If you want to earn a great interest rate on your savings while keeping your money accessible for any need at any time, the High-Yield Savings Account by Sallie Mae® is for you.1 This online account features no minimum balance, no monthly fees, a 10% annual match by Upromise on your Upromise earnings2, and automatic monthly transfers from your Upromise account (subject to $10 minimum transfer).
A little planning today can help make your children's dreams come true tomorrow. It's never too early to start saving for college or too late. With regular contributions and an appropriate investment strategy, you can save for college over time. With as little as $50, you can open a 529 Plan with Upromise Investments, Inc., a member of FINRA/SIPC, with seasoned financial investment advisors ready to help you.
In addition, your Upromise earnings can be automatically transferred into your 529 account on a periodic basis, making saving for college faster and easier.3
This is a great way to help reduce your student loans. And it's easy with Upromise Loan Link®, a free service that lets you automatically transfer $10 or more each month from your Upromise account directly to your eligible Sallie Mae student loans.
Look at the difference it could make. If you had $19,000 in Stafford loans, here's how much you could reduce your loan balance over time4:
It can be used for college and other expenses. This is an option to consider if you don't wish to invest your funds for the future or pay down a student loan. Once you have accumulated at least $10 funded in your account, simply request a check by the end of the month, and your check will be mailed out during the next month.
1 Advertised Annual Percentage Yield for the High-Yield Savings Account may change after opening, applies to personal accounts only, and is accurate as of Dec 6, 2013. Please refer to Account Terms and Conditions Agreement for full disclosures.
2 To be eligible for the 10% annual match on your Upromise earnings from Upromise, you must link your High Yield Savings Account (HYSA) to your Upromise Account and, within 90 days of opening your HYSA, either: (1) set up an Automatic Savings Plan with a monthly deposit of $25 or more or (2) fund your HYSA account with $5,000 or more. If you qualify for the 10% match based on having the minimum balance of $5,000 in your HYSA, you must maintain that minimum balance in your HYSA for the duration of the calendar year for which your earnings will be matched. Once you complete the steps above, Upromise will match 10% of your Upromise earnings posted as "funded" to your Upromise Account during each calendar year. Your match will be deposited into your HYSA in the February after you have linked and funded your account as described above, provided that both accounts remain active and are in good standing at time of transfer. Visit the FAQ's to learn more. Upromise may change or terminate the 10% annual match offer at any time without notice. Other terms and conditions may apply. Upromise Accounts are not FDIC insured, carry no bank guarantee and may lose value.
3 This hypothetical illustration assumes a $25 per month investment to the 529 plan and a $25 per year transfer from the Upromise account with an average rate of return of 4% annually and does not represent the return on any particular investment. Individual transfers will vary depending on spending habits and level of engagement in Upromise, and there is no guarantee that you will earn $25 through Upromise in a particular year. Investment returns are not guaranteed, and you could lose money by investing in a 529 Plan. The final account balance does not reflect any taxes or penalties that may be due upon distribution.
4 Only the student loan borrower can link Upromise and loan accounts. Cosigners, parents, family and friends may direct their Upromise earnings to the Upromise account of a student loan borrower to help them pay down their loans. Smart Option Student Loans and other student loans may not be eligible for linking, to view details and how Upromise earnings are applied to student loans please visit www.upromise.com/loanlink. Upromise account balances of $10 or more will be transferred to help pay down linked student loans on a monthly basis. Access to Upromise is not limited to Sallie Mae loan customers.