This month, we are reviewing:

WWW.Smartypig.com

This on-line banking service is for anyone who wants to save. Just decide what you want to save for and when you want to reach your goal. Your friends and family can help you save too. Accounts are FDIC insured and held at WestBank (a 115-year-old subsidiary of West Bancorporation on the NASDAQ: WTBA). To start and maintain a savings account here, a minimum deposit of $25 must be made.

How does it work?
To start saving at SmartyPig, register for a free online account. Set up your goal (what are you saving for?) and decide how much you want to save. SmartyPig offers options on how to reach your goal, and tracks contributions. Make deposits any time you wish. Once you’ve saved the money, you have three redemption options:
1) get a SmartyPig MasterCard® debit card,
2) have your savings sent back to your bank, or
3) receive up to a 12% cash bonus by placing savings on a retail card (Amazon.com, Best Buy, Travelocity, Macy’s).

To give your friends and family the opportunity to help you save, take the SmartyPig widget on your account page and add it to your Facebook, MySpace or blog page. Check the FAQ page at the website for more information. There are even smartypig gift cards.

What’s so great about it?
SmartyPig interest rates are some of the most competitive in the nation, with 2.01% as the current annual percentage rate.

Should I be worried about anything?
SmartyPig is safe and secure. Savings accounts are FDIC insured, to the full extent allowed by law. There are no hidden fees to open, fund and redeem a SmartyPig account. One rule: you must be saving for a particular goal, not just adding to an account.

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