Cashing out my first SmartyPig Goal
March 28, 2011
Last year, I’d started a couple SmartyPig Goals mostly to take advantage of their slightly higher than ING/Citi interest rates, and because I wanted to give their cash out options a whirl.
They offer the following withdrawal options:
A: redeem all the cash, transferring principal and interest, directly into your bank account;
B: redeem your entire goal into a gift card retailer that has partnered with SmartyPig which gives you between 2-11% cash back to your account
C: loading the cash on a SmartyPig Cash Rewards Card
D: Combination of the above.
When time came to smash open the Travel piggy bank, I did so with great aplomb recently to fund our upcoming Thailand trip.
At first, I only intended to go with Option A, but got greedy and decided to do a combination of A and B. Knowing that I may well need a new business suit in the next year or so, I “stole” $200 for Banana Republic gift cards which nets 10% cash back, and another $200 for Amazon gift cards which earned 3% cash back. Neither set of gift cards may be spent anytime soon; locking hard-earned cash into store currency is only a smart move if that currency is then combined with stellar deals when the purchase is an actual need, not just a want.
In the meantime, the cash will be paid back to the travel fund from the expense fund since we maintain a strict separation of fun and seriousity around here.