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Saving - Effortlessly! (Almost)

August 5th, 2009 at 01:44 pm

A few weeks ago I discovered, thanks to the New York Times, Smartypig.com. This on-line bank has a goal-based savings account. With a $25.00 intial deposit into a savings account goal, Smarty Pig will set up an automatic withdrawl from your account of choice, based upon the goal amount and date you set. I get to watch the little piggy bank graphics fill up, while I save effortlessly.

Smartypig has an average interest rate of 2.75%, which is impressive, when compared with my local bank's .02% current rate. Smartypig will also convert your completed goal funds into gift cards and give you some extra $ for doing so.

You can alert friends and family to your saving goals, and they can contribute too. (I'm trying to figure out how to encourage grandparents to go this route for the kids -but I don't want to offend them, and I know they love giving gifts to the kids!)

We're saving for Christmas, a china cabinet, and a Disney Cruise for 2012. My plan is to start with a couple shorter term goals and one long term one and see if the SmartyPig system works for us.

4 Responses to “Saving - Effortlessly! (Almost)”

  1. NJDebbie Says:

    Welcome! I'll definitely check Smartypig.com today!

  2. shiela Says:

    welcome

  3. NJDebbie Says:

    MomEsq,
    I checked SmartPig.com and I might just open an account. The FDIC website shows that West Bank of Iowa is "active" which by definition means that it's currently an FDIC insured institution. Thanks for the tip!

  4. creditcardfree Says:

    NJDebbie, SmartyPig is legit. Since, I live in Iowa, I've seen numerous articles and advertising for them.

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