Frequently Asked Questions

1. What is the difference between the Upromise Reward Account and the Upromise GoalSaver Account?
2. What is the $10 GoalSaver Annual Bonus?
3. What is the $100 Loyalty Bonus?
4. What is the 10% annual match for the Upromise GoalSaver Account?
5. What account(s) are eligible for the 10% annual match?
6. What if I miss the deadline for the 10% match?
7. When will I receive my 10% annual match into my Upromise GoalSaver Account?
8. What is the maximum amount I can earn with the 10% annual match for the Upromise GoalSaver Account?
9. How do I link my Upromise GoalSaver Account to Upromise Rewards?
10. How will I know when my cash back earnings have been swept into my Upromise GoalSaver Account?
11. Is my Upromise GoalSaver Account FDIC insured?
12. Are there any fees for the Upromise GoalSaver Account?
13. How do I update my personal information?
14. What is a Primary GoalSaver Account?
15. What is a Goal?
16. What is my Goals Balance?
17. What is an External Funding Source?
18. How many External Funding Sources can I have?
19. How do I change my External Funding Source?
20. What is a Funding Source Verification?
21. Why is my Savings Account Balance different from my Goals Balance?
22. What if I don’t reach my Savings Goal by the target date?
23. Once I reach my goal, how do I get the money?
24. Can I cancel/void a transfer?
25. Is there a limit to the number of withdrawals I can make from my GoalSaver Account?
26. Do transfers from my Primary GoalSaver Account to Goals count towards my monthly withdrawal limit?
27. What are the deposit and withdrawal transaction limits?
28. How do I find my Primary GoalSaver Account number?
29. What is the Upromise GoalSaver Account routing/ ABA number?
30. How do I set-up Direct Deposit?
31. How do I transfer money into my Upromise GoalSaver Account?
32. How long will it take for my deposit to post to my account?
33. How long are deposits on hold?
34. How is the interest calculated on my Upromise GoalSaver Account?
35. Will I receive interest if I close my account before the interest has been posted?
36. When will I receive my Upromise GoalSaver Account statements?
37. Will I receive a tax form for my Upromise GoalSaver Account?
38. Can I add a beneficiary to my Upromise GoalSaver Account?
39. What is a Payable on Death account?
40. What happens to my Payable on Death account if I die?
41. How do I close my Account?
42. How do I contact Customer Support about my Upromise GoalSaver Account?
43. Want to know more about Upromise Rewards?


Upromise Rewards offers members an easy way to earn cash back on everyday purchases--from shopping and booking Upromise travel online to dining. Upromise members’ accounts are not FDIC insured.

The Upromise GoalSaver Account is an FDIC-insured savings account offered through Sallie Mae Bank that introduces a simple, easy way to save. You decide what you want to save for, how much you want to save, and when you want to reach your savings goal. Link your Upromise Reward Account to your Upromise GoalSaver Account to boost your savings by earning interest on the money in your account!

The $10 Annual Bonus is our way of saying, “Thank you” for being a Upromise GoalSaver customer. We want you to stay motivated and keep saving toward your goals. The $10 Annual Bonus will be credited to your Upromise GoalSaver Account as long as the account is open and set up with recurring transfers that are directed to your Primary GoalSaver Account or any open Goal. A minimum of ten Automatic Savings Plan (ASP), monthly-deposit transactions are required within the anniversary year (10 out of 12 months), and each qualified ASP transaction must be set up for contributions of $10 or more. Your $10 GoalSaver Annual Bonus will post to your Primary GoalSaver Account in the form of an interest payment within 60 days of the anniversary of your account being opened.

An Automatic Savings Plan is set up when you select to have recurring deposits transferred into your Primary GoalSaver Account or Goal either monthly or biweekly.

The $100 Loyalty Bonus is another way we reward our customers for saving towards their goals. Simply maintain a balance of at least $0.01 in your account and save at least $5,000 (combined balance between Primary GoalSaver Account and all open Goals) by your third-year account opening anniversary and we’ll deposit $100 into your GoalSaver Account. Your $100 Loyalty Bonus will post to your Primary GoalSaver Account in the form of an interest payment within 60 days of the third anniversary of your account being opened.

