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Think pig: Social Money President Scott McCormack promotes social-banking system SmartyPig.
WEST DES MOINES, Iowa — A 2008 start-up called SmartyPig has combined social networking and banking to offer a new way to save, and in four years has helped people reach almost $3 billion in savings goals.
The business was created by Des Moines natives Michael Ferrari and Jon Gaskell in 2008 as a high-tech way to encourage people to save for specific goals. Ferrari came up with the idea when his first son was born and he needed to save money for his son's college education.
If you’re setting out to reinvent basic savings and checking accounts, one way to get attention is to create a service that’s truly different.
In the last year or two, companies and services like Kasasa, PerkStreet and SmartyPig have accomplished this, offering interest rates and rewards that leave many bank products in the dust.
The companies haven’t stopped there, though. They’re also trying to appeal to consumers’ fury after the financial crisis by one-upping one another in the nasty things they say about big, old-fashioned banks.
With the economy recovering slowly, Americans are looking for quick and easy ways to save more money. On "The Early Show" Tuesday, CBS News Business and Economics Correspondent Rebecca Jarvis pointed to several Web sites that specialize in helping you cut your monthly expenses and build your savings.
FOR BUILDING YOUR SAVINGS: SMARTYPIG.COM This is essentially an online piggy bank that helps you save money for your short and long term goals.
Here's how it works: