Comments on: SmartyPig: A Simpler Way to Save Or A Fee Trap? http://thefinancebuff.com/smartypig-simpler-way-to-save-or-fee.html like a friend telling you about money ... Tue, 22 May 2012 19:53:21 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Anonymous http://thefinancebuff.com/smartypig-simpler-way-to-save-or-fee.html#comment-547 Anonymous Fri, 28 Mar 2008 02:25:00 +0000 http://blog.thefinancebuff.com/?p=240#comment-547 How does it take more willpower, financial acumen, or time to set up an online savings account with recurring monthly transfers than to set up a SP account with recurring monthly transfers?<br/><br/>Either account can be closed at any time. The difference is that the SP account encourages--actually, necessitates--spending the money by allowing transfers only to a debit card. Not exactly ideal for someone who lacks willpower or financial acumen. How does it take more willpower, financial acumen, or time to set up an online savings account with recurring monthly transfers than to set up a SP account with recurring monthly transfers?

Either account can be closed at any time. The difference is that the SP account encourages–actually, necessitates–spending the money by allowing transfers only to a debit card. Not exactly ideal for someone who lacks willpower or financial acumen.

]]> By: Anonymous http://thefinancebuff.com/smartypig-simpler-way-to-save-or-fee.html#comment-545 Anonymous Thu, 27 Mar 2008 16:14:00 +0000 http://blog.thefinancebuff.com/?p=240#comment-545 Nice steps. Only one problem... people don't do this kinda stuff on their own. They just don't. They don't have the willpower, financial acumen or time to follow through with a plan. <br/><br/>Put it out on the Internet, package it with a cute name, get some branded partners, require people to do it the right way "or else" (fees) and you've got a goldmine. <br/><br/>Don't hate on these guys for making money. Capitalism, people. I think it's super smart. Nice steps. Only one problem… people don’t do this kinda stuff on their own. They just don’t. They don’t have the willpower, financial acumen or time to follow through with a plan.

Put it out on the Internet, package it with a cute name, get some branded partners, require people to do it the right way “or else” (fees) and you’ve got a goldmine.

Don’t hate on these guys for making money. Capitalism, people. I think it’s super smart.

]]> By: Anonymous http://thefinancebuff.com/smartypig-simpler-way-to-save-or-fee.html#comment-543 Anonymous Wed, 26 Mar 2008 22:47:00 +0000 http://blog.thefinancebuff.com/?p=240#comment-543 Here is how to do your own SmartyPig thing, while maintaining total control over your accounts:<br/><br/>1) Open an account with your favorite high-interest-paying bank.<br/><br/>2) Deposit money therein.<br/><br/>3) Repeat step 2 until you have reached your spending goal.<br/><br/>4) Use the money to buy a gift card at a discount on eBay. Here is how to do your own SmartyPig thing, while maintaining total control over your accounts:

1) Open an account with your favorite high-interest-paying bank.

2) Deposit money therein.

3) Repeat step 2 until you have reached your spending goal.

4) Use the money to buy a gift card at a discount on eBay.

]]> By: Anonymous http://thefinancebuff.com/smartypig-simpler-way-to-save-or-fee.html#comment-542 Anonymous Wed, 26 Mar 2008 22:40:00 +0000 http://blog.thefinancebuff.com/?p=240#comment-542 Seems like a terrible idea all-around. A measly 2-5% discount on gift cards does not justify the hassle and the restrictions on transfers. But more importantly, what happens if SmartyPig goes out of business? Even if the underlying account they use is FDIC insured, there is an extra layer in there that makes me nervous. I want total control of all of my deposit accounts, and that includes being able to make ACH transfers, both in AND out, at will. Seems like a terrible idea all-around. A measly 2-5% discount on gift cards does not justify the hassle and the restrictions on transfers. But more importantly, what happens if SmartyPig goes out of business? Even if the underlying account they use is FDIC insured, there is an extra layer in there that makes me nervous. I want total control of all of my deposit accounts, and that includes being able to make ACH transfers, both in AND out, at will.

]]> By: Jon Gaskell http://thefinancebuff.com/smartypig-simpler-way-to-save-or-fee.html#comment-540 Jon Gaskell Wed, 26 Mar 2008 15:48:00 +0000 http://blog.thefinancebuff.com/?p=240#comment-540 Would appreciate it if you could direct your readers to our new blog post at http://www.smartypig.com/blog regarding our new fee structure. Currently the boost on an Amazon gift card stands at 2%, which will be added to the total amount saved plus interest. We fully expect incentives boosts from all retailers - and each one does have a boost - to increase with our traction, as they have indicated as much. Again, I really appreciate your interest. <br/>-Jon Gaskell, Co-Founder, SmartyPig Would appreciate it if you could direct your readers to our new blog post at http://www.smartypig.com/blog regarding our new fee structure. Currently the boost on an Amazon gift card stands at 2%, which will be added to the total amount saved plus interest. We fully expect incentives boosts from all retailers – and each one does have a boost – to increase with our traction, as they have indicated as much. Again, I really appreciate your interest.
-Jon Gaskell, Co-Founder, SmartyPig

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