The 10% annual match is a unique way to help Upromise GoalSaver Account holders save more for their future. The annual match will give eligible Upromise GoalSaver Account holders a 10% match on the total Upromise earnings that have been swept into their Upromise GoalSaver Account each year.

Your Upromise GoalSaver Account will be eligible for the Upromise Rewards 10% Annual Match if you meet the following requirements:

  1. Your Upromise Rewards Account and your Upromise GoalSaver Account must be open and linked and
  2. Within 90 days of opening your Upromise GoalSaver Account, you must make at least one externally-funded, credit/deposit transaction into your Upromise GoalSaver Account. You’ll be required to complete a total of at least ten (10) externally funded credit/deposit transactions by your account’s anniversary date or
  3. Within 90 days of opening your Upromise GoalSaver Account, fund your account with $5,000 or more, and maintain an average daily balance of $5,000 in your GoalSaver Account by each year’s anniversary date.

Should you fail to meet the requirements for the 10% annual match, you will have the opportunity to become eligible as long as you complete the following by your account opening anniversary date:

  1. Make sure your Upromise Rewards Account and your Upromise GoalSaver Accounts are open and linked and
  2. Meet the $5,000 minimum funding requirement and maintain an average daily balance of at least $5,000 for the duration of the year for which your earnings will be matched or
  3. Meet the ten (10) externally-funded, credit/deposit transaction requirement during the next year.
Once you meet the eligibility requirements, your 10% match will be deposited to your Primary GoalSaver Account in the form of an interest payment within 60 days following your next anniversary date.

On your anniversary date, we will calculate your total swept earnings (Upromise cash back earnings into your Upromise GoalSaver Account) from the previous year. As long as both accounts are open and meet the eligibility requirements – your 10% match will post to your Primary GoalSaver Account within 60 days following your account opening anniversary date.

There is no limit to what you can earn. You will receive a 10% contribution on all of your Upromise Rewards swept earnings into your Upromise GoalSaver Account each year (starting from the date of account opening).

  1. Login to your Upromise Rewards Account
  2. Go to the “My Account” section
  3. Click on “Ways to Use My Earning” link located in the left menu
  4. Once you’re on the “Ways to Use My Earnings” page, click on the “Link your Upromise GoalSaver Account”
  5. Enter your Upromise GoalSaver Account information and submit
We’re here for you! Please contact our Customer Support Team for assistance at (877) 978-1710 Monday-Friday, 9AM to 6PM ET.

As long as you’ve linked your Upromise GoalSaver Account to your Upromise Rewards Account and have at least $10 in funded, cash back earnings, we’ll automatically sweep your allocated earnings into your Primary GoalSaver Account each month. You may then use your earnings to contribute to one of your Goals. You can check your account history to verify the transfer, as it will post as a transaction and will reflect on both of your accounts.

Yes, the Upromise GoalSaver Account is offered through Sallie Mae Bank, a member of the Federal Deposit Insurance Corporation (FDIC). Your Upromise GoalSaver Account is insured up to the maximum legal amount. Please keep in mind that FDIC limits apply to all of your accounts held with Sallie Mae Bank. For more information about FDIC insurance limits, please visit www.fdic.gov.

Please note: Although your Upromise GoalSaver Account is federally insured by the FDIC, your Upromise Rewards Account is not FDIC insured, carries no bank guarantee and may lose value.

The Upromise GoalSaver Account is a completely free savings account that motivates you to save! As with any savings account, there are some withdrawal limitations. Please refer to the Terms and Conditions Agreement for additional information.

You can submit a request to update your information by logging into your account and visiting the “Profile” section of your Upromise GoalSaver Account. You can also contact our Customer Support team for assistance by calling (877) 978-1710 Monday-Friday, 9AM to 6PM ET.

