Has anyone used smartypig.com to save? Is there a better way than savings acct?

[ammag]

It's an online savings account with 1% interest, no fees. My bank requires a $4 monthly fee and only 0.05%.

We are going to put $100 a month into our disney savings account, the trip is in 31 months. We hope to add a couple of thousand each tax season or if my husband gets a better job, basically the 3100 will let us do our budget trip the rest is extras or better hotel,etc. I definitely don't want to be able to touch the money unless it was a life or death situation.


So if anyone has experience with smartypig.com or suggestions please let me know!

 

[nowellsl]

I use Ally Bank and never had a problem! they also consistantly have some of the best CD rates around. Much less turnaround time than other online banks I have used (like Capital One 360). Came back to add, I would never pay a bank fee just to have an account there! If you want something local, try a credit union! With the amount of money you're talking about you'd be paying more in bank fees than you would be making in interest!

 

[RitaE]

I've never heard anything bad about them. They are pretty much an online bank with a Marketing plan. There's nothing bad about that, there are several online banks and a general rule, their interest rates for deposits will be higher than what you'll find at your local place. But right now "higher rates" are kind of irrelevant because all the rates are pitifully low.

We keep just enough money to avoid having to pay account fees at our local Bricks and Mortar bank and then everything else gets shuttled off to one of the higher interest accounts with Online transfers. I like to have a certain amount that I can walk into the bank almost anytime and access immediately but otherwise I'll definitely chase the higher rate with online transfers.

I've done so much rate shopping and opening to collect new account bonuses that it seems like I have money strung out all over the place.

 

[ammag]

Thanks! Yeah I want this simple, and we are changing banks anyhow but the local bank is not as good. I will take my $3.10 and buy half a Mickey bar

Most of the money won't go in until the last six months, as we are moving next year and need all tax money for that. But yeah I do not want to pay! The fee at local bank is waived but you have to maintain 2k, we are starting from scratch with $100.

Now I have to hope for a new job and some luck so we can go from trip to dream trip! After that I doubt we will be back too often for awhile

 

[laurafergie]

I have a smartypig account. I use it for specific spending goals, like my new fridge and I also keep my Christmas fund there. I have used it for a few years for different goals with no problems at all. It does take a few days to get your money out. And they have different incentives, like if you cash out in an Amazon gift card you will get 10%? more.

 

[scottmel]

I love smartypig! I have an account for DD15 set up and direct deposit her allowance to it. She then can watch her balance grow and whenever she is paid for dog sitting I deposit that as well. It helped her reach a 1300 goal last year for a laptop! Was nice to see the percentage of the goal, how far to go, etc. Nice for her for incentive.

I then set one up for myself just b/c so easy to send 50 a week and so nice when I got my big old tax bill to have an instant 1k on hand to help with the bill.

Took maybe 3 days to have the money moved to my account once I asked smarty pig for it. Very easy. We love it!