Originally posted 11/18/08

How’s this for an start-up idea? You create a savings account with a particular goal in mind and have the account be available online for your friends and family to chip-in and help you reach your goals? That’s exactly the goal of SmartyPig.

The new web service allows you to set up an online savings account at Iowa’s West Best and earmark the account for a certain goal or purpose like “2009 Christmas presents” or “Summer Vacation”. You enter in the amount you need to save and when you need the money and SmartyPig helps determine how much money you need to put into the account with each paycheck. This amount can easily be deducted from your paycheck, greatly increasing your chances of reaching your goal.

The SmartyPig savings account offers pretty attractive interest rates and even allows you to make your goal public, so that friends and family can contribute to the fund. Who knows, maybe even a random websurfer will take a liking to your cause and chip-in. Oh, and just so you don’t worry, your savings are FDIC insured.

SmartyPig is based on a great concept and will hopefully help encorage saving by individuals. It might be a little late for this Christmas, but why not go ahead and set up a savings goal for next Christmas now?

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