However, for non-SmartyPig-customer friends and family making contributions, the only way to do it is via credit card, so the fee is charged. No fees are charged for money coming into the account from the linked transaction account, but there is a 1.5 per cent fee for credit card transactions. What does it cost? There are no monthly fees, but charges will be incurred for paper document and post requests.
Depending on fees, it could be a terrific and secure way to give birthday, Christmas, graduation or other money that is actually going straight into a bank account. For younger savers it's a very social way to save, there are goodies along the way, and via social networking sites such as Facebook and MySpace they can invite friends and relatives to help them reach their financial goal. SmartyPig uses Web 2.0 technology and is likely to have broad appeal. Interest is calculated daily and paid into the account every three months. What are the benefits? The account is competitive, paying interest of 5 per cent. The minimum savings goal is $250 the maximum is $100,000. The amount given depends on the retailer. So when our saver reaches the $1000 target and chooses JB Hi-Fi, for example, she will receive between $40 and $80 as a gift card to go towards her laptop. The list includes David Jones, Myer, Freedom, Harvey Norman, Virgin Blue holidays, Rebel Sport, Target, JB Hi-Fi, Adairs, Bunnings Warehouse and Bab圜o Direct. Once she reaches her goal, she's rewarded with a gift card to the value of 4 to 8 per cent of her savings from a linked retailer. A direct debit is then set up with a linked transaction account (which doesn't have to be with the ANZ).
SmartyPig works out how much she has to put away each month to meet the target. She sets up a SmartyPig account, establishes her savings goal (say $1000) and deadline. Say you have a niece or a teenage daughter saving for a laptop. What is it? An online savings product run by Australia and New Zealand Banking Group and designed around social networking sites.
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