It’s a well-known fact that many high interest online savings account  offer a higher yield than standard banks. But, while Americans are in quest of the highest returns, a different kind of high interest online savings account entices consumers to save and then splurge: Smarty Pig. 

The new-fangled, high interest online savings account with  charge card tendencies. Here’s how it works:

• A minimum deposit of up to $25 is needed to open an account and a monthly deposit of $10 is needed to keep the account active.

• Consumers set a financial target via Smarty Pig’s social network.

• Friends and families can contribute to an accountholder’s “goal,” but there is a 2.9 percent processing fee for the transaction.

• Once the consumer has made their goal, the funds can be transformed into a debit card or gift card via a major retailer or transferred into one of their accounts. Although the online savings account does not charge any ATM, load fees or monthly fees, account holders should expect a nominal charge form the owwer of the automated banking machine.

Smarty Pig promises a sizeable yield. Assessed by West Bank, which is secured by the FDIC, Smarty Pig’s variable interest rate tier system awards individuals with a balance less than 50,000 will earn 2.133% (2.15% APY). However, the high interest online savings account with more than $50,000 accrue only .5 percent.

[According to the online savings accounts terms of use and Truth in Savings the aforementioned rates can be changed without notice.]

• Smarty Pig is totally green in the sense that all bank statements are submitted via email. 

• The high interest online savings account also enables consumer to use their payable on Death (POD) Beneficiary. But, the caveat is that the beneficiary must be over 18 years of age.

As for an online high interest online savings account with socially engaging features to save money, Smarty Pig seems to offer a high incentive.

Let us know what you think about  the high interest online savings accountSmarty Pig.