SmartyPig

SmartyPig, an online savings plan offered in partnership with West Bank, offers online savings accounts that pay a competitive rate of interest. What makes SmartyPig special, however, is that it's designed to help users avoid credit card debt by saving for big items instead. (The minimum savings goal is $250.) Each savings goal requires a separate SmartyPig account, funded by an automatic monthly direct deposit (though you can add other deposits any time). SmartyPig also integrates social networking, by letting you share as much of your goal and progress as you choose, with people you invite. Reviewers note that withdrawing money with a debit card, check or gift card can take over a week. You can also transfer the funds back to your primary bank account, which typically takes three to four days. For emergency savings, reviews suggest an online savings account at ING Direct or FNBO Bank.

We found the most credible reviews of SmartyPig in articles at Forbes.com and at The Wall Street Journal. BankRate.com gives a Safe and Sound rating to the parent bank, West Bank. SmartyPig has gotten extensive notice in financial blogs. A review at MyMoneyBlog.com provides more details than most, and a review at The Daily Pennsylvanian blog The Bottom Line adds another perspective.