SmartyPig lands in Australia with ANZ Banks

Friday February 27, 2009

After its massive success in the US when it was launched in 2008, SmartyPig has made it first expansion internationally after joining with ANZ Banks to bring Australian customers the first savings accounts program that utilizes both Web 2.0 and social networking websites such as MySpace and Facebook.

A SmartyPig savings account is are virtual piggy banks that customers can create with specific financial goals in mind such as a wedding, holiday or large purchase. What separates this banks account even further is that it can be made public, with family and friends able to see your progress and make contributions.

When opening a SmartyPig savings account, the customer will set parameters that outline exactly how much money they want to save and in what amount of time. Furthermore, SmartyPig will make suggestions of how best to do this.

SmartPig savings accounts take monthly deposits from a customer other banks account and put it into their SmartyPig account. The goal is to take only a small amount from each account so the customer does not miss the cash - and yet if still saving.

SmartyPig savings account involves:

• it is free to open an account

• great for people with specific goals in mind such a holidays, weddings etc

• eliminates the need to put everything on credit cards

• 5% interest rate paid into your account quarterly

• Bonuses incentives and reward programs with major retailers such as Myer and David Jones

The only limitations on SmartyPig savings accounts involve the monetary size of both savings goals and deposits. Outlined on the company's website, the minimum savings goal is $250 with the maximum being $100,000. Meanwhile, the minimum deposit is $10 to start a savings goal with the maximum limit being $10,000 within a 24-hour period.

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