Please note: You may be prompted to provide/upload supporting documentation when submitting a request for name and address changes.

You will notice a ‘Goalsaver Account’ section on the Upromise GoalSaver Online Banking Dashboard. This is where your GoalSaver Account resides. All of your unallocated deposits will post to your Upromise GoalSaver Account. You will then have the option to decide how you’d like to allocate the funds amongst your Savings Goal(s).

Goals are an easy way to categorize different things you’d like to save for (tuition, books, vacations, etc.) all in one place. You may create up to 999 Savings Goal(s).

Your Goals Balance is the total of everything you’ve already saved for. It takes the savings amounts from each of your Goals and adds them all together to give you your total savings Goal balance. Please note: the Goals Balance reflects total savings for your Goals but does not reflect the balance in your Primary GoalSaver Account.

An External Funding Source is your non-Upromise, external bank account that is linked to your Primary GoalSaver Account and used to fund your Goals. Funds that have not been allocated to a particular Goal will post to your Primary GoalSaver Account first. You may then choose how to disburse your available funds into each savings Goal you have created.

Each Upromise GoalSaver Account is eligible to have one (1) External Funding Source at a time. Your Upromise Rewards Account is not eligible to serve as an External Funding Source.

You may replace an external funding source by visiting the ‘Funding Source’ section within your profile and click ‘Replace with new Funding Source’. You will be required to complete the form with the information for your new funding source. Once you have successfully uploaded and submitted the required form, we will review and if all requirements are met, we will then replace your funding source.

The Funding Source Verification process is in place as a security measure to ensure your ownership of the external account. When you open an account and add your external account, we will make two verification deposits into your external account. We then ask you to sign in to your GoalSaver Account Online Banking Dashboard and verify these two small deposits (each will be less than $1). It is important to remember that you may not transfer any funds from your GoalSaver Account until you have confirmed your verification deposits. If you fail to confirm your verification deposits within 14 days (See FAQ regarding Expiration Timelines), please contact our Customer Support Team at (877) 978-1710 Monday-Friday, 9AM to 6PM ET.

Expiration Timelines: Below you will find our standard verification timeline. Should you have any questions, please contact our Customer Support team by calling (877) 978-1710 Monday-Friday, 9AM to 6PM ET.

  • Time allowed for a user to complete the online verification is 14 days.
  • Time allowed to upload documentation if requested during registration is 14 days.
  • Time allowed to complete the verification deposits is 14 days. After the 14-day period, the funding source verification will expire.

A savings Goal may be closed once all funds are verified, which is 5 business days after the last transaction posts into the savings goal. A savings goal cannot be closed if there are pending transactions.

The Upromise GoalSaver Account platform gives you different ways to view your savings performance. Your savings account balance shows you how much money is in your Primary GoalSaver Account. Your Goal Balance adds up all of the contributions you’ve made to your Goals and gives you your total savings-to-date towards your goals.

No worries. Upromise GoalSaver is here to help motivate you to save. We will never penalize you for not meeting a goal. Simply login to your account and change the target date, transfer the funds to another Goal, or transfer the funds into your Primary GoalSaver Account for you to use to meet a future Goal.

Congratulations on reaching your Goal! Withdrawing is easy. Simply initiate a transfer from your Savings Goal and as long as the funds are available, they will be transferred back to your External Funding Source. If you’ve set up recurring or scheduled transactions and your last transaction exceeds the savings goal amount, we will only transfer the remaining amount needed to reach the Goal. After you’ve reached a Savings Goal, automatic contributions will stop being allocated to that Savings Goal (regardless of the savings goal end date).

You may cancel/void a transfer up until the day the transfer is scheduled until 11:59PM ET. If you wish to stop or change a recurring transfer, simply edit the pending transfer within your Primary GoalSaver Account or the selected Goal no later than the day before your transfer is scheduled. Please note: pending transactions may not be edited after they have been initiated. For assistance, please contact our Customer Support Team at (877) 978-1710 Monday-Friday, 9AM to 6PM ET.

