NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae, the nation’s saving, planning, and paying for college company, is providing an added incentive for individuals looking to jumpstart their savings this “America Saves Week.” Beginning Monday, Feb. 27, SmartyPig, Sallie Mae’s free, FDIC-insured goal-based savings account — with competitive interest rates of up to 1.05 percent APY — will officially launch its #SaveWithSmarty sweepstakes, offering people the opportunity to win one of six $500 prizes for simply getting started on saving.
Entering the #SaveWithSmarty sweepstakes is simple; individuals who open a new SmartyPig account and current SmartyPig customers who set up a new savings goal during “America Saves Week” (Feb. 27 - March 4) are entered automatically. In addition, following @SmartyPig and retweeting any sweepstakes-specific tweets during “America Saves Week” that include #SaveWithSmarty gives people another opportunity to win.
“Saving money should be seamless, and when it comes to putting cash aside for important financial goals, it’s essential to stay on track and in control of your savings habits,” said Greg Spadea, senior director, retail deposits, Sallie Mae. “This year, we are upping the ante during 'America Saves Week' to inspire people to start saving.”
Created in 2008, SmartyPig helps individuals save for any financial goal. 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. In addition, those who redeem their SmartyPig savings for eCodes to shop at Amazon.com will receive a discount. To date, Americans have saved more than $5 billion through SmartyPig.
The 2016 “America Saves Week” survey, an annual assessment of national household savings, revealed that only two out of every five U.S. households report good or excellent progress in meeting their savings needs. “America Saves Week,” coordinated by America Saves and the American Savings Education Council, is an annual opportunity to encourage good savings behavior and a chance for individuals to assess their own saving status in the hopes that more Americans will be persuaded to set a goal, make a plan, and save automatically.
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 #SaveWithSmarty sweepstakes and for sweepstakes rules, visit SmartyPig.com. No purchase necessary. Void where prohibited by law. Odds of winning depend on number of entries received.
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.