SmartyPig is your Smart Piggy Bank Online

Do you wanna build your savings? CBS News featured the online piggy bank that helps you save money for your short and long term goals. It is called SmartyPig.

Here’s how Smarty Pig works:

– Sign up for free and establish a goal. For example, “I want to save $3,000 for that European vacation next year.” Or. “I want to put away $600 for this year’s Christmas shopping.”

– Make an initial deposit of at least $25.

– Link your banking account to Smarty Pig (which is FDIC-insured) and it will automatically make monthly transfers based on how much you want to save and when you want to reach your goal. If you have extra money to contribute in as given month, you can do that, too. Even friends and family can contribute to your goals online.

– You can end a goal at any time. You can have the money deposited back into your checking account, take it on a debit card, or take it on a gift card.

– Best part: As long as your balance with SmartyPig is less than $50,000, SmartyPig offers 2.15 percent interest! That’s more than four times the interest you receive at most brick-and-mortar banks right now. AND you can earn even more if you choose to redeem your goal money on a gift card from one of their selected retailers, including Macys, Gap, Home Depot, Best Buy, American Airlines, and Travelocity.