Adrian Martinez founded a radio station for dogs and cats, so a savings account for the same audience seemed like the next logical step. The Woodland Hills resident imagines something like the traditional Christmas club account where people stash money throughout the year until it’s time to buy Christmas gifts. Martinez is pitching to banks what he calls the Ruff IRA, an Individual Retirement Arrangement for pets. Martinez’s Ruff IRA isn’t the same as the federally recognized savings plans that incentivize people to save money for retirement by deferring income tax, he explained. “It’s a basic savings plan that encourages pet owners to put money aside for their pets’ future needs,” Martinez added. “They age like all of us do. All this stuff costs money.” According to NerdWallet Inc., pet savings accounts can be found at credit unions and community banks nationwide. Martinez said the money in a Ruff IRA could finance a getaway with the pet, a party with other animals or “just save for their retirement years.” In 2017, Americans are expected to spend $69 billion on their pets, according to the American Pet Products Association Inc. in Greenwich, Conn., which tracks the pet industry. Spending on pets has increased steadily every year since 1994 when it was $17 billion. According to the trade association, more than 60 million American households own a dog; 47 million a cat. The idea for the Ruff IRA came out of the popularity of his pet-oriented online radio station, DogCatRadio, which he streams from his home. It features music composed by Martinez and other music he and guest callers think their pets will like. The station averages about 11,000 listeners a day, Martinez said. In order for his idea of a pet savings account to materialize, banks have to offer it as a basic savings plan, like a CD, or the Christmas club. Martinez is first targeting Bank of America Inc. and JPMorgan Chase & Co. His ideal account would have a $300 minimum and no bank service fees. “For the banks, it could bring them an untold number of new accounts, and be a win-win situation on all sides,” he said. – Carol Lawrence
