Sallie Mae Launches Free, FDIC-Insured Goal-Based College Savings
Account as Part of National College Savings Month
NEWARK, Del.–(BUSINESS WIRE)–Sallie Mae, the nation’s saving, planning and paying for college
company, today announced a new, simple way to save for college: Upromise
GoalSaver. Upromise GoalSaver is a free, no fee, FDIC-insured online
savings account that allows families to save for college, and other
goals, all in one place. Upromise GoalSaver rewards account holders with
a competitive 0.80 annual percentage yield, available annual cash back
bonuses and Upromise rewards.
According to How
America Saves for College 2015,
a study by Sallie Mae and Ipsos, the overwhelming majority of families
agree college is an important and worthwhile investment, yet fewer than
half are saving for college. Many families are apprehensive and
overwhelmed when it comes to saving for college and unclear on how to
get started. The same study also found, however, that those families who
set a goal are more motivated and more likely to put money aside to meet
Upromise GoalSaver makes saving for college easy and rewarding. Families
simply set a goal, save toward it, track their progress and earn rewards:
Set Your Goal
Families can set a specific savings goal for college tuition, textbooks,
an emergency fund or even a future down payment all in the same account.
There are no fees and no minimum balance requirements. Account holders
simply set a target date, and Upromise GoalSaver will build a plan for
each goal and calculate how much is needed to save toward each.
Save Toward Your Goal
Upromise GoalSaver helps make saving a habit: The old adage is, “Set it
and forget it,” and GoalSaver allows families to do just that. Account
holders link a bank account and set up automatic savings plan or
recurring direct deposits on a monthly or biweekly basis.
Track Your Progress
Families can stay motivated by following their progress with goal
trackers and can share their progress with friends and family through
Facebook and Twitter.
In addition to a competitive interest rate, Upromise GoalSaver also
offers account holders rewards as they save. Account holders who set up
automatic deposits are eligible to receive a $10 bonus annually. Goal
savers who deposit and retain $5,000 or more into their account as of
their three-year anniversary date are eligible to receive a $100 bonus.
Account holders can also qualify to receive a 10-percent match on their
Upromise cash back rewards earned through everyday purchases at more
than 850 retail partners.
“When it comes to saving for college, one of the greatest obstacles to
overcome is simply getting started,” said Charlie Rocha, executive vice
president, Sallie Mae. “We know those who have a plan and save are more
likely to attend college, more likely to graduate and will do so with
less debt. Upromise GoalSaver can get families on the right track,
turning savings into a habit and helping bring that dream of higher
education within reach.”
Sallie Mae recommends the 1-2-3 approach to saving for college: first,
open a savings account; second, set a goal and regularly contribute
money; and third, explore tax-advantaged options such as Coverdell
Education Savings Accounts, prepaid state plans, and 529 college savings
Upromise by Sallie Mae is free to join and its members have earned more
than $900 million in cash back for college. With more than 850 online
partners such as Macys.com, BestBuy.com, 10,000+ local and national
restaurants, and partnerships with top travel and hotel sites, Upromise
is the place to save for college with everyday purchases.
For more information visit www.UpromiseGoalSaver.com.
Sallie Mae (NASDAQ: SLM) is the nation’s saving, planning, and
paying for college company. Whether college is a long way off or just
around the corner, Sallie Mae offers products that promote responsible
personal finance, including private education loans, Upromise rewards,
scholarship search, college financial planning tools, and online retail
banking. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.
Rick Castellano, 302-451-2541