As you may know, interest rates on deposit accounts at many banks have been declining over the past several months due to poor market conditions. Likewise, the rate on your SmartyPig savings account is being reduced as a result of these same economic conditions. Effective Tuesday, Sept. 7, 2010, the interest rate paid on SmartyPig savings accounts with $50,000 or less in aggregate balances will decrease to 1.75% APY (balances of more than $50,000 will remain at .50% APY). As you can see by the list below, interest rates on SmartyPig savings accounts will continue to be among the best in the market. And with our cash back offering of up to 14% with top merchants, you always have the opportunity to get the most for your money when you use SmartyPig.
Source: Bankrate.com, USA Today, Consumerism Commentary
We understand that a rate reduction can be unpopular. But we also understand that with many banks introducing creative new fees, low-to-no interest rates on savings, high interest rates on credit card debt and scant rewards for your spending dollars, the SmartyPig savings account beats them all hands down. We all have to tighten our belts during these difficult financial times. We all need to watch our pennies and get back to the basics. Cutting back is a big part of “getting back,” after all, and we thank you for continuing to reach for your goals with us.
Bob Weinschenk, CEO