SmartyPig accounts 'focus savings goals'

Mozo

Friday 24 September 2010

SmartyPig online savings accounts offer a good way of accumulating funds for a big purchase or event, one review has claimed.

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Lifehacker.com.au notes that the SmartyPig accounts currently offer a "fairly competitive" rate of 5.25 per cent per annum, but that they work slightly differently to standard accounts.

This involves making an initial deposit of at least $10 before choosing which accounts to draw from on a regular basis.

"You can then share your savings goals through Facebook, Twitter or a group email, and those people who have long, long since told you to get a new car can contribute," observed the website.

"In other words, it might just stave off nice but useless birthday gifts in favour of real progress."

SmartyPig may be a worthwhile option for Aussies looking to compare savings accounts ahead of a special purpose. According to Lifehacker, a SmartyPig account could be regarded as "a semi-hidden space" for stashing money on a gradual basis.

This article is brought to you by Mozo – Helping you compare savings accounts
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