BIRMINGHAM, Ala. and
DES MOINES, Iowa, June 7 /PRNewswire-FirstCall/ -- BBVA Compass and
SmartyPig today announced a strategic alliance where BBVA Compass
will serve as depository institution to SmartyPig's customers in
the United States and work with
SmartyPig to expand their shared customer base. SmartyPig is the
first and only online banking application to combine Web 2.0 user
applications with the viral nature of social networking platforms,
making savings and spending a social experience. Through its
popular consumer finance site, individuals and families can benefit
from an industry-leading interest rate on their savings goals, in
addition to cash back rewards of up to 12 percent when they make
purchases at premium retail and travel companies.
(Photo: http://photos.prnewswire.com/prnh/20100607/DA16213)
(Photo:
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"We are extremely pleased to announce this strategic alliance
with SmartyPig as we share a common philosophy of helping consumers
reach their financial goals through innovative and
easy-to-understand solutions," said Manolo
Sanchez, BBVA Compass president and CEO. "Joining forces
with SmartyPig is a prime example of how BBVA Compass is focused on
bringing innovative, leading-edge technologies to market and
expanding its product set to reach a broader customer base."
SmartyPig empowers people to rid themselves of the "buy now, pay
later" mindset through its platform that allows customers to save
for specific financial goals like a wedding, a vacation or a
flat-screen TV. A goal can be funded through monthly recurring
deposits from existing checking or savings accounts or can be made
with one-time contributions. Deposit amounts are set by the
customer or can be calculated by using an interactive calculator to
determine the amount needed each month to reach the predetermined
goal. In addition, you can allow your friends and family members to
help you save by sharing your goal, all while keeping your 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.
"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," added
Rick Claypoole, senior vice
president and director of consumer deposits at BBVA Compass.
"Customers today are concerned with reducing debt levels and an
unstable economy. We share SmartyPig's vision that the time has
never been better to help consumers get back to the basic idea of
sensibly saving for the things they want in life."
BBVA Compass is a Sunbelt-based financial institution that
operates as the U.S. arm of the BBVA Group, a global financial
services group with assets of more than $765
billion and operations in more than 30 countries.
"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," said Bob Weinschenk,
chief executive officer, SmartyPig. "In addition, the superior
global brand recognition of the BBVA name is important given our
ambitions for accessing the global markets. This strategic alliance
also provides SmartyPig customers access to BBVA Compass' broad
array of innovative banking products and services."
SmartyPig customers will receive notice today, June 7, via e-mail allowing them to choose
whether to continue their SmartyPig accounts with BBVA Compass as
their new bank. Customers who continue their SmartyPig accounts
will authorize the transfer of their funds on deposit at
West Bank to their new BBVA
Compass savings account effective as of August 1, 2010.
ABOUT BBVA COMPASS
BBVA Compass is a Sunbelt-based financial institution that
operates 724 branches including 387 in Texas, 92 in Alabama, 65 in California, 77 in Arizona, 45 in Florida, 36 in Colorado and 22 in New Mexico. BBVA Compass is the 15th largest
U.S. commercial bank based on deposit market share and ranks among
the largest banks in Alabama
(3rd), Texas (4th) and
Arizona (5th). For the second
consecutive year, BBVA Compass was named as a "Lender of the Year"
by the Small Business Administration (SBA). Additional information
concerning BBVA Compass can be found on our website
www.bbvacompass.com.
BBVA Compass is a subsidiary of Compass Bancshares, Inc., a
wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a
financial services group with more than $765
billion in total assets, 48 million clients, 7,500 branches
and approximately 104,000 employees in more than 30 countries. BBVA
ranks among the top 20 largest financial institutions in the world
based on market capitalization and 20th in Global Finance
magazine's list of the "World's 50 Safest Banks" for 2009. BBVA
provides its customers around the world with a full range of
financial services, including commercial and wholesale banking,
retail banking services, consumer loans, mortgages, credit cards,
securities brokerage, wealth management, pension plan management
and insurance. The BBVA Group maintains a leadership position in
Spain, Mexico, Latin
America and the Sunbelt Region of the United States as well as operations in
China, France, Germany, Hong
Kong, Italy, Japan, Singapore, Switzerland, and the United Kingdom.
ABOUT SMARTYPIG
SmartyPig is a consumer finance site where you can earn high
interest on your savings goals and get cash back when making a
purchase with premium retailers and top travel companies, all while
never relying on credit cards. Family and friends can also help
achieve financial goals by securely contributing to your account
via social networks like Facebook. Launched in April 2008, SmartyPig has proven extremely
popular with consumers throughout the U.S. and in Australia where it partnered with Australia and New Zealand Banking Group
Limited (ANZ) to launch www.smartypig.com.au. To date, SmartyPig
customers have opened savings accounts with more than $400 million in U.S. deposits and have reached
more than $150 million in savings
goals. The system is based on proprietary, patent-pending
technology and features the latest in security standards.
SmartyPig's U.S. banking relationship is currently with
West Bank, a subsidiary of West
Bancorporation, Inc., until that relationship transitions to BBVA
Compass. All funds held on deposit are FDIC insured up to the
applicable legal limits. SmartyPig is based in Des Moines, Iowa. For more information on how
to get started, please visit http://www.smartypig.com and follow us
on Twitter: www.twitter.com/smartypig.
Editor's Note:
BBVA Compass is a trade name of Compass Bank. Compass Bank,
member FDIC
SOURCE BBVA Compass; SmartyPig