In an email to customers, savings site SmartyPig announced it had cut its rate from 1.75% to 1.35% APY. Now it’s no longer the top rate for a nationally available online savings account. Sad day.
Reached for comment, SmartyPig’s President and Co-Funder Jon Gaskell told Consumerist that they’re, “not impervious to market conditions. As rates begin to rise, and we are really hoping they will, the rate offered to SmartyPig customers will continue to rise.”
If you’re a rate-chaser, you might want to check out this list of savings accounts rates for January, ranked from high to low.
The site is still pretty cool for the ability to set savings goals and the slew of ways it can plug into your social network. You’re just not gonna get that top-drawer rate anymore.
It’s hard to be a saver these days!