Yesterday, SimpleTuition, a site designed to help students find an ideal student loan, debuted SmarterBank, a student-friendly online bank account that’s powered by The Bancorp Bank.
SmarterBank, which offers a free checking account that features online banking, bill pay, and a Visa debit card, is designed to help account holders pay back their student loans. It does this by enabling users to set up payments (one-time or recurring) that feed directly to their student loans. It also features a friends and family contribution function that directly pays down the loan with micropayments.
Another student-friendly aspect of SmarterBank is SmarterBucks, its free rewards program. Through a partnership with merchant rewards program, RewardsNOW, SmarterBucks enables users to accumulate rewards on everyday purchases that are automatically used to make extra payments on their students loans. This summer, it plans to offer special rewards targeted toward students.
A linked savings account is currently in development and is slated for later this year.
To learn more about SimpleTuition, watch its FinovateStartup 2008 demo.
Finovate sponsor, The Bancorp Bank, recently announced it will be issuing Suze Orman’s new prepaid debit card, The Approved Card:
“The Approved Card created by Suze Orman carries her name and a promise of excellent benefits and value with no hidden fees. The Approved Card offers a wide array of benefits for a prepaid card, such as identity theft protection, TransUnion credit scores, reports, monitoring, transparent and competitive fees, as well as money management tools.”
Orman sees the launch of this card as the single most important thing she’s done in her whole career and considers it to be the answer for consumers who are looking for a better way to bank.
To learn more about the card, check out Ron Lieber’s article in the New York Times.