SmartyPig $5,000 Race Out of Debt Contest

SmartyPig, the social banking website that allows its customers to get help from friends and family members for achieving their savings goals, is now running a $5,000 “Race Out of Debt” contest from September 14th to September 27th. At the end of the contest, they will choose one lucky winner to receive a cash prize of $4,951 (the prize isn’t exactly $5,000) that can be used to pay toward his or her credit card debit, or holiday gift, or whatever he or she wants to use the cash for.

The contest is open for both existing and new SmartyPig customers. To participate, you will need to

1. Join SmartyPig if you are not a member and add a NEW goal under the NEW category, “Race Out Of Debt“
2. Follow the instructions to set up and activate your new SmartyPig goal.
3. Enter your qualified checking or savings account from your credit union or bank.
4. Make the initial deposit requirement of $25. Remember this is NOT an entrance fee. You will automatically begin earning 1.75% APY, have access to up to 14% cash back at many retailers, and you always have the option to redeem the $25 + interest earned back to your checking or savings account.
5. Follow each step closely as failure to complete all steps will disqualify you from the contest.

Check out my SmartyPig review for details about how SmartyPig works. The bank currently pays 1.75% APY for deposits under $50,000. Though the recent rate cut was a step backward, SmartyPig still offers one of the highest yield savings accounts.