Futuretrust(R) Banking Center Takes the Pinch Out of Saving for College; Industry-First 529 Checking Account Turns Everyday Banking into College Savings
PHILADELPHIA, April 20 /PRNewswire/ -- Futuretrust(R), a recognized leader in the college savings industry, and Waterfield Financial Services, Inc., a leader in the financial industry for nearly 100 years, today announced their partnership to provide an industry-first 529 checking account. Facilitated through the new Futuretrust Banking Center, the unprecedented checking account allows parents to save for college without altering their household budget. Futuretrust Banking Center 529 checking accounts earn a minimum of 1 percent interest on their average daily account balance. That generated interest is automatically deposited into a tax-advantaged college savings plan of the account holder's choice.
Futuretrust Banking Center's savings-generating services have arrived at the ideal time. Over the past five years, the cost of a public four-year college education has risen 51 percent. Parents therefore have never been more concerned about affording their child's college education. In a recent survey conducted by Harris Interactive(R) for Futuretrust, 86 percent of parents said they face obstacles in saving for college, and 42 percent said the current state of the economy has affected their ability to save. With Futuretrust's new offerings, anxiety-ridden parents can begin to relax, and take steps toward making their child's ambitions a reality.
"We've made it easier for young families to save for their child's college education, especially in a season of economic difficulty," said Rebecca Matthias, president and founder of Futuretrust. "The Futuretrust Banking Center is another way that Futuretrust members are able to put money away without extra effort. The free online services are reliable, secure and convenient. Since you can access your account from any computer, the Futuretrust Banking Center works on your schedule."
"The Futuretrust Banking Center, with Waterfield at its core, can promise financial services that are time-tested and trustworthy, backed by the FDIC and nearly a century of banking experience," said J. Randall Waterfield, co-CEO of Waterfield Financial Services, Inc. "We look forward to working closely with Futuretrust to help families achieve their college-savings goals."
All Futuretrust Banking Center customers have access to up to $750,000 in FDIC insurance through a single account. This is three times the level of coverage offered by most banks. Accounts insured by FDIC are backed by the full faith and credit of the U.S. government.
About Futuretrust
Futuretrust(R) is a MasterCard(R)-linked college savings program that enables families and friends to save for college through their everyday spending. Every time a purchase is made with the Futuretrust MasterCard, a minimum of 1 percent is automatically contributed to any tax-advantaged 529 college savings plan of the member's choice. Members also earn up to 10 percent in additional college savings when they use the Futuretrust MasterCard at thousands of partners in the Futuretrust Preferred Merchant Network consisting of major retail chains, catalogs, restaurants, and on-line merchants. Members can also earn college savings rebates when they buy, sell, finance, or refinance a home. Futuretrust Banking Center turns everyday banking into college savings. Futuretrust is a no cost program. Membership is available online at www.futuretrust.com, by calling 1-888-trust68, or in store at any Motherhood(R) Maternity, A Pea in the Pod(R) and Destination Maternity(R) location.
About Waterfield Financial Services, Inc.
For nearly 100 years, consumers have trusted the Waterfield name to provide a broad range of financial services. The Waterfield umbrella of companies includes Waterfield Bank, and its division, Waterfield Mortgage; Waterfield Financial Services; and Waterfield Technologies. Waterfield Financial Services has successfully established custom-branded banking centers for a variety of affinity organizations including the AARP, The Air Force Association, International Brotherhood of Teamsters, International Association of Fire Fighters, National Rifle Association and many more. Partnered with well-known organizations across the United States, Waterfield Financial Services, Inc. currently has an estimated aggregate distribution of more than 90 million members. With diversified holdings and a legacy of excellence in the financial services industry, the company remains committed to providing its customers with the highest levels of service, security and peace of mind. For more information, please visit www.waterfield.com and www.waterfieldbank.com.
