By Zachary Polka

If you’re looking for an online outlet to help you save, look no further—West Des Moines-based SmartyPig.com does just that.

Mike Ferrari, the company’s founder, came up with the idea to incorporate a social aspect with saving money via the Internet in January 2007; the site launched in April 2008. “We’re changing people’s lives and how they save money,” Ferrari says.The site is unique from traditional savings accounts in that it allows users to save toward a specific, measurable goal. Derek Balsley, a long-time user of SmartyPig, says, “Instead of saving and piling money into a savings account, you set up a goal for a specific amount; you say what your goal is, and SmartyPig takes the amount out of your checking account like a bill.” Balsley and his wife use SmartyPig to save money for a vacation, a riding lawnmower, and “saving just to save for an emergency fund.”

Nathan Wright, a social media analyst and founder of Lava Row, a social media company that provides strategic counsel in the social media space, says big banks have lost the trust of people, and “technologies like SmartyPig or Mint.com give more back to people.”

According to Wright and Ferrari, the benefits of SmartyPig set them apart from anything else out there right now. The site has an interest rate of 2.01 APU, the first or second highest in the country. SmartyPig offers the most competitive interest rate in the country. The site also offers cash back rewards from retailers and is free for customers to use.

Unlike typical online banking sites, SmartyPig allows customers to share their savings goals on social networking sites, allowing friends and family to contribute to their savings.“You can put in a widget on your Facebook pages, and friends can view your goal’s progress,” Wright says. “It uses the social factor of Twitter and Facebook to spread the word about it.”

In January 2009, SmartyPig expanded its reach by opening an operation in Australia. The company is now partnered with two banks—West Bank in the U.S. and New Zealand Group in Australia. In upcoming months, Ferrari plans to partner with two more banking companies and expand into two new countries.

As more companies continue to see the benefits of social media, many believe SmartyPig will continue growing. “I see them possibly being acquired by a company with a larger footprint, like Facebook or PayPal or Yahoo,” Wright says. These social media platforms could turn into  transaction engines, maybe even becoming banks themselves.

In the meantime, SmartyPig meets consumers where they are, providing a unique twist to saving in a world formerly focused on paying by credit. “They’ve made savings fun,” Balsley says. “Especially for people who haven’t thought of those two words being in the same sentence.”