NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae’s free, high-yield savings account — SmartyPig — was recently awarded the 2018 America Saves Designation of Savings Excellence for its efforts to motivate customers to build personal savings during America Saves Week/Military Saves Week. The America Saves Designation of Savings Excellence is presented annually to organizations that succeed in getting people to open and add to wealth-building accounts.
SmartyPig is Sallie Mae’s free, FDIC-insured savings account with competitive rates of up to 1.45 percent annual percentage yield (APY). Individuals can set up a 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.
“At Sallie Mae, we are committed to helping our customers save, plan, and pay for college and other financial milestones,” said Paul Thome, president, Sallie Mae Bank. “The America Saves Designation of Savings Excellence highlights our pledge to SmartyPig customers to help them take control of their own savings goals and strive for financial independence.”
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.
Sallie Mae Bank, member FDIC, is a subsidiary of SLM Corporation (Nasdaq: SLM), commonly known as Sallie Mae. All Sallie Mae Bank savings products, including SmartyPig, are FDIC-insured.
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, free scholarship search tools, free 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.