BBVA Compass, a subsidiary of Compass Bancshares a wholly owned subsidiary of BBVA, has entered into strategic alliance with consumer finance site SmartyPig where BBVA Compass will serve as depository institution to SmartyPig's customers in the US and work with SmartyPig to expand their shared customer base.
According to BBVA, SmartyPig will combine Web 2.0 user applications with the viral nature of social networking platforms, to allow customers to save for specific financial goals that can be funded through monthly recurring deposits from existing checking or savings accounts or can be made with one-time contributions.
The deposit amounts will be set by the customer to determine the amount needed each month to reach the predetermined goal. In addition, friends and family members can also help in saving by sharing their goal, while keeping personal information safe and secure.
Savings accounts associated with SmartyPig accounts will be provided by BBVA Compass and FDIC insured to the maximum level allowed by law.
Rick Claypoole, senior vice president and director of consumer deposits at BBVA Compass, said: “SmartyPig has led the charge in creating the next generation of banking solutions, leveraging Web 2.0 features that have the ability to motivate people to use their money more wisely.”
Bob Weinschenk, CEO of SmartyPig, said: “BBVA Compass is an important choice for us as it was one of the few banks able to handle the scale of SmartyPig’s considerable growth while quickly and seamlessly integrating our current customers. This strategic alliance also provides SmartyPig customers access to BBVA Compass’ broad array of innovative banking products and services.”