SmartyPig Slices Interest Rate To 1.75%

SmartyPig just cut the interest rate on its online savings accounts from an ahead of the pack 2.15% to 1.75%, unless you have $50,000 or more in your account.

The CEO told the NYT Bucks Blog that they had to give its rate a haircut because the spread between how much it makes on loans and how much it pays depositors in order to finance those loans has gotten thinner as of late.

Looks like Charlotte will have to change the message in her web from “some pig” to “humble.”

Here’s Why Your Interest Rate Is Going Down [blog.smartypig]
The Best Savings Account Rate Just Got Worse [NYT Bucks Blog]