Great news! SmartyPig ACH transfer times reduced!

ACH transfer times have been a hot topic both on this blog and on Get Satisfaction. When customers transfer money from their existing checking or savings account to SmartyPig, they want that money to clear into their SmartyPig account and begin earning interest as quickly as possible. We get it.

Our existing three day ACH transfer time is well within the industry standard of two to four days. In fact, according to the Wall Street Journal, "Bank of America Corp. says such transfers typically take two to three days. EmigrantDirect says on its Web site that transfers take two to four days, while HSBC Direct says customers should expect transfers to take up to three days." But being in the middle of the pack didn't sit right with us. We knew that driving that transfer time down was important for our customers. And, we've said all along that this would be something that SmartyPig would look to improve upon as the company grew.

Now, I'm happy to tell you all that our ACH transfer times have been reduced from three business days to two business days, putting us on par with the likes of ING Direct.

How did we do it?
We spent the last three months building our own proprietary transaction engine. We took out the middleman and saved you a day in the process. We said we would do it, and we did.

Why did we do it?
Because we knew it was important.

So, cheers everyone! Here's to getting that extra day back! (Don't you wish we could do the same for DMV and doctor's office visits?!)

Mike Ferrari, co-founder
@mferrari
@smartypig

Thanks to everyone for playing this week. It's been a lot of fun. After 15 minutes of play and over 100 answers, we've got our winners!

The question was:
The Iowa State Fair was cancelled in 1898 due to the World's Fair which occurred in what state?

And the answer:
Nebraska

And the winners are...

• @danielshipton
• @richdrake
• @dwcouch
  

Congrats to the winners! Winners please send an email to support@smartypig.com with your shipping address to where we can ship the gift card.

Thanks again and have a great weekend!

It's day five and our LAST DAY of the weeklong twitter contest in honor of the world famous Iowa State Fair!

SmartyPig is giving away 3 - $100 gift cards every day this week in honor of the world famous Iowa State Fair (Home of the Butter Cow, birthplace of the corn dog - and only a cow chip toss away from SmartyPig's corporate offices!). We will tweet a question and give our followers 15 minutes to reply to us.

The format:

1. After 15 minutes, we will be picking 3 random winners with a number generator from the pool of correct answers.
2. We'll post the winners here on our blog.

Make sure:

• You're following us on Twitter.
• We'll ask the $100 question everyday this week at 3 pm CST.
• Answer the question correctly for your chance to win part of $1,500 in prizes!

Remember: if you don't already have a SmartyPig account, it's free to set one up! Winner must be in the US.

Good Luck!

After 15 minutes of play and over 120 correct answers, we've got our winners!

The question was:
What was the hottest temperature recorded at the Iowa State Fair?

And the answer:
108 degrees

And the winners are...

• @44ounce
• @cc500x
• @mel4him
  

Congrats to the winners! Winners please send an email to support@smartypig.com with your shipping address to where we can ship the gift card.

For those that did not win, don't forget to play along EACH DAY this week at 3PM CST for your chance at a $100 SmartyPig gift card!

It's day four of the weeklong twitter contest in honor of the world famous Iowa State Fair!

SmartyPig is giving away 3 - $100 gift cards every day this week in honor of the world famous Iowa State Fair (Home of the Butter Cow, birthplace of the corn dog - and only a cow chip toss away from SmartyPig's corporate offices!). We will tweet a question and give our followers 15 minutes to reply to us.

The format:

1. After 15 minutes, we will be picking 3 random winners with a number generator from the pool of correct answers.
2. We'll post the winners here on our blog.

Make sure:

• You're following us on Twitter.
• We'll ask the $100 question everyday this week at 3 pm CST.
• Answer the question correctly for your chance to win part of $1,500 in prizes!

Remember: if you don't already have a SmartyPig account, it's free to set one up! Winner must be in the US.

Good Luck!

Neale S. Godfrey, author of the book Money Doesn't Grow On Trees, writes: "Kids don't get it if you don't talk about." Mr. Godfrey is talking to people like me, and if I don't start listening, I'm going to have a big problem on my hands. My four year old daughter is a born shopper. And, as the Co-Founder of a company fighting everyday to bring sensible saving back into the public consciousness after decades of absence, I often worry that I enable her in the very habits I'm encouraging SmartyPig customers to break.

Like most couples these days, my wife, Sara, and I have been engaging in serious discussions regarding money. How we spend money. How we save money. How we use credit. We are pretty normal in that these conversations, while productive, aren't all that much fun. That said, we force ourselves to sit down and talk about money and we are pretty diligent about maintaining healthy attitudes about spending and saving. But when it comes to how we use money with regard to our daughter, all common sense flies out the window.

