Are you in a situation where you respond to the idea of saving money with, "When pigs fly!"? Well, SmartyPig, a new and different way to save money, believes that saving will never be the same. Is this so?

SmartyPig started when several entrepreneurs decided to create a savings tool that enables you to set specific savings goals, accept contributions to your goal from a variety of sources (yourself and others), and make distributions on a recurring basis. According to their website:

SmartyPig is a simple, smart, fun way to save for a specific goal. Using groundbreaking technology and the latest in security standards, SmartyPig allows you to invite family and friends to contribute to your account, gives you additional incentive boosts from top retailers who sell exactly what you’re saving for AND 4.30% (APY) interest on the money you’re saving. Simple, Smart, Savings. SmartyPig!

How does SmartyPig differ from traditional savings accounts?

Users are encouraged to create savings goals, which can be made public or private. Public goals can be funded with the support of outside contributors such as friends, parents, or grandparents. Contributions are made by credit card with a maximum charge of $500, and a per transaction processing fee of $4.95.

Is SmartyPig a smart choice for you?

Saving for specific goals is a great idea for all of us, but is SmartyPig the best way to do it? It seems to me there are a few things that prospective users should watch out for.

• If you don't pay off the credit card that you made the SmartyPig contribution with, you'll be paying more later.
• Is your credit card interest rate and the $4.95 transaction processing fee for every contribution made worth the savings interest earned?
• Money contributed cannot be withdrawn until the savings goal is met or canceled by the primary account holder (though goals can be changed at anytime until the point of redemption).

When you meet or close a SmartyPig saving goal, you receive your savings plus interest through a Smarty Pig MasterCard Debit Card or on the gift card of a retailer partnering with the company. You cannot transfer SmartyPig funds to a third party financial institution like your bank, but you may take your funds via check. And watch out – if you request a check, a $25 processing fee is tagged on.

And who are these Best-In-Class Retailers? Amazon, Best Buy, The Home Depot, and L.L. Bean are just a few. If you're looking to buy a specific product at one of these or other retailers on the site, SmartyPig may interest you. Participating retailers add up to a 5% bonus to the savings goal, but if you are looking to save for the long term, and not to purchase more products, this probably isn't for you.

Read what others have to say:

• Some Notes on SmartyPig at The Simple Dollar

• SmartyPig's Exhorbitant Fees Help You Save at Blueprint for Financial Security

SmartyPig is trying to do something different, but it seems to make saving money cost money. Online savings tools are a relatively new concept. Would you use a tool like SmartyPig? How do you save for a specific purchase?