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SmartyPig high-yield savings account

Category: Savings Account Rates- fhuff- 1:19 pm/ May 2, 2011

SmartyPig has a competitive savings rate. The free online piggy bank is paying 1.35 percent annual percentage yield on savings accounts. The APY is good on balances up to $50,000. When you open an account you can set up savings goals for things such as buying a car or taking a vacation.

The savings account is linked to your checking or savings account at another institution, which makes it easy to transfer funds to meet savings goals. Once you calculate how much you want to save it’s up to you to determine how often to add money to the account. You can also set up a gift registry so that friends and family can contribute to your goals.

The savings account allows you to earn 10 percent cash back with the SmartyPig Cash Rewards Card. You must opt-in to receive the card after signing up for a savings and it can be used at more than 9,000 local and regional retailers. The card is prepaid so it uses existing funds and you can avoid high credit card bills. Once savings goals are reached you can earn 14 percent cash back by redeeming some or all of your goal for gift cards at various retailers.

Funds in SmartyPig savings accounts are deposited with BBVA Compass and are insured by the Federal Deposit Insurance Corp.

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