How SmartSave can Turn Student Loan into a Wealth Generating Tool
capitalmarketsciooutlook

How SmartSave can Turn Student Loan into a Wealth Generating Tool

By Capital Markets CIO Outlook | Thursday, February 06, 2020

CommonBond’s new SmartSave offering allows customers to transfer their savings from the student loan refinancing account into a wealth-generating account.

FREMONT, CA: CommonBond, a major technology company, announced the rollout of CommonBond SmartSave™ – a unique product that enables customers to easily move the monthly savings from their student loan refinancing account into a compound wealth-generating account.

CommonBond's SmartSave allows customers to move their student loan savings to a partner variable rate cash account that currently earns 1.70% Annual Percentage Yield (APY), which is well over 18 times the national savings account's average of 3. There is no minimum fees for the account and is intended to benefit all CommonBond refinance members who sign-up. CommonBond customers can even see their savings grow and manage monthly transfers to their account via CommonBond's member experience.

One of the leaders from the firm said that the new offering would benefit the people with student loans. Further, the new offering will also enable customers with student loans to realize their financial goals faster. The SmartSave feature of the offering seamlessly allows immediate wealth accumulation upon refinancing of the student debt. 

According to a report published in 2019, student loans were delaying prominent life milestones like owning a car, buying a home, or even starting a family. CommonBond wanted to develop a product that could help reverse or avoid such a delay. The firm did so by creating SmartSave, which enables customers to seamlessly move their savings from a student loan refinancing experience into the immediate wealth accumulation of cash, thereby transforming a student loan into an asset development and milestone accelerator means.

CommonBond is one of the leading financial technology firms that offer a plethora of student loan-based solutions to consumers as well as enterprises. Consumers benefit from more transparent, affordable, and simple ways to pay their student loans. Enterprises gain from tech-forward customer acquisition and engagement potentials to scale their businesses with Gen Z customers and employees.

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