I just started using this new service and thought I’d share it with you.
Ever think this to yourself, “I wish I could save money.”
And then follow it with this thought, “If only I had the time to decide how to save money.”
Okay, let me start by saying I completely relate. I read all the time about money saving tips. Some are pretty awesome, but I have to say I found this one for myself.
I knew I wanted to have a better savings account. I hadn’t updated my banking since I was 16 — and to be quite honest, my needs have changed a lot in 6 years (now you know I’m 22!)
So I started shopping around for the best APY rates for savings accounts. Of course, I was looking for the following necessities: no monthly fees, no required amount of transactions, extremely low minimum balance, no frozen money (like in a CD), no hidden fees, extremely low minimum monthly deposit.
I found SmartyPig. I thought it was a joke at first or some kind of funny-money scheme you’d normally find online. So I put on my research hat and poked around for some reviews. And they were all really good– I have to say I was impressed. Here are some specs:
Set-Up can be done online in a matter of minutes — no awkward meetings with Bank people!
I think the minimum monthly deposit is between $10 and $25 dollars and can be as high as you want it. You set that up through an existing account.
The minimum balance is $50 (I think?)
Maximum balance or goal (explained below) (I think) is $50,000
So How is SmartyPig Different/Better?
SmartyPig isn’t just about having a new savings account. They make it goal-based. I use it really for just a new savings account (my goal being simply, ‘Financial Independence’), but you can get really creative with the goals.
Some people are saving for interesting things. Superbowl tickets, College tuition, a Wedding, an iPhone. You set your goal at the beginning. I set mine to be huge just to keep it active longer (mine is actually $49,999!).
An interesting feature —- If you add it to your Facebook, you can actually compete with your other friends who have an account to see who is closer to achieving a goal. Anyone (on or off Facebook) can actually donate to your cause too at the SmartyPig website! Though that part I find both awesome and strange. 😛
Overall though, the product is as great as its name. I’m a big fan so far. Looking to splurge? Make it less damaging and get a SmartyPig account.
Check it out here!