SmartyPig - 4.5% Online Saving Account - Anyone used them?

scotty on 25/03/2009 - 12:03

Hi all,

Has anyone used this Online-Saving-Account-Meets-Web-2.0 thingy called SmartyPig? They are US-based tech company and recently created an Australian branch. Currently they have online saving rate at 4.5% (which they claimed highest in the country), and they are backed by ANZ so I guess that means the deposits under 1 mil are safe.

I guess what differentiates them is their "web2.0" side of things, which somehow can make saving "fun". For example you can set up goals, add friends, and then compare saving targets with friends. Great idea I think — as people usually work harder (and save more) under peer pressure :)

I guess the question is — how trust worthy are they?

I am asking these as one of the co-founders contacted me asking for a review. Just want to find out whether they are dodgy or not before digging in further.

(Edit — fix URL)

Financial

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SmartyPig
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Comments

  • kcyw on 25/03/2009 - 12:09

    http://www.smartypig.com.au/

    This is the right address. There's an extra s in the link above.

    Haven't used them. OneDirect is offering the same rate.

    http://www.ozbargain.com.au/node/10591
    http://www.onedirect.com.au/Savings/High-Interest-Saver/

    • scotty on 26/03/2009 - 12:36

      Sorry for the typo.

      Yes it would be in the same league as One Direct — both offering 4.5% and both backed by ANZ. However I think the differentiator would be that "Web 2.0" factor, which might attract some. For me, if I have a saving goal, a spreadsheet tracks it for me and I don't want to have an online social website to do that. Nor do I want my friends to track my saving progress. Moreover, I usually just save "for the rainy day" which would be very boring…

      • cacbm on 26/03/2009 - 23:36

        Exactly, why would anyone want to share their savings progress?

        Like you said, Scotty, I think Web 2.0 is cool but probably not for every website.

  • cacbm on 25/03/2009 - 21:04

    I don't see any problem if it's backed by ANZ.

    It's just like:
    one direct - backed by ANZ
    UBank - backed by NAB

    or like car insurance company Just Insurance if back by AMMI.

  • scotty on 26/03/2009 - 23:22

    I think I have just seen a SmartyPig banner ad here:

    http://www.savingsguide.com.au/smartypig-a-new-platform-for-…

    (At the end of content). When you look at the HTML file, it's generated from s2d6.com, i.e. DGM, which I believe MoneyBackCo has an affiliation account with them.

    I wonder whether it's possible to get cashback on SmartyPig through MBC…

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