The high yield savings account of Smarty Pig still offers a very competitive interest rate of 2.01% APY. It dropped a few notches down compared to the past few months but it is still very attractive money in the bank deal placed side by side the national savings average earning of 1.25% APY.

Smarty Pig is headquartered in Des Moines, Iowa and can be considered a very young bank established only April of 2008. The bank operates as a partner of West Bank under the umbrella of West Banc Corp. The latter is indexed by the FDIC so your deposits with Smarty Pig will also be covered up to $250K.

This best savings account from Smarty Pig has a very unique scheme. Consumers can open the goal-based high interest savings account and link it with their social networks like FaceBook, Blogger, MySpace, etc. This feature will allow loved ones and friends to see your savings goal and they can even contribute to it so you hit your target.

Account holders will be required to set a timeline during which they should meet their savings account goal. The initial funding needed by this savings account is just $25. You can inject funds into your account or you can allow your friends to chip in.

We heard some consumers have set up this high interest savings account so they can use it to pay their credit cards, use the funds for their holiday shopping, come up with pocket money for their vacation, or use it to pay off their student loans.

The bank commits to put in a very competitive yield which is currently at 2.01% APY. You can apply online or you can check out the full details of the savings program on the bank’s website.