SmartyPig

We all received yet another glaring reminder that personal savings should be at the top of our priority list when earlier this week the FED released its quarterly report on household debt. The numbers on foreclosures, consumer debt and bankruptcies listed in the report are downright frightening and should serve as a wake-up call to those who have not yet started to change the way they think about money. In quarter two, new bankruptcies rose over 34%, while $1.3 trillion of consumer debt is delinquent and $986 billion is seriously delinquent.

The personal saving rate has jumped recently, true, giving a slight indication that some of those in debt are trying to change their ways, trying to get out from under. However with this good news comes some really bad news: Interest rates remain near 0% and are having a huge affect on people actually trying to save. From the NY Times: “For consumers who are cutting debt and trying to save, it is dispiriting indeed that they generate so little on their money.”

Except at SmartyPig.

With an industry leading APY and up to 12% cash back for people with saving goals, we effectively offer the opportunity for a double-digit yield. So while smart savers’ actions go mostly unrewarded, we have partnered with a top bank and top merchants to give anyone who wants a break from this terrible economy, the most money for his or her money. Whether you’re saving for socks and underwear so as to get cash back from a preferred retailer, an affordable wedding you’d like friends and family members to help with using our shared goals program, or holiday gifts without the burden of even more debt, we’re here to help you get there smarter and faster than you’d ever think possible in this continued downturn.

We thank you for being a SmartyPig customer, and best of luck with your goals.

Sarah Foss