Highest Rate Online Savings

Company	Product	Rate %	Apply
	Virgin Saver	6.75
	USaver	6.51
	Online Saver	6.45
	High Interest Savings Account	6.40
	Reward Saver	6.20

These accounts offer some of the highest interest rates out there. Based on $5,000. Maximum rate includes base rate plus bonuses if applicable. Conditions may apply.

Star Ratings - Online Savings

Company	Product	Rate %	Apply
	USaver	6.51
	iSaver	6.00
	eSaver	6.00
	High Interest Savings Account	6.40
	Online Saver	6.00

These accounts offer some of the best star rated accounts out there. Based on $25,000. Maximum rate includes base rate plus bonuses if applicable. Conditions may apply.

Gen-Y Target: SmartyPig crosses Facebook with Savings

By Jack Han, RateCity.com.au
20 March 2009

When we talk about social networking, we think of our new Facebook friends, our social calendars, and embarrassing photos from a night out. One of the last things on our mind is responsible saving.

This is exactly what SmartyPig, a new, unique, and free savings program, tries to change. In partnership with ANZ, SmartyPig was introduced in November 2008 to help Australians meet their savings goals, whether it’s for travelling, home improvement, a wedding, or just saving to save.

smartypig

The 21st century piggybank
Co-founder Michael Ferrari sees SmartyPig as a new age Piggybank. “It’s all about helping people save up for very specific goals in their life,” says Ferrari.

SmartyPig works like an online savings account, but the twist is that you can either make your goals public, or keep them private. You can allow your friends and family to track your savings progress, and even help you by making contributions.

Users create an account via the ratecity website (see: SmartyPig) All accounts are held by ANZ, and you make monthly contributions to meet your savings goals. For example, if you’re saving for a $5000 holiday in 2 years, SmartyPig will suggest contributing about $200 a month.

All online
Everything is managed through the SmartyPig website, and your contributions are made from your own transaction account. At any time, you can make additional contributions, or close your goal and transfer the money back.

SmartyPig is unique because it uses social networking tools such as Facebook and Myspace to help savers share their goals. Ferrari believes this could help them stay motivated and focused, rather than giving into the temptation to spend.

“We’re really trying to reverse the “buy now, pay later” mentality. We see us (SmartyPig) competing more with credit card companies than traditional online savings companies,” he says.

Rather than enticing you to switch banks, its true vision is to give consumers an alternative to credit spending, thus fulfilling their savings goals while avoiding debt.

With natural appeal to Generation Y, SmartyPig accounts can be opened by anyone 16 and over, while parents can open accounts on behalf of their younger children. With 15-19 year old unemployment rates rising to 20.6% last month, school leavers could stand to learn valuable budgeting lessons in between their online chats.

The big bonus
SmartyPig lets you get more “bang for your buck” by giving you the option to redeem retail gift cards when you’ve reached your goal. For example, if you’ve just saved up for a $3000 HDTV, you can transfer that into a gift card. As a bonus from the retailer, you’ll receive an extra contribution between 4-8%, or $120-240, so you can reward yourself a free toaster or iPod to boot. Alternatively, you can convert your savings into a SmartyPig debit card, or transfer it back into your transaction account.

If you’re concerned about online security you can rest assured - SmartyPig also makes online saving safer through regular security audits, risk acceptance testing, and verifying the identity of all of its users. Consumers should expect nothing less from online financial services with such strict barriers to entry, particularly ones featuring a pink pig.

Not your traditional savings account
It’s similar to other goal-focused savings accounts such as the ANZ Progress Saver which rewards customers with bonus rates per month, when they make monthly deposits without withdrawals. SmartyPig takes this one step further. With a competitive interest rate it also lets you create and track each individual savings goal, while allowing you to draw support from others in your online friends network.

We share our favourite music, our opinions, passions and contacts with our inner circle, so why not our goals? Remember the name of the little pig when you think about building your cash. After all, this is how our kids will be saving.

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