there, you can set up “savings goals” for various projects (e.g. a trip to New York or a new Nintendo Wii), and activate automatic monthly ACH transfers until the goal is met. SmartyPig also offers incentive boosts from top retailers (like Amazon.com) who sell exactly what you’re saving for. But here’s the twist: you can make your account public and invite friends and family to help you achieve your goal.
For more on SmartyPig, check out this brief introduction video:
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Sounds a little scary. I would rather see the money come back in cash after the money is saved.
Sue - Thanks for the comment! I think you can choose to get the money back in either cash or gift card but you get 20% more than you earned if you choose gift card (I assume that’s how SmartyPig makes their money).