November 16, 2009
FOR IMMEDIATE RELEASE
Media Contact:
Tiffany Spencer
Communications, SmartyPig
310-795-1806
tspencer@smartypig.com
SAVVY SHOPPERS CAN NOW EARN UP TO 12% IN CASH INCENTIVES BY SAVING WITH SMARTYPIG
NEW PROGRAM INCREASES CASH BOOSTS, ADDS FLEXIBILITY AND CATEGORY-LEADING RETAILERS
Des Moines, IA, November 17, 2009 - At a time of year when many consumers find themselves sliding deeper into debt, SmartyPig today announced cash boosts of up to 12% when shoppers save for splurges using SmartyPig’s online piggy bank. In addition to doubling the maximum cash boost, the new program added category-leading retailers such as Barnes & Noble Booksellers, GameStop and The Gap to SmartyPig’s partner roster
“The holidays can put a financial strain on anybody, and using credit cards for purchases only adds to the debt hangover,” said Bob Weinschenk, CEO of SmartyPig, citing the Consumer Reports Holiday Shopping Poll which found that six percent of Americans—some 13.5 million consumers—continue to carry debt from last winter’s holiday season. “At SmartyPig we encourage people to plan their spending by automating their savings and help them focus on goals. We reward them with one of the top interest rates in the country and the option to invite friends and family to contribute to their goals. On top of that, they can get a cash boost of up to 12%% when they meet a savings goal and choose to shop with one of the retailers in our program.” According to Weinschenk, saving for the holidays currently ranks among the top 10 most popular savings goals among SmartyPig customers.
Like a modern, high-tech piggy bank, SmartyPig allows its customers to create specific savings goals and determine a saving schedule. SmartyPig automates regular deposits from a customer’s existing checking or savings account into their FDIC insured SmartyPig account, and tracks their progress while offering one of the most competitive interest rates in the country, 2.01% (APY). Equipped with social networking features, SmartyPig also gives savers the option of involving friends and family in the process via services like Facebook and Twitter, so that they can check in on saving progress and even contribute toward goals like honeymoons, graduation trips or family reunions.
Until now, SmartyPig customers who reached a savings goal were offered three choices: transfer the savings plus interest back to an existing checking or savings account, receive it on a SmartyPig MasterCard® debit card (which can be used anywhere MasterCard® is accepted) or opt to put it on a gift card from a name brand retailer. SmartyPig’s new redemption program offers more flexibility, allowing consumers to parse out their savings among those options, splitting their money as they see fit. An intuitive interface allows savers to explore their choices and dynamically calculate how each choice impacts their bottom line. Retail partners are handpicked based on their relevance to common savings goals and their ability to best service the needs of SmartyPig’s customers. For a complete list of SmartyPig partners visit http://www.smartypig.com/about/best-in-class.
Finally, and most importantly, SmartyPig has doubled the maximum cash boost it offers through best-in-class retailers. 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.
ABOUT SMARTYPIG
SmartyPig is a Des Moines, Iowa, based company that enables customers to open goal-based savings accounts that allow friends and family to contribute to their goals using social networking features and offers cash incentives from top retailers and vacation companies. Since launching in April 2008, the innovative social savings platform developed by SmartyPig has proven extremely popular with consumers throughout the country thanks in large part to customers who have been quick to share their positive banking experiences with friends, family members and social networking contacts. SmartyPig has taken in more than $250 million in U.S. deposits with more than $70 million in goals reached. The system is based on proprietary, patent-pending technology and features the latest in security standards. SmartyPig’s U.S. banking partner is West Bank, a subsidiary of West Bancorporation, Inc. All funds are held in West Bank and are FDIC insured up to the legal limit of $250,000. The company’s Australian banking partner is Australian New Zealand Banking Group Limited (ANZ).
SmartyPig website: http://www.SmartyPig.com
SmartyPig blog: http://blog.SmartyPig.com
4300 Westown Pkwy, Suite 200
West Des Moines, IA 50266
Phone : 515-256-2086
Fax : 515-256-2091
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