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May 25, 2009 5:45 pm US/Eastern
'Smarty Pig' Could Help You Save Quicker
(KDKA)
People are saving more money these days.
But with some big banks paying as little interest as one-tenth of one percent, why even bother with a traditional savings account?
There could be a smarter way to reach your savings goals.
Aaron Todd and his wife are working on paying down credit card debt and saving for their son's college education.
But finding a place to put that money was a real challenge.
"We wanted to maximize our return," said Todd.
Todd was wary of stock market risks and interest on savings accounts is practically non-existent these days.
Todd found "Smarty Pig", an on-line tool that offers a new way to save.
Smarty Pig is like an on-line piggy bank where depositors choose a specific savings goal.
You tell smarty pig what you're saving for and how long until you want to reach your goal.
Smarty Pig then calculates a monthly payment to be withdrawn from your checking account.
The site is backed by an FDIC insured bank and offers an APY of over 3 percent, one of the highest rates in the country right now.
Twenty major retailers are offering another incentive.
They allow you to take your money out and put it into a gift card.
Then, the store will contribute from 1 to 6 percent to your project.
Royal Caribbean cruises, Hyatt hotels and Sandals resorts will contribute to your goal if you book with them.
Overstock.com, Best Buy and Sears do the same.
One consumer advocate says he doubts Smarty Pig will be able to maintain that 3 percent interest rate over the long haul, but it's a great rate right now.
Visit
smartypig.com to try the site out for yourself.
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