SmartyPig Online Savings Account Rates
March 12, 2010 by · Leave a Comment
When you mention online savings accounts most people would not have even heard of SmartyPig. Indeed they are not a financial institution that many have ever even heard of. But there are many reasons to consider them for an account and the SmartyPig online savings account rates are just the first. They pride themselves on being a savings program that is specifically designed to help you save for a specific goal. Whether that goal is to swell your retirement savings or to have a down payment for a house, they can help you realize that goal quickly.
The current annual percentage yield for a SmartyPig online savings account is 2.01%. There is no minimum balance that you must maintain in order to earn that interest; all you need is $25 to open the account. After that initial deposit, when you add funds and the amount of funds you add is entirely up to you. In addition, SmartyPig makes it very easy for you to add funds to your account without even thinking about it. When you open the account, or any point after that, you can set up a scheduled deposit of funds to your account on a monthly basis.
For example, if you wish to make a $50 monthly deposit, you can set it up once and forget about it after that. The deposit will still be made and you don’t need to think about it every month. Not only that but you can set up your account to receive funds from friends or family members account as well. So if you want to set up a savings account as a wedding or graduation gift and have all the family members contribute, this is the account to get.
If you are concerned about the safety of your funds since SmartyPig is a financial institution that you don’t know much about then there is no need to worry anymore. The world’s leader in website safety and security, McAfee, probes the site on a daily basis looking for area’s of vulnerability. They also employ the strongest encryption services available and in case that weren’t enough they are also FDIC insured. Your money is as safe in this online savings account as with the neighborhood bank that’s been around for a few decades
