As a leading online social banking application, SmartyPig helps customers save the extra dollar by socializing saving, spending and charitable giving using a secure and easy way to access account information while on the go. Now, SmartyPig is adding a new functionality into their iPhone and Android applications called ‘cash back rewards’ to help maximize one’s stash. The feature will help users save money by finding cash-back offers by location.

“Deals like half-off horseback riding lessons and bikini waxes are great for some people, I’m sure,” said Bob Weinschenk, SmartyPig CEO.

“But what we’ve heard from our customers is the need for true value in a tough economy. Earning valuable cash back that is always on at the places they go everyday provides that value. And being able to determine where those places are based on your precise location is innovation that helps our customers shop and save smarter than ever before.”

SmartyPig provides detailed and up-to-date information about one’s savings goals, including map-based browsing, real-time balance details, transaction history, cash-back status and the ability to instantly transfer funds to your SmartyPig MasterCard prepaid debit card. Since the app gives money matters a social twist, it allows users to see what their friends are saving for, and can even put a dollar or two into their savings if one feels like being generous.  Family and friends can securely contribute to an account
via social networks like Facebook and Twitter.  In addition, the app keeps track of important conversations so you can always scroll through them for future reference.

“While many banks are scrapping their reward programs and jacking up customer fees, we are enhancing our program so that our customers can earn even more,” said SmartyPig CEO Bob Weinschenk, adding that both local and national retailers are being added to the program daily. “It’s important for them to know there is a financial services company out there that has their back.”

In other cash-back rewards talk, BuyWithMe, a former major Groupon rival, announced the acquisition of Edhance just in time for school.  A cash-back rewards programs for college students, Edhance lets you save for specific, targeted purchases. The terms of the deal were not disclosed.

“This acquisition fundamentally changes the daily deal industry and is a true win for our merchants and consumers alike,” said Jim Crowley, CEO of BuyWithMe. “The daily deal model is an incredible demand generation tool for merchants, but until today the industry has failed to provide merchants a means to create, manage and measure not just deal results but ongoing customer loyalty, reward and engagement programs post the initial promotion.”