SmartyPig, the online social savings startup that’s made it a mission to wean consumers away from credit use, says its customers have set an average savings goal of $8,558 and spurred a 506 percent increase in deposit growth at SmartyPig during the economic downturn.
The aggregate data came from SmartyPig’s U.S. customer base. The Des Moines, IA-based company offers a high-yield savings account through West Bank in Iowa for consumers to build up funds for a specific monetary goal (vacation, big-ticket purchases, or savings for savings’ sake). For example, consumers are setting average goals of $903 for holiday purchases, $4,411 for travel, and $7,850 for weddings.
While it deals directly with consumers in the U.S., in Australia it has launched a bank partnership model with ANZ Bank.