Each Goal and Primary GoalSaver Account have an individual monthly limit of 6 withdrawals (i.e. you may make 6 withdrawals each month from each Goal and 6 withdrawals from your Primary GoalSaver Account). We’re unable to process any electronic withdrawal request initiated through your GoalSaver Account that is greater in number than the frequency permitted for each Goal or Primary GoalSaver Account Repeated violations of this withdrawal limit may result in closure of your account. Please refer to the Terms and Conditions Agreement for additional information.

All withdrawals/transfers out of a Primary GoalSaver Account or an individual Goal will count towards the six withdrawal limit for that particular Primary GoalSaver Account or Goal. For more information or assistance, please contact our Customer Support Team at (877) 978-1710 Monday-Friday, 9 am to 6 pm ET.

Incoming Transaction Limits:

  • Deposit Minimum per Transaction: $0.01
  • Deposit Maximum per Transaction: $5,000
  • Aggregate Daily Withdrawal Maximum: $5,000
  • Aggregate Monthly Deposit Maximum: $50,000

Outgoing Transaction Limits:

  • Withdrawal Minimum per Transaction: $0.01
  • Withdrawal Maximum per Transaction: $5,000
  • Aggregate Daily Withdrawal Maximum: $5,000
  • Aggregate Monthly Withdrawal Maximum: $50,000

Simply click on the GoalSaver Account menu and your account number will be listed on the right side under the available balance. If you are unable to locate your account number via the GoalSaver Online Banking Dashboard, please contact our Customer Support Team at (877) 978-1710 Monday-Friday, 9 am to 6 pm ET.

124085299

Since direct deposits come from different sources, we do not have a standard form to set this up. Please reach out to the institution from which you would like your funds to be direct deposited and ask them for their procedure. They will likely require the following information to set up:

  1. Your Upromise Primary GoalSaver Account Number
  2. Upromise GoalSaver Routing Number: 124085299

Funding your Upromise GoalSaver Account is easy! You may set up a funding source using the Upromise GoalSaver Online Banking Dashboard. This will allow you to set-up recurring or onetime transfers into your Upromise GoalSaver Account. You may also initiate an ACH or sign up for Direct Deposit through your or financial institution or employer.

Transactions must be made in U.S. Dollars. We are unable to accept Checks, Cash, Money Orders or Wire Transfers at this time.

Electronic transactions initiated through the GoalSaver Online Banking Dashboard will normally take 2-3 bank business days to post to your account. Funds will normally be available for transfer to other Savings Goals or back to your External Funding Source 5 business days after the funds post to your account.

Please note: Exclusions apply to new accounts. For the first 30 days of establishing a new account, funds will normally be available for withdrawal 10 business days after the funds post to your account. Please see refer to Terms and Conditions Agreement for additional information.

Normally, funds are held for 5 business days after a deposit posts to your account. Funds will be made available for transfer to other Goals or back to your External Funding Source after this time. External deposits made during the first 30 days after account opening may be held for 10 business days after the deposit posts to the account.

We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal balance in the account each day. Interest will be compounded daily on a 365/365 basis (366/366 in leap years) and will be credited on the monthly cycle date. Interest in your account will begin to accrue on the business day the deposit is received. If a deposit is received before 4:00 PM Eastern Time on a regular banking business day, we will consider that to be the day of your deposit. If your deposit is received after 4:00 PM Eastern Time or on a day that falls outside of a normal business day, we will consider that the deposit was received on the next business day we are open. Our normal business days are Monday through Friday, excluding holidays. Saturday, Sunday, and federal holidays are not considered business days.

Yes, you will still receive the accrued interest, even if you close your account before the interest has been credited.

An electronic statement showing your account activity will be generated each month for your GoalSaver Account. We’ll send you an email when your statement is ready. Statements will be uploaded to the Profile section of the GoalSaver Online Banking Dashboard.

