Sallie Mae Increases Savings Rates for SmartyPig Customers

SmartyPig Savings Account Now Offers 1.05 Percent APY on Accounts Up to $10,000; 1.15 Percent APY on Accounts with More Than $10,000

Open a New SmartyPig Account or Set Up a New Recurring Deposit into a New Goal This July for a Chance to Win $1,000

Sallie Mae, the nation's saving, planning, and paying for college company, today announced increased savings rates for SmartyPig customers. SmartyPig, Sallie Mae's free, FDIC-insured goal-based saving account, now offers customers 1.05 percent annual percentage yield for all accounts with balances up to $10,000 and 1.15 percent APY for accounts with balances greater than $10,000.

SmartyPig helps individuals and families save for any financial goal. Customers can set up their free account in minutes; then it's as easy as creating one or more goals, saving toward them using automatic monthly or biweekly contributions or individual deposits, and then tracking their progress. To date, Americans have already saved more than $5 billion with SmartyPig.

This month, individuals and families also have a chance to win some extra cash with SmartyPig. Customers who open a new SmartyPig account or set up a recurring deposit into a new goal by July 31, will be entered to win one of three $1,000 prizes as part of the "Summer Savings Sweepstakes." No purchase necessary. Void where prohibited. Odds of winning depend upon number of entries received. Ends July 31, 2017. See official rules.

"SmartyPig customers are becoming increasingly more proficient with their personal finances by replacing the ‘buy-now-pay-later' approach with a ‘save-then-spend' mentality," said Martha Holler, senior vice president, Sallie Mae. "We want to reward our customers for making responsible financial decisions, and that means helping them earn even more for their money 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. 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 funds.

SmartyPig was also recently awarded the 2017 America Saves Designation of Savings Excellence, which is presented annually to financial institutions that promote sensible savings habits.

For more information, visit SallieMae.com/banking/smarty-pig/.

Sallie Mae 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.

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