SmartyPig, the online piggy bank, has announced added incentives for consumers who save money using SmartyPig. The incentives include cash bonuses of up to 12% when consumers save using SmartyPig’s online piggy bank. Consumers can use SmartyPig to help save toward a spending objective (like holiday shopping, or a trip, or a big purchase), and then access their savings using the SmartyPig prepaid debit card or using a retail partner gift card.
Under the new incentive program today, SmartyPig doubled the maximum cash boost it offers through selected SmartyPig retail partners. Under the new program, when customers meet their savings goal they can enjoy up to 12% in additional cash incentives paid to them by SmartyPig.
The bonus is paid to consumers who use their SmartyPig savings to make purchases at selected partners who offer retail gift cards. Here’s an example provided by SmartyPig:
So, an individual who wants to make a minimum initial deposit of $25 and put away $300 a month over twelve months for a new living room set will deposit $3,625 and earn approximately $25 in interest over the course of that year, bringing the goal balance to $3,650. But, for example, if she opts to take her savings out on a Macy’s gift card, SmartyPig will give her a cash boost of 12% (nearly $440) on a Macy’s retail gift card, bringing her goal plus interest plus boost to $4,090- some $465 more than the $3,625 she had put away.
The list of retailers who partner with SmartyPig is growing. Today, SmartyPig announced the addition of Barnes & Noble, GameStop and The Gap.