SmartyPig has some new competition. A new startup called ImpulseSave
is trying to appeal to young smartphone users who want help in building their savings. I just read about it in this American Banker article
ImpulseSave has a number of existing features set to make savings account transfers more appealing. To that end, consumers provide ImpulseSave with their checking account details in order to create savings accounts that are backed by Leader Bank NA, a nationally chartered community bank. In turn, when a consumer has an urge to buy something like jeans, she can tap on her ImpulseSave mobile app, among other ways, to transfer the amount she would have spent on an item into her savings account instead.
SmartyPig's savings account has one big advantage, a higher interest rate. ImpulseSave's savings accounts are held by Leader Bank and it's currently only paying 0.40% APY which is much less than SmartyPig's 1.00% APY.