Is it worth using a smart piggy bank? 

Saving at a slow but steady pace is the secret to new digital tools. Leveraging technology, users can grow their savings to unexpected levels, using automatic rules and personalized alerts.

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Stick with me and you’ll see how innovation makes it possible to finally overcome the natural tendency to spend and enables your customers to embark on the journey towards better financial health.

What exactly is a smart piggy bank?

The term smart piggy bank refers to an innovative development launched by banks, neobanks, and Fintechs in recent years to encourage the population to grow their emergency savings fund.

Smart piggy banks, after obtaining our consent, connect all accounts and cards to analyze bank transactions.

Thanks to this data, the tools allow the users to automate their savings and facilitate a task that is complicated for many of us. When we’re micro-saving, we set aside amounts of money (seemingly insignificant) frequently and automatically, barely aware. 

That’s why it’s so convenient. Just as we use technology to simplify our daily tasks, why not apply it to reach our savings goals? Keep reading to learn how the traditional “piggy bank” has been modernized.

How does a smart piggy bank work?

Microsaving apps identify small saving opportunities within a given budget and then automatically “sweep” the money into a specific account. 

The amounts accumulate until reaching a previously established total. Some of these apps use algorithms that analyze monthly income and expenses, being able to detect opportunities to increase our capital.

Others also allow clients to create automatic rules each time an event occurs (take a certain number of steps or their favorite team scoring a goal). It’s common to upload an image of the savings goal and give it a name.

This keeps them committed and visualizes the magnificent reward for their “no effort.” The smart piggy bank is the one that does all the work for the user!

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When is it interesting to start saving?

Money runs away, that’s true… What matters is that it goes to something that really adds value. Depending on the case, it might be a vital project that is important, such as the down payment to buy a home. Or perhaps an enriching experience for the user, like a great trip.

Whatever their dream, it’s important not to delay it and do the work. One of the first things to do is set an achievable goal. Many people try to get rich overnight, but I’m afraid it doesn’t work like that.

If they start saving today, their future self will thank them. Spending just because it feels good can offer immediate pleasure, but that joy disappears quickly, and we find ourselves with something we don’t need and the same feeling of emptiness we had before.

Finding the balance between short-term satisfaction and medium-long-term savings is possible. Here I’ll tell you how your customer can overcome the impulse to spend. Some people called Behavioral Economists can help us.

Who can benefit from a smart piggy bank?

Since the principles of Behavioral Finance are applied to the creation of these piggy banks, any user of digital banking can see how their financial situation improves in weeks.

For example, the Santander Piggy Bank managed to get its customers to save 161 million euros in 10 months, which is quite something! Following these behavioral principles, let’s see…

What cognitive biases* are preventing your customers from saving?

  • Present Bias: People value immediate rewards more than long-term benefits.

  • Zeigarnik Effect: Incomplete tasks stay longer in our memory than completed ones. This can delay saving.

  • Overconfidence: We tend to overestimate our ability to assess the overall financial situation, leading to poor economic decisions.

  • Status Quo Bias: We prefer things to stay the same. It’s difficult, for example, to change banks or apps, even if we know there are better ones.

  • Herd Behavior: We like to imitate others and listen to friends’ recommendations, even if they don’t work for us.

Do you identify with any of these biases? You’re not alone, it’s something that happens to all of us. That’s the main reason why entities incorporate Smart Piggy Banks into their service portfolio.

Let’s see the most relevant ones:

Where can I get a digital piggy bank?

There are currently many banks and neobanks offering microsaving and automatic saving. Here is a list of the main ones:


BBVA Goals Account

This is the name of BBVA Bank’s digital piggy bank. Its use also involves the service called “Program Your Account”. It is a free and no commission account for its customers. It allows them to set up to 5 different piggy banks.

Santander Digital Piggy Bank

Multiple saving goals can be set, each with a name and an image. The amount to be achieved and the time it will take are indicated. Using simple automatic rules, goals are quickly achieved.

ING’s Money Up!

It offers complete expense and budget management, allowing users to set limits. It rounds up the amount of purchases upward and customizes goals. It allows them to add all their bank accounts, whether they are from ING or another bank.

EVO Smart Piggy Bank

This product includes the same features as the previous ones but also invests in the Intelligent Investment Plan (Unit Linked Savings Insurance), with robo-advisor technology. It has up to 6 types of automatic rules.

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La Caixa’s My Piggy Bank

Program periodic movements or add an amount whenever the user wants. Money can be withdrawn instantly and without commissions. A sub-account or new account is not necessary, they just set the goal.


Revolut’s Vault

It allows final users to create digital piggy banks shared with other Revolut clients, so it’s possible to save with family, partners or friends. It is also free and goals can be set in more than 30 different currencies, cryptos, or commodities.

N26 Spaces

This entity calls its virtual piggy banks sub-accounts and they are available when opening any N26 account, except the Standard account, which is free. It offers to unlink your card to spend only the money you have.

B100’s Save Account

It operates as if it were several current accounts. For example, you can create a piggy bank for vacations, another for a new computer, and another for a whim… Perhaps an electric bike? Let’s do that!

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How much can I save each month?

After creating one of these smart piggy banks, it’s time to focus on two things: increasing income and reducing expenses. Here are some hints to start the path towards automatic saving:

Increase income

  • Think about what you’re good at and offer digital products, such as courses.

  • Discover the opportunities for receiving passive income.

  • Sell what you don’t need on second-hand platforms.

  • A classic that can also work: monetize a hobby.

Reduce expenses

  • Review what you spend most on over the last 3 months and make a plan.

  • Think at least 24 hours before spending more than €50.

  • If an area causes temptation, choose other streets to get there.

  • Make a list of important things and spend according to those values.

In reality, the amount of money that is microsaved is not important, what really matters is to be consistent and eliminate ant expenses that are ruining the budget.

Some of the most common ant-expenses are

  • Going to the restaurant frequently.

  • Buying things that are not on the shopping list.

  • Having coffee out every day.

  • Leaving bank fees unclaimed.

  • Shopping online just to take advantage of discounts.

  • Continuing subscriptions that we don’t need.

  • Maintaining a too expensive phone contract.

  • Paying for a gym membership we don’t use.

As you can see, there are plenty of actions that can be started to make savings grow. At Coinscrap Finance, we have a mission, and that is to help more than 2 million people in the next 2 years. We are convinced that, by using these types of innovative tools, your customers will reach their goals very soon!

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