ANZ Bank and SmartyPig new virtual saving bank accounts

ANZ Bank and SmartyPig new virtual saving bank accounts

27 February 2009

ANZ bank and "SmartyPig" are the first to take advantage of the latest technology and tap into a whole new generation of potential bank accounts users.

SmartyPig savings bank accounts are virtual piggy banks that allow customers to focus their financial goals and achieve them faster. Monthly deposits can be taken from the customer's existing bank accounts and placed into the SmartyPig account, with the idea being that the monthly amounts taken from separate account being so small that they customer doesn't even miss it, and yet still reaches their financial goals.

The SmartyPig program has been a hit in the US where people are looking for alternatives to credit cards but need some sort of motivation. This is where SmartyPig comes in as it provides motivation with 5% interest rates payments quarterly and bonuses and milestone rewards when a savings goal is reached through its strategic alliances with major Australian retailers such as Myer and David Jones.

However, separating this program from other bank accounts is it innovative use of the latest Web 2.0 banking technology and social networking sites such as Facebook and MySpace to bring its customers an easier and unique method of saving. This approach has seen a majority of Gen Y and younger bank accounts being opened through SmartyPig due to its tech-savvy set up.

Basically, a SmartyPig account if free to open with the account holders setting specific financial and saving goals. SmartyPig offers advice and tips on how customer can reach their goals faster.

SmartyPig savings accounts have a minimum savings goal of $250 and a maximum of $100,000, and minimum deposit of $10 with a maximum deposit limit of $10,000 within a 24-hour period.

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