NEWARK, Del.--(BUSINESS WIRE)--April is National Financial Literacy Month, an ideal time to assess your financial household, and that includes saving for goals both big and small. Individuals and families can spring forward their savings all month long with SmartyPig, Sallie Mae’s free, FDIC-insured, goal-based savings account. In fact, those who open a new SmartyPig account, or current SmartyPig customers who set a new savings goal or schedule a new recurring transfer, will be entered to win $1,000 as part of the “Spring Cleaning for Your Finances Sweepstakes.”
Created in 2008, SmartyPig helps individuals and families save for any financial goal and offers competitive interest rates of up to 1.05 percent APY. Customers can set up a free SmartyPig account in minutes; then it’s as simple as creating one or more goals, saving toward them using automatic monthly or biweekly contributions or individual deposits, and then tracking their progress. Customers may add or withdraw funds at any time. To date, Americans have saved more than $5 billion through SmartyPig.
In addition, SmartyPig customers may now refer-a-friend to receive a $10 reward for each referral who successfully opens and funds a new account with at least $25. Furthermore, for couples or families who prefer to share their savings accounts, SmartyPig now offers a convenient joint account option to help customers keep track of shared assets.
“The annual ritual of spring cleaning isn’t just for cluttered closets and corners; it’s also an opportunity for people to organize and streamline their savings and establish healthy financial habits,” said Martha Holler, senior vice president, Sallie Mae. “SmartyPig’s unique and innovative social sharing platform provides a simple, straightforward way for families to create a savings plan to meet their financial goals.”
According to “Majoring in Money,” a national study by Sallie Mae and Ipsos, 83 percent of college students would like to learn more about money management skills and strategies, including saving. In addition to SmartyPig, Sallie Mae provides a variety of free financial management tools and resources, including the FICO-partnered guide, “Understanding Credit,” and, for Sallie Mae private student loan customers, free quarterly access to their FICO® Credit Score. To help educate high school students and families on the importance of planning for college, Sallie Mae offers a free College Planning Calculator, and has also partnered with financial literacy advocate Dee-1, the former middle school teacher turned hip-hop artist, who penned his viral hit song, “Sallie Mae Back,” to celebrate paying back his student loans.
When it comes to saving for college, Sallie Mae recommends a 1-2-3 approach: first, open a savings account; second, set a goal and regularly contribute money; and third, explore tax-advantaged options such as 529 college savings plans.
For more information about the “Spring Cleaning for Your Finances Sweepstakes” and for official sweepstakes rules, visit SmartyPig.com. No purchase necessary. Void where prohibited by law. Odds of winning depend on number of entries received. Ends May 1, 2017.
Sallie Mae Bank is a subsidiary of SLM Corporation (Nasdaq: SLM), commonly known as Sallie Mae. All Sallie Mae Bank savings products, including SmartyPig, are FDIC-insured. For more information, visit SmartyPig.com or SallieMae.com/banking.
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.