Have you ever wanted to pool your money with friends or family to save toward a common goal? While it’s possible to do this with paper and pencil, it’d be easier if there were an online service to automagically track the savings for you. SmartyPig believes it is that service.

SmartyPig is a special branded savings account from new type of savings account, with funds held at West Bank of Iowa. It’s specifically created to foster goal-oriented savings. From the site’s promotional material:

SmartyPig is a unique savings program that was designed to help you save for specific savings goals. Goals are funded with a required monthly recurring contribution from your existing checking or savings account. You can also make additional one time adds of money to your goals and receive contributions from your friends and family members. SmartyPig is unlike any other savings account!

You might, for example, use SmartyPig in the following ways:

  • Your brother could open an account to which family members could contribute as he prepares for the arrival of his first child.
  • You and your girlfriends could share an account to save for a cruise next summer.
  • You and your wife could set saving targets for remodeling the house.
  • You could create your own private account in which you save for a new car.

SmartyPig promises that it is secure as any other online savings account. Deposits are FDIC insured. Best of all, the account currently offers 3.90% APY!

I haven’t used SmartyPig myself, but it sounds like an interesting way to save for goals. I’ll probably stick with my ING Direct subaccounts for now, but I’d love to hear from GRS readers who may have used SmartyPig for the last few months. Do you like it? Would you recommend it to others?