ANZ Bank and SmartyPig bring new approach to savings accounts

Friday February 27, 2009

ANZ has launched "SmartyPig" which will utilize the popularity of social networking sites and Web 2.0 banking technology to offer customer an easier and unique method of saving.

SmartyPig was launched in the US in 2008 with great success due to people no longer wanting to put their purchases on credit. SmartyPig provides an online savings account that can be made public and linked to popular social sites such as Facebook and MySpace for additional motivation.

Essentially, a SmartyPig savings account is based on a process of the customer setting up a virtual piggy bank that gives saving a goal-orientation. Automatic monthly deposits will be taken from the customers other accounts and placed in the SmartyPig savings account. The concept is based on the customer taking a little bit from each account and putting into the SmartyPig savings account and never missing the money.

Opening a SmartyPig account is free and designed for people who have specific goals when it comes to purchases. The account owner establishes when they open the account how much they want to save and in what time period do they want to achieve this with SmartyPig making suggestions of how best to do this. Also, a 5% interest rate paid on your account quarterly.

The only limitations on SmartyPig savings accounts are:

• minimum savings goal is $250

• maximum savings goal is $100,000

• minimum deposit of $10 to start a savings goal

• maximum deposit limit within a 24-hour period is $10,000

In addition to the unique savings accounts web access, the SmartyPig saving accounts offer incentives through their strategic alliances with several major Australian stores such as Myer, David Jones and Blue Holidays.

This is SmartyPig's first international move with ANZ being the first Australian bank to introduce a savings accounts program that utilizes Web 2.0 and social networking websites.

Back to News Index | Back to Home