A 1099-INT form will be available in late January of each calendar year to accountholders who’ve earned interest during the prior year. 1099-INTs will be uploaded in the Profile section within the Upromise GoalSaver Online Banking Dashboard.

Please note, all bonus rewards are posted as interest and a 1099-INT will be provided for accounts in which a bonus was posted.

You may add a beneficiary to your GoalSaver Account within the “My Profile” section of the Online Banking platform. Designating a beneficiary will have the effect of making your Upromise GoalSaver Account a Payable on Death Account.

A Payable on Death (POD) account, also known as a Totten or informal trust account, is a simple way to disperse assets upon death. Distribution of assets for beneficiaries of POD accounts occurs without going through probate. Also, you may be entitled to additional FDIC insurance coverage for each POD beneficiary. In many cases, funds in POD accounts are FDIC-insured up to $250,000 for each qualified beneficiary. For additional information, please visit www.fdic.gov.

Should you pass away, your designated beneficiary will receive the funds in your account. The assets are transferred without going through probate.

When you’ve saved up for all of your goals and decide you’d like to close your Upromise GoalSaver Account - please contact our Customer Support Team by calling (877) 978-1710 Monday-Friday, 9AM to 6PM ET.

For help or additional GoalSaver Account questions, please contact our Customer Support Team by calling (877) 978-1710 Monday-Friday, 9AM to 6PM ET.

Please visit Upromise Rewards FAQs or Upromise.com for additional information.


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© 2017 Upromise, Inc. All rights reserved. Upromise, the Upromise logo, and other Upromise names and logos are service marks or registered service marks of Upromise, Inc. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank or its subsidiaries. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Upromise, Inc., are not sponsored by or agencies of the United States of America.

 

Upromise GoalSaver Accounts are offered through Sallie Mae Bank, Member FDIC.

© 2017 Upromise, Inc. All rights reserved. Upromise, the Upromise logo, and other Upromise names and logos are service marks or registered service marks of Upromise, Inc. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank or its subsidiaries. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Upromise, Inc., are not sponsored by or agencies of the United States of America.

1 Cash rewards will post to Upromise GoalSaver Account(s) in the form of interest payments and is subject to taxable income rules. Each cash reward program is subject to individual eligibility requirements:
  • 10% Match on Upromise Rewards: To be eligible for the 10% annual match on your Upromise earnings from Upromise, you must link your Upromise GoalSaver Account to your Upromise Rewards Account and either: 1. Within 90 days of opening your Upromise GoalSaver Account, make your first of at least 10 externally funded credit/deposit transactions into the Upromise GoalSaver Account and complete at least 10 externally funded credit/deposit transactions within the anniversary year or 2. Within 90 days of opening your Upromise GoalSaver Account, fund your Upromise GoalSaver Account with $5,000 or more and maintain an average daily balance of $5,000 or more during the 12 months from Account opening. Should you fail to meet the requirements during the anniversary year, you will have the opportunity to become eligible for the 10% match in additional years if, by your anniversary date, you (a) link your Upromise GoalSaver Account to your Upromise Rewards Account, and (b), you either meet the $5,000 average daily balance minimum funding requirement, or you meet the 10 externally funded credit/deposit requirement in the anniversary year. If you qualify for the 10% match based on having the average daily balance of $5,000 in your Upromise GoalSaver Account, you must maintain that average balance in your Upromise GoalSaver Account for the duration of the anniversary year for which your transferred earnings will be matched. Once you complete the steps above, Upromise will match 10% of your Upromise earnings that you transfer from your Upromise Rewards Account into your Upromise GoalSaver Account during each anniversary year. Your match will be deposited into your Upromise GoalSaver Account within 60 days after your anniversary date, provided that both Accounts remain active at time of transfer. Please refer to GoalSaver FAQs for additional information.
  • Annual Bonus: $10 Annual Bonus will post to your Upromise GoalSaver Account within 60 days of the completion of each anniversary from the date your Account was opened. To be eligible for the bonus each year, you must have a recurring deposit post at least 10 out of the 12 months in an amount not less than $10 each deposit and your Account must be in an open status at the time of bonus posting.
  • Loyalty Bonus: $100 will post to your Upromise GoalSaver Account within 60 days of the completion of the 3rd year anniversary of when your Upromise GoalSaver Account was opened. To be eligible the Upromise GoalSaver Account must maintain at least $0.01 up until the day before the 3rd anniversary date, a $5,000 balance must be reached by and remain in the account on the 3rd anniversary date and the Upromise GoalSaver Account must be in an open status at the time of bonus posting.

