Comments on: Prepare for Next Christmas with SmartyPig

By: Trent

Trent — Tue, 16 Nov 2010 20:49:03 +0000

What a wonderfully easy and effortless way to save!! Thanks for the info!

By: Debt Free Adventure | Money Smart Life

Debt Free Adventure | Money Smart Life — Tue, 01 Dec 2009 11:49:45 +0000

[...] Prepare for Next Christmas with SmartyPig @ Being Frugal [...]

By: Friday Gathering: My favorite holiday is right around the corner!

Friday Gathering: My favorite holiday is right around the corner! — Mon, 23 Nov 2009 10:32:57 +0000

[...] Frugal recommends using Smarty Pig to save for Christmas next year. That particular type of account has some interesting [...]

By: Cheap Cindy

Cheap Cindy — Fri, 20 Nov 2009 16:24:30 +0000

Hmmm…the 12% perk for the gift cards does make it more interesting, if it’s a merchant worth using. I’ll have to look into this.

By: Ahme

Ahme — Fri, 20 Nov 2009 06:47:37 +0000

The 12% additional for the gift cards is only on one of the merchants. The rest were 4% or a little bit higher. Yeah, it would have been great if all of them were for 12% :(

By: Ren R

Ren R — Thu, 19 Nov 2009 12:44:58 +0000

Another option is an online checking account….there are several, like community rewards, that are offered by FDIC insured institutions, that provide 4.0+ returns, provided that you set up a direct deposit and make 10 debit card transactions per month. Sure, you’re still just keeping up with inflation, but it’s the best guaranteed rate around!

By: Lynnae

Lynnae — Thu, 19 Nov 2009 05:33:27 +0000

I don’t sweat the rating for West Bank, as I don’t use SmartyPig for huge amounts of money. Since I mainly use it for a Christmas fund, if the bank were to go under, it would be an inconvenience, but I’d still be able to pay my bills while waiting for the FDIC to come through.

My current issues with the FDIC are more complicated than just a bank going under, as there is a bankrupt mortgage company, a couple of banks, and the FDIC involved. From what I understand, my problem getting my escrow money back is taking much longer than if a bank had gone under and I was just waiting for my money to be released by the FDIC.

I wouldn’t want my main accounts at a bank with a less than stellar rating, but I’m willing to take a chance with a small savings account.

Hope that helps some!

By: Jon Gaskell

Jon Gaskell — Wed, 18 Nov 2009 18:10:57 +0000

Pat, this is Jon Gaskell, President and co-founder of SmartyPig. Just wanted to let you know that West Bank is a well-capitalized bank whose accounts are insured by the FDIC to the full extent permitted by law. In the very unlikely event West Bank fails, getting insured deposits paid by the FDIC is not an involved process. It usually takes just a few days. You may email me jgaskell(at)smartypig(dot)com or call me directly at 515-221-4211 if you have any further questions. And thanks for the post, Lynnae!

By: Pat

Pat — Wed, 18 Nov 2009 15:50:59 +0000

This sounds like a great idea. I checked the partner stores, and there are many I shop at. However, I am concerned that the parent company, Bank West, does not have a favorable rating with bankrate.com
Since it is FDIC insured, the question is, if the bank does go under, is getting the extra 12% worth the hustle of trying to get my money back? Your experience with banks wasn’t very encouraging. What do you think?