Whoever refinances an educatonal loan with online loan provider CommonBond is now able to obtain access to savings that are high-yield

Whoever refinances an educatonal loan with online loan provider CommonBond is now able to obtain access to savings that are high-yield

It can save you the big bucks by refinancing your student education loans to a lesser rate of interest.

An online student lender, has helped tens of thousands of borrowers do just that since 2013, CommonBond. Now the business wants one to sweep that cost cost savings into its new cash account, SmartSave.

The account that is high-yield earns a competitive 1.70% APY, doesn’t have monthly charges or transfer restrictions, and it is FDIC insured as much as $2 million. It is operated together with Flourish Cash, a subsidiary of rock Ridge Securities, a brokerage firm. SmartSave just isn’t a high-yield checking account, theoretically, but acts the function that is same of you retain your cost savings safe from market danger and growing at the least on speed with inflation.

“we understand that student-loan refinancing often helps individuals conserve money, however exactly what?” CommonBond CEO David Klein told company Insider. “a great deal of individuals are making an option between cost cost savings and education loan re payments. We thought, imagine if we’re able to build a thing that not merely lowered their payment that is monthly did one thing with this cost cost savings?”

Read more