SmartyPig's current savings account rate of 2.75% APY is to be reduced to 2.01% APY on Monday, Aug. 17th as announced by SmartyPig's co-founder Michael Ferrari on the SmartyPig blog post.
Those who have a savings account with SmartyPig need not be concerned of any of the benefits associated with the SmartyPig account, due to the decreased rate. The same policy still applies, just with a lower interest rate. The savings account still has no fees and no time limitations.
Although the savings account rate will be reduce on Monday, SmartyPig's savings account still remains to be one of the better savings account deals available for consumers.
Do you have a SmartyPig savings account? How do you feel about the rate being dropped?