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Forum: Financial Planning and Budgeting

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  #1  
March 27th, 2009, 10:50 AM
:::Dan!elle:::'s Avatar Proud to be a CPST!
Join Date: May 2006
Location: Wyoming
Posts: 10,368
has anyone ever used this? is it legit? I'm wanting to set up an account because it earns 3.25% while my regular savings at my bank only earns .25%
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  #2  
March 27th, 2009, 11:23 AM
Jen1409's Avatar Platinum Supermommy
Join Date: May 2008
Location: Groton, CT
Posts: 5,435
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never heard of it
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  #3  
March 28th, 2009, 05:40 PM
~Samantha~'s Avatar Mega Super Mommy
Join Date: May 2006
Location: Missouri
Posts: 1,409
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never heard of it.
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  #4  
March 29th, 2009, 04:54 AM
jentanne
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I think Trent at the Simple Dollar has talked about this site before. I think it is legit. I would go to his site and do a search.
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  #5  
March 29th, 2009, 08:47 AM
~Jess~'s Avatar Platinum Supermommy
Join Date: Oct 2005
Location: Central California
Posts: 16,959
article from freemoneyfinance.com

Quote:
The SmartyPig service also has quite a few fee traps. Hey, they've got to make money somehow! You want to contribute $100 to your sister's wedding? They will charge you $5 every time you do it. How come you can add money to your SmartyPig account by electronic fund transfer but you can't pull your money back the same way when your goal is reached? Because they want to earn the interchange fees from the debit card. If it takes 1 year for a typical goal to be reached, they pay you 4% interest on an average of 50% of the ending balance (because money is added to the account over time), but they take back 2% interchange fee from the merchants when you use the debit card. That's smart business (for SmartyPig, not you)! They get to recoup their entire interest cost. What a deal. If you ever lose your debit card, they will charge you $20 for a replacement. Don't want the debit card but want a check instead? $25 fee for producing a check. Are the gift cards with up to 5% bonus such a big deal? You can buy gift cards today from eBay and a few other places at a discount which translates to a bigger bonus. How did SmartyPig become a roach motel where your money can check in but it's so hard to come out? What's wrong with just crediting back to the same checking account the money came from? I'm afraid it's because they don't make any money that way. Breakage from prepaid debit cards and gift cards is a big deal.
Free Money Finance: SmartyPig: A Simpler Way to Save Or A Fee Trap?
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  #6  
March 29th, 2009, 11:03 AM
:::Dan!elle:::'s Avatar Proud to be a CPST!
Join Date: May 2006
Location: Wyoming
Posts: 10,368
thank you for that info! I do know that you can transfer the money right back to your checking account for free. Maybe that is something new.
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  #7  
March 29th, 2009, 03:07 PM
jentanne
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Posts: n/a
Hmmm. I figured it had to be something going on if they can pay those kinds of interest rates. If it is free to transfer now that is good. I would just read the fine print really carefully to make sure there is not an annual fee or something now. If they have taken one fee away they probably added another.
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  #8  
August 24th, 2012, 08:51 PM
Newbie
Join Date: Aug 2012
Posts: 1
For those who find it difficult to organize multiple savings goals, there is a service called SmartyPig. SmartyPig is a goal-based savings service, which confirms multiple savings accounts for a person with particular tasks in mind for the funds. Source: goal based savings account
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  #9  
October 23rd, 2012, 12:11 PM
mommy2Breana+Brandon's Avatar Platinum Supermommy
Join Date: Dec 2006
Location: PA
Posts: 39,401
I have never heard of it.. I think you are better off with a money market of some sort with your bank
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  #10  
December 11th, 2012, 06:00 PM
Veteran
Join Date: Jun 2012
Posts: 128
Never heard of it.. keep researching! Anything connected with money. you must be sure there are so many scammers out there!
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  #11  
June 25th, 2016, 07:32 AM
Member
Join Date: Jun 2016
Posts: 10
Never heard of it either.
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