As if I didn’t love SmartyPig enough.
I got an email yesterday letting me know that my interest rate was changing. I got a little nervous, thinking that all good things must come to an end. But then, something amazing happened. They’re actually increasing the interest rates on May 19th!
Ok, so now I’ll have a bank that gives me 2.15% interest. That just makes my decision to move my savings from ING (which currently gives 1.10% interest) even better!
If you already have your money in a savings account, you should definitely switch. Why?
Well, if you make 1.10% on your account, then you obviously value that 1.10%. And if you like that 1.10%, wouldn’t you like another 1.05%? It sounds like a no-brainer to me.
How often does someone offer to double your money at no cost?
I’m pretty pumped about this because while 2.15% isn’t a huge amount, it gets me that much closer to the 2.9% interest I’m paying on my student loans. Of course, the interest rates will rise on the loans too eventually, but the smaller the margin, the less I’m losing on the student loan interest (plus it’s tax deductible!).
If you haven’t had a chance to check them out, read my review of SmartyPig and find out why I think they’re the greatest.
I haven’t even mentioned the bonus you can get when withdrawing part of your money onto a gift card of many popular retailers.
Readers, Do you guys use SmartyPig? Why or why not? Is the hassle of adding another bank too much to outweigh the benefits?