W E A LT H M A N A G E M E N T
Pay It Online
Say goodbye to the hassle of stamps and
envelopes, and say hello to Bill Pay, an online
solution to managing your bills.
WITH TODAY’S RAPIDLY changing technology, headlines are
Three Keys to
Saving for College
WITH THE RIGHT PLANNING, your family can achieve
the dream of affording college. Here are three tips to
help you build a nest egg for college.
1
START TODAY—NO MATTER THE AGE OF YOUR
CHILD. It’s important to save as much as you can,
even with a late start, since savings may reduce student
loan debt dollar for dollar. A freshman borrowing $1,000
at today’s rate (4.53%) will repay approximately 1.5 times
the amount borrowed. Therefore, reducing a student
loan by $1,000 will result in not spending about $1,500
on interest and principal to pay off the loan.
2
PICK A SAVINGS PLAN THAT WORKS FOR YOU.
Some college savings plans, including 529 Savings
Plans and Coverdell Education Savings Account, benefit
from substantial tax advantages. On the federal level,
the investments grow tax-free over their life and can
be withdrawn without paying taxes as long as they
are used for school-related expenses.
3
TRY CROWDFUNDING FROM LOVED ONES.
These days, saving for college is a family affair.
Encourage relatives and friends to include college
savings in their gifts for birthdays and holidays. Some
credit cards also direct cash-back rewards to college
savings. In addition, most 529 plans have online gifting
programs and accept deposits from gift cards that
may be purchased at retail stores.
dominated by stories on artificial intelligence, 3-D printed
body parts, and virtual reality. In comparison, the ability
to pay your bills online may not seem so exciting—but it
might improve your life more than you expect.
Since the mid-1990s, online bill paying has grown into
a robust package of services and can allow you to perform
a variety of financial tasks, including:
� Receive and pay all your bills from one dashboard
� Pay bills fast—usually the next business day, with
same-day service available for a fee
� Schedule payments based on when you want payment
to be received
� Share bills with other people—like sharing rent with
roommates or getting reimbursed for a restaurant check
you’ve split with friends
� Create automatic payments and reminders to make
manual payments
� Make a payment to virtually any individual
� Transfer funds to other banks
Sterling National Bank specializes in helping clients
streamline and simplify their banking. To learn more
about Sterling’s Bill Pay, contact your Relationship
Manager or Client Services at (855) 274-2800.
Online Bill Pay is not only easier, but also
more secure than other ways of paying your
bills. Learn more at connect.snb.com/billpay.
Sterling National Bank offers access
to Invite Education, whose handy
online portal can help you prepare for the
cost of college. Learn more at connect.snb.
com/college.
6
SNB.COM // CONNECT INNOVATION FALL 2019 // RANKED ONE OF FORBES' BEST BANKS OF 2019