September 29, 2008
FOR IMMEDIATE RELEASE
Media Contact:
Martha Shaughnessy
Atomic PR for SmartyPig
415.402.0230
martha@atomicpr.com
SMARTYPIG ADDS OVERSTOCK.COM AS REDEMPTION OPTION
Online Retailer to Provide Saving Initiative Customers With 6% Cash Boost
DES MOINES, Iowa, September 29, 2008 - SmartyPig® http://www.SmartyPig.com, the online piggy bank that helps individuals, families and organizations save for specific goals, today announced it would begin offering Overtsock.com http://www.Overstock.com gift cards as a redemption option beginning September 28, 2008. The cash boost offered by Overstock is 6%. Up until now, SmartyPig’s highest retail boost had been 5%.
“Overstock and SmartyPig are a perfect fit,” said Jon Gaskell, co-founder and CMO of SmartyPig. “Overstock is able to deliver quality, name-brand products at deep discounts, while we at SmartyPig have always insisted that sensible consumers have the option of earning more money for their money. Together, it will be next to impossible for the discerning shopper to find a better deal online.”
SmartyPig is a new service that leverages the age-old idea of saving up for purchases before buying, while adding Web 2.0 and social networking technology to help customers reverse the “buy now, pay later” credit-card mindset. SmartyPig offers the only true banking application that is social, appealing to the next generation of banking customers while making it easier and more fun than ever to save up for specific goals. SmartyPig also offers a highly competitive 3.90% (APY)* interest rate, and provides customers with optional cash boosts of up to 6% when a savings goal is reached from best-in-class retail partners like Amazon, Royal Caribbean, Pottery Barn, Best Buy and Home Depot - and now Overstock.com.
Gaskell explained that a SmartyPig customer who saves up for a new $1,400 flat screen TV for a year (after making a $100 initial deposit to set up their goal and making 12 additional $100 deposits over the ensuing 12 months) would earn nearly $25 in interest, and the boost from Overstock.com would be approximately $80. “That’s an extra $100 on a smart $1,300 investment,” Gaskell said. “And more importantly, at the end of the day you own the television, not your credit card company.”
SmartyPig was created after co-founder Michael Ferrari, who had just set up a 529 college savings account for his new son, searched for a similar way to automatically save for a vacation that offered him the benefits he felt were most important: a social networking aspect, true incentives from retailers he frequents and ease of use. When he couldn’t find anything, he set out to create SmartyPig. The company has seen rapid adoption in the U.S. since its April 2008 launch.
About SmartyPig
Headquartered in Des Moines, Iowa, SmartyPig is a simple, smart and secure way to save for a specific goal. Using groundbreaking technology and the latest in security standards, SmartyPig helps users reach their savings goals faster by allowing them to invite family and friends to contribute to their accounts, gives additional incentive boosts from top retailers who sell exactly what users are saving for and offers a competitive interest rate. SmartyPig.com is a privately-owned company which launched in April 2008. For more information visit www.SmartyPig.com. The SmartyPig site is protected by copyright and trademark laws under U.S. and international law. U.S. and international patent pending. All rights reserved. U.S. Certificate of Registration #TXU001582439.
*Annual Percentage Yield (APY) is accurate as of September 29, 2008. Rates may change at any time without prior notice. Fees could reduce earnings on the account. Minimum opening balance is $25.
Visit:
SmartyPig website: http://www.SmartyPig.com
SmartyPig blog: http://blog.SmartyPig.com
801 Grand Avenue, Suite 290
Des Moines, IA 50309
Phone : 515-256-2086
Fax : 515-256-2091
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