Earn a high yield in a piggy bank?

Current Yield: 3.25 % APY as of 11/10/2008

You know you’ve reached a new high when your piggy bank is paying a high interest rate. A new online savings resource has emerged by the name of SmartyPig. A smart, forward thinking, dare I say fun way approach to saving. SmartyPig hope to get savers motivated by creating a experience around saving.

On SmartyPig, one is able to open an FDIC Insured Savings account with West Bank. SmartyPig will allow you to create accounts with goals for saving for specific goals. Think, house, car or maybe even my favorite a boat down payment. What makes is SmartyPig different is that it introduces social networking into your saving goals. You can share your saving goals with friends via FaceBook, MySpace and other social networks. This enables you to share your savings goals with your friends and family and even have them pitch in a bit.

SmartyPig has also partnered with retailers like Best Buy and Amazon. You’ll have options to cash out your savings into debit cards that come with bonuses from the retailers in addition to the solid saving rate that SmartyPig pays.

SmartPig also offers gift cards to get people started on the path to saving. It’s definitely a fresh approach to saving. Hopefully, people can see the benefits of saving for goals and stop living off credit cards that charge unheard of interest rates.