Our daughter has a piggy bank. And while it's our pocket change that goes into it, she understands the value of what we put in it and that she is rewarded when it fills up. We also require that she perform simple tasks around the house for which, when a series of days are filled in as "complete," she gets a reward. If she plays her cards right, does as she's told, and is patient, she usually ends up with a "treat" every few weeks or so. Problem is she never stops wanting or asking for the most trivial things, and we end up like this episode of Dr. Phil - indulging her whims, rather than being responsible parents who model fiscal fitness.

I tell my wife, "It has to stop." Then I tell her again the next time and the next. But I'm just as guilty as she is. From my perspective, these little treats are almost immediately disregarded and considered "junk." If I sound frustrated, it's because I am. Our unplanned spending on small gifts for our daughter has gotten totally out of control. But it's easier to just go with it than to say no. Who doesn't want a smile and the baby blues? But what are we doing to her as a result? What kind of habits are we teaching her? Every other aspect of her life is meticulously dissected. We are completely focused on turning this healthy, intelligent, productive kid into a healthy, intelligent, productive adult. Why can't we be the same when it comes to teaching her about money?

A recent issue of Better Homes & Gardens offered us three easy tips to begin the process of taking control:

1. Don't Forget Who's In Charge - Marketing machine or not - and good God if there isn't a Disney princess on everything! - You can say "no."
2. Talk About Spending Decisions - Don't lie and say, "I can't afford it." Explain priorities - even to four-year-olds.
3. Hand Some Over - Give your kids the power. Let them make the transaction. Let them see the difference between need and want.

So, can Sara and I do this? Do we need a chart that we make an "X" on every day we don't wimp out and take the easy road? From time to time, I'm going to let you know how it's going. And, of course, time will tell. We at SmartyPig are spending a lot of time these days discussing money and children and families. And while I pride myself on being a good listener, this is one conversation I'd really like to begin truly contributing to.

And I'd like you all to contribute as well. I'd love any tips you might have or anecdotes about your successes or failures in teaching your kids smart savings habits, just send them here jgaskell(at)smartypig(dot)com. We may even feature your ideas or stories on our blog. Thanks!

After 15 minutes of play and close to 150 correct answers, we've got our winners!

The question was:
What year was the Iowa State Fairgrounds named to the National Register of Historic Places?

And the answer:
1987 or 1986

Some folks pointed out that the Iowa State Fair site had conflicting information. And you all were right. So regardless, we decided the only fair thing to do was to accept both answers.

And the winners are...

• @gabrielglynn
  
• @jeremyfrank
• @xinesoundclash
  

Congrats to the winners! Winners please send an email to support@smartypig.com with your shipping address to where we can ship the gift card.

For those that did not win, don't forget to play along EACH DAY this week at 3PM CST for your chance at a $100 SmartyPig gift card!

It's day three of the weeklong twitter contest in honor of the world famous Iowa State Fair!

SmartyPig is giving away 3 - $100 gift cards every day this week in honor of the world famous Iowa State Fair (Home of the Butter Cow, birthplace of the corn dog - and only a cow chip toss away from SmartyPig's corporate offices!). We will tweet a question and give our followers 15 minutes to reply to us.

The format:

1. After 15 minutes, we will be picking 3 random winners with a number generator from the pool of correct answers.
2. We'll post the winners here on our blog.

Make sure:

• You're following us on Twitter.
• We'll ask the $100 question everyday this week at 3 pm CST.
• Answer the question correctly for your chance to win part of $1,500 in prizes!

Remember: if you don't already have a SmartyPig account, it's free to set one up! Winner must be in the US.

Good Luck!

After 15 minutes of play and over 100 correct answers, we've got our winners!

The question was:
What singing duo holds the record for attracting the largest Grandstand attendance at the Iowa State Fair?

And the answer:
Sonny and Cher

And the winners are...

• @bobsanti
• @aeschneider
• @ericbdavies
  

Congrats to the winners! Winners please send an email to support@smartypig.com with your shipping address to where we can ship the gift card.

For those that did not win, don't forget to play along EACH DAY this week at 3PM CST for your chance at a $100 SmartyPig gift card!

It's day two of the weeklong twitter contest in honor of the world famous Iowa State Fair!

SmartyPig is giving away 3 - $100 gift cards every day this week in honor of the world famous Iowa State Fair (Home of the Butter Cow, birthplace of the corn dog - and only a cow chip toss away from SmartyPig's corporate offices!). We will tweet a question and give our followers 15 minutes to reply to us.

