ANZ and SmartyPig bring new online bank account system to Australia
Friday February 27, 2009
ANZ has launched "SmartyPig", a program that utilizes Web 2.0 banking technology and the popularity of social networking sites such as MySpace and Facebook to give its customers an easier method of savings with an online bank account.
SmartyPig has had great success in the US after its launch in 2008 as people turn away from credit cards as a means of reaching their financial goals. Essentially, SmartyPig provides customers with an online bank account that are like virtual piggy banks that uses the customers own bank funds to reach their savings goals.
The program will take automatic monthly deposits from the customers other online bank account and put it into their SmartyPig account.
SmartyPig savings accounts are free of charge to open and are ideal for people who have a specific financial goal to achieve such as a holiday or wedding. When an account is opened, the customer will set boundaries on what they want to achieve and in what amount time. SmartyPig will help by making suggestions of how best to do this.
Facts of SmartyPig:
- 5% interest rate paid on your account quarterly.
- minimum savings goal is $250
- maximum savings goal is $100,000
- minimum deposit of $10 to start a savings goal
- maximum deposit limit within a 24-hour period is $10,000
- Incentives through several major Australian stores like Myer, David Jones and Blue Holidays.
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