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.
I’ve seen this mentioned here and there, but now that I know you use it, I decided to check it out. I was most impressed by the Lands End/LL Bean gift cards–12-14%.
Overall, it’s easy to use–right?
I just opened a Smarty Pig account for my bedroom furniture. I can see how this could be a really cool way to save for a lot of things. Nice to know that it’s working for other people!
@frugalscholar: With the exceptions of constantly forgetting my password, and being woefully indecisive about my cash out options, which were entirely self-generated issues, it was fairly easy to use.
I tripped up in the beginning figuring out how to fund the thing, but once past that, it was fine.
@frugal forties: It does. I’m happy to be incentivized. 🙂
I loooooooove SmartyPig. A lot.