The format:

1. After 15 minutes, we will be picking 3 random winners with a number generator from the pool of correct answers.
2. We'll post the winners here on our blog.

Make sure:

• You're following us on Twitter.
• We'll ask the $100 question everyday this week at 3 pm CST.
• Answer the question correctly for your chance to win part of $1,500 in prizes!

Remember: if you don't already have a SmartyPig account, it's free to set one up! Winner must be in the US.

Good Luck!

It's August. Does it feel like you are celebrating more birthdays this month than you normally do? That's because, according to U.S. Census reports, August is the month most babies are born. And of course, for that reason, it's not surprising then that August is also a month in which first-time parents find themselves reassessing their personal finances.

Like a modern, high-tech piggy bank, SmartyPig allows parents to choose a goal, determine a savings schedule, and track their progress. Equipped with social networking features, SmartyPig even allows new parents to invite friends and family members to be a part of the process, by checking progress and even contributing towards those goals. According to one smart saver, who shared her SmartyPig experience on her blog "Saving and the Single Mom", sharing your goals is a huge perk. She writes, "Best of all you can have friends and family contribute to your goal! I think it's a great way for people to give to you and or your children. It is a gift that goes toward a goal, instead of one more toy that will eventually get thrown to the wayside..." When a goal is reached, parents can transfer the savings plus interest into their existing checking or savings account, receive it on the flexible SmartyPig MasterCard® debit card (which can be used anywhere MasterCard® is accepted) or opt to put it on a relevant retail gift card to receive perks like cash incentives or discount purchases.

Here's how it works:

Your little bundle of joy has just arrived. Bundled into that bundle are some pricey expenditures, and so you've decided to start saving. You open a Smarty Pig account with an initial deposit of $300 and you commit to saving $300 per month. You make that goal public because you know that the grandparents, aunts and uncles feel better contributing to long-term savings for baby rather than adding to the pile of stuffed animals growing in the toy box. Our competitive 2.01% APY will earn you about $40 in interest over the course of the year (More if family and friends put cash in). So when your goal is closed, you'll have a total of nearly $3,940. It's pretty straightforward.

But there's one more HUGE perk! Because you were smart and decided to save for your baby expenses using SmartyPig, you can choose to receive a cash boost from one of our retail partners. Your goal is pretty general - you want to cover all the basic stuff you have to buy for baby. This can mean anything from a car seat or stroller even a swing set or bouncy seat. According to BabyCenter.com one of the biggest expenses for babies is "gear," and so you've decided that you're going to take a boost from Overstock.com - an online retailer that sells brand name items at discount prices. Their cash boost gives you another $236. And your total is now $4,175 and it's going to go really far at Overstock.com!

See, our goal is to be the go-to company for folks who want to save for their goals, be it a baby, a down payment for their new house or furniture to fill it. We want to help them start families on the right financial path. SmartyPig can be an important tool in gaining financial freedom and breaking the vicious cycle of credit card debt. Instead of the 'buy first and pay later' mentality, SmartyPig helps people buy with cash and avoid being buried in future debt. We're giving birth to smarter savers!

After 15 minutes of play and over 100 correct answers, we've got our winners!

The question was:
What was the exact weight of Freight Train, winner of the "big boar contest" last year at the Iowa State Fair?

And the answer:
1259 lbs (or pounds, actually we accepted anything that said "1259")

And the winners are...

• @abs896
  
• @Ein2015
• @chriswoods85
  

Congrats to the winners! Winners please send an email to support@smartypig.com with your shipping address to where we can ship the gift card.

For those that did not win, don't forget to play along EACH DAY this week at 3PM CST for your chance at a $100 SmartyPig gift card!

Cattle call to all SmartyPig customers! SmartyPig will be giving away 3 - $100 gift cards every day this week in honor of the world famous Iowa State Fair (Home of the Butter Cow, birthplace of the corn dog - and only a cow chip toss away from SmartyPig's corporate offices!). We will tweet a question and give our followers 15 minutes to reply to us.

The format:

1. After 15 minutes, we will be picking 3 random winners with a number generator from the pool of correct answers.
2. We'll post the winners here on our blog.

Make sure:

• You're following us on Twitter.
• We'll ask the $100 question everyday this week at 3 pm CST.
• Answer the question correctly for your chance to win part of $1,500 in prizes!

Remember: if you don't already have a SmartyPig account, it's free to set one up! Winner must be in the US.

Good Luck!

