Mike Ferrari '93 Launches SmartyPig.com

April 14, 2008

April 14, 2008, Greencastle, Ind. - Michael R. Ferrari III, a 1993 graduate of DePauw University, is co-founder of SmartyPig.com, a new online savings solution which "provides credit-cautious consumers a smart, secure and simple way to save for specific goals and rewards them like never before for doing so," according to an announcement at Yahoo! Finance. On the site, users can set a savings goal (i.e. to buy a car by December) and the system will provide a plan on how to save the necessary funds and even automatically deduct contributions from a person's savings account. Users can also let relatives and friends see how they're advancing on their savings goals and make contributions, should they choose.

"When I opened a college savings program for my new son, I wondered if similar programs were available to help me save for other goals like a family vacation, a home electronics purchase or home improvement," says Mike Ferrari, who majored in psychology at DePauw. "Existing options were too restrictive, offered no incentives and certainly didn't make saving money a fun experience. We really wanted a way to change that."

The article notes, "Opening and maintaining a SmartyPig account is free, and customers can have as many savings accounts as they wish, each with an unlimited number of savings goals. During SmartyPig's beta phase, Netbanker.com, a leading online finance and banking blog, named SmartyPig as their first 2008 Best of the Web, calling it 'the most innovative financial service since Prosper.' "

Read more by clicking here and visit SmartyPig.com.

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