Savings Accounts meet Social Networks

SmartyPig.com is using social networking to create a Web 2.0 savings account.

An online savings account, SmartyPig lets the account holder set specific savings goals, suggests contributions to meet the goals and enables the account holder to engage friends and family in the process.

Once the account is established (via West Bank of Iowa www.westbankiowa.com), SmartyPig's social networking platform allows the account holder to invite friends and family to contribute to the savings goal. It also provides a widget that can be added to the account holder's MySpace or Facebook page to encourage contributions.

The account holder receives even further value if they convert their money to a gift card from a participating retailer, adding as much as 5% to their savings amount.

Truly a new way for piggy to get to market...