Beginning Monday, Aug. 17, we will be reducing our APY to 2.01%. Historically, we've initiated less-frequent drops so as to enable our customers to earn as much interest for the longest possible amount of time rather than knock 10 or 20 basis points off here and there. By visiting here, you'll find that we're still offering one of the top rates in the country. Add the social aspect of our system that allows friends and family help you to reach your goal, and our cash boosts of up to 6% from some of your favorite retailers and travel companies, and it is easy to see why people saving for specific goals are still, far and away, earning the most money for their money with SmartyPig.

There are still no fees. No time limitations. This is not a special for new money. And SmartyPig is not restricted to residents of only certain states. Our APY is still higher than the big boys - in most cases, much higher. And we aim to always be extremely competitive when it comes to the rate we offer.

We are doing everything in our power to make your SmartyPig experience one that is not only positive and worth sharing, but completely transparent. This is why instead of burying this change somewhere in your account summary we wanted to reach out beforehand, and why we invite you to voice your comments and/or concerns on any of our channels of communication: Twitter, Facebook, Get Satisfaction, our Blog, etc.

At the end of the day, we want for nothing more than our customers to get the best deals possible. We want to help reverse the credit-card mindset of "buy now, pay later." And we want to remain the best way to save for your wedding, family vacation, new TV, emergency fund or the future of your children. We think we are. But we cordially invite you to tell us 24 hours a day, 7 days a week your ideas on how to make SmartyPig even better.

Your using SmartyPig is greatly appreciated. And as always, good luck with your saving goals!

Sincerely,

Michael Ferrari, co-founder
mferrari(at)smartypig(dot)com
@mferrari

As the economy continues to hopefully stabilize, it's critical that we do not fall back on old habits - spend more than we earn, abuse plastic, etc. Researching and reading up on websites and tools for your best options are a ticket to financial success. Following personal finance bloggers helps to establish a strong understanding of your own personal finance interests and needs. Blogs like The Simple Dollar and Wise Bread share insight and tips for creating fiscal fitness. They also let you know that primarily many of us are in the same boat. The times have been scary, yes. And the damage has been fierce. But we at SmartyPig share in the belief that with a renewed interest in saving, and an overall attitude adjustment toward money, there is light at the end of the tunnel.

These experts implore their readers to create a plan and stick to it. SmartyPig was built on this exact way of thinking. We offer a competitive APY, the option to make your goal public so friends and family can help and cash boosts from top retailers to help you get the most money for your money. And from beginning to end the process could not be simpler for people who want to crate a plan and stick to it.

We have even added the latest and greatest in Web 2.0 technology and created partnerships with terrifically innovative companies to help you even more. By using SmartyPig's Visualizer, you can see how much you've saved and your total progress. To contemplate the bigger picture of your finances and how SmartyPig positively affects them, we offer integration with sites like Mint, Thrive and Wesabe.

Your personal finances are a journey. And there is a lot of help available out there to make it a more pleasant one. SmartyPig is just a small part of it. But we feel strongly that if you implement the idea of saving up first, of owning what you have, that getting from here to there will be a lot easier and more rewarding. Good luck with your goals!

Silicon Valley Blogger at Wise Bread recently wrote, "We all have our own ways of handling our finances - and that's why it's called 'personal' finance. What works for one person may not necessarily work for someone else…" She poses questions about budgeting, about paying yourself first or last, and the debate about paying down debt versus funding an emergency account. Then she gave us this to chew on: "Is there a right way to save?'

If you're looking to save for something specific, if you have a goal, we think SmartyPig is for you. We don't want you to stop paying down debt, stop funding your emergency account, or even leave your current bank. But if you want to take a vacation or need a down payment for a new car or have to replace your refrigerator, SmartyPig gives you the most money for your money.

SmartyPig offers one of the most competitive APY's on the market (2.75%); you can get a boost from top retailers when you've reach your goal; your friends and family can help get you there faster; and, to make it as simple as possible, you can set it and forget it. After a while, you won't even miss the money being automatically deposited into your SmartyPig account. And, most importantly, when you reach your goal, you will own whatever it is you purchase - not your high-interest credit card company.

In the end, deciding to save, creating a goal and sticking to it is one of the best moves you can make for your wallet. It is the "right way" to save. The long-term benefits of saving are obvious, but the habits it will help form are potentially even more valuable. "Do whatever works for you, whatever's comfortable for you," Silicon Valley Blogger writes. What's most important is that no matter which way you choose to start saving, getting started is a huge step forward toward getting you on the road to fiscal fitness. We could not agree more. Click here to get started today!