Saving Made Easy!

Here is an interesting site to help you get back on track with your savings. They call it SmartyPig.com. SmartyPig allows you to create many FDIC insured savings accounts where you set the amount you want to save and the date that you will need access to the money. SmartyPig determines the monthly amount it will need to transfer to satisfy your savings goal and over time makes monthly automatic withdrawals from your current bank account into your SmartyPig account.

When you hit your goal, you can either get the money back via check, SmartyPig MasterCard® debit card or you can redeem for a gift card + a 5% bonus for certain retailers. If you need your money prior to meeting your savings goal, the SmartyPig savings account may be closed at any time without penalty

The accounts pay 4.3% interest, which currently is very competitive with some of the top rates out there. And best of all, this is completely free. Another interesting feature is that friends and family can make contributions to your SmartyPig account. Say for example you are getting married, instead of registering with a retail store, just send them the link to SmartyPig and your email address and they can contribute to your goal.

Some things to note: You must set up regular contributions of at least $25 per month from your external bank account. You also must add a $25 contribution to start, and your goal must be at least $250 for each account that you set up.

This is definitely an interesting concept. What I like about it is that this is a set it and forget it type of service. You obviously could do this manually, but since this is completely free, why not use it.

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NOTE: For posts that contain bonuses, be sure to read the post for bonus expiration dates. Links may work but the bonus may have expired.

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