  • We reserve the right to modify or discontinue features, benefits and services including cash rewards and bonuses at any time without notice. Other terms and conditions may apply. Upromise Rewards Accounts are not FDIC insured, carry no bank guarantee and may lose value. Please visit Upromise.com for most up-to-date product features.
1 Statistic is from Sallie Mae's "How America Saves for College 2016" Annual Study.

2 Cash rewards will post to Upromise GoalSaver Account(s) in the form of interest payments and is subject to taxable income rules. Each cash reward program is subject to individual eligibility requirements:
  • 10% Match on Upromise Rewards: To be eligible for the 10% annual match on your Upromise earnings from Upromise, you must link your Upromise GoalSaver Account to your Upromise Rewards Account and either: 1. Within 90 days of opening your Upromise GoalSaver Account, make your first of at least 10 externally funded credit/deposit transactions into the Upromise GoalSaver Account and complete at least 10 externally funded credit/deposit transactions within the anniversary year or 2. Within 90 days of opening your Upromise GoalSaver Account, fund your Upromise GoalSaver Account with $5,000 or more and maintain an average daily balance of $5,000 or more during the 12 months from Account opening. Should you fail to meet the requirements during the anniversary year, you will have the opportunity to become eligible for the 10% match in additional years if, by your anniversary date, you (a) link your Upromise GoalSaver Account to your Upromise Rewards Account, and (b), you either meet the $5,000 average daily balance minimum funding requirement, or you meet the 10 externally funded credit/deposit requirement in the anniversary year. If you qualify for the 10% match based on having the average daily balance of $5,000 in your Upromise GoalSaver Account, you must maintain that average balance in your Upromise GoalSaver Account for the duration of the anniversary year for which your transferred earnings will be matched. Once you complete the steps above, Upromise will match 10% of your Upromise earnings that you transfer from your Upromise Rewards Account into your Upromise GoalSaver Account during each anniversary year. Your match will be deposited into your Upromise GoalSaver Account within 60 days after your anniversary date, provided that both Accounts remain active at time of transfer. Please refer to GoalSaver FAQs for additional information.
  • Annual Bonus: $10 Annual Bonus will post to your Upromise GoalSaver Account within 60 days of the completion of each anniversary from the date your Account was opened. To be eligible for the bonus each year, you must have a recurring deposit post at least 10 out of the 12 months in an amount not less than $10 each deposit and your Account must be in an open status at the time of bonus posting.
  • Loyalty Bonus: $100 will post to your Upromise GoalSaver Account within 60 days of the completion of the 3rd year anniversary of when your Upromise GoalSaver Account was opened. To be eligible the Upromise GoalSaver Account must maintain at least $0.01 up until the day before the 3rd anniversary date, a $5,000 balance must be reached by and remain in the account on the 3rd anniversary date and the Upromise GoalSaver Account must be in an open status at the time of bonus posting.

  • We reserve the right to modify or discontinue features, benefits and services including cash rewards and bonuses at any time without notice. Other terms and conditions may apply. Upromise Rewards Accounts are not FDIC insured, carry no bank guarantee and may lose value. Please visit Upromise.com for most up-to-date product features.
2 Statistic is from Sallie Mae's "How America Saves for College 2016" Annual Study.
3 Advertised Annual Percentage Yield (APY) for the Upromise GoalSaver Account is variable and may change after account opening, applies to personal accounts only, and is accurate as of 1/27/2017. Fees could reduce earnings. Terms and Conditions Agreement for details.