One of the more interesting places that you can use to create and manage savings goals is SmartyPig. The site allows you to set up separate accounts that you can label for different purposes. These accounts then earn interest, allowing you to have your money work for you while you minutely track progress toward your savings goals. Today, SmartyPig is announcing the introduction of a 12% cash boost program. Here is what a press release from SmartyPig announces about how the program works, and the possibilities:
Now, when customers meet their savings goal they can realize up to 12% in cash boosts paid to them by SmartyPig on retail gift cards whose products and services directly relate to their savings goals. So, an individual who wants to make a minimum initial deposit of $25 and put away $300 a month over twelve months for a new living room set will deposit $3,625 and earn approximately $25 in interest over the course of that year, bringing the goal balance to $3,650. But, for example, if she opts to take her savings out on a Macy’s gift card, SmartyPig will give her a cash boost of 12% (nearly $440) on a Macy’s retail gift card, bringing her goal plus interest plus boost to $4,090− some $465 more than the $3,625 she had put away.
SmartyPig is not something that I use personally, but I think that it offers great potential, as well as a fun way to encouraging saving and financial goal setting. This program comes just in time for the holidays, providing the chance for consumers to save up for holiday purchases and increase their savings through a potential cash boost.