College Savings Bank named 21st Largest Bank in the State of New Jersey
Though not your typical ‘bank’ they hold $575 million in assets
Visit College Savings Bank in Princeton New Jersey and you will find they don’t offer checking accounts or savings accounts. You can’t get a car loan, home loan or even a personal loan; yet as of December 2007, they are the 21st largest bank in the state of New Jersey. What you can get at College Savings Bank are tools to help you save for your children’s future college education costs.
College Savings Bank has been ranked among the top 25 chartered state banks in New Jersey. Released from the State of New Jersey’s official website, this information places College Savings Bank as the 21st largest bank in the state with nearly $575 million in total assets as of December 31, 2007.
Based in Princeton, NJ, College Savings Bank is a nationally recognized leader in providing college saving vehicles that help families save for the rising costs of college. With unique investment options such as the CollegeSure CD and the new InvestorSure CD, families can save for college conservatively with FDIC-insured deposits, making College Savings Bank a studious choice.
“College Savings Bank has been in business for 21 years, and helping families save for college is what we do,” said Gilbert Johnson, President and CEO. “The college savings market is very complex, with both tax and financial aid implications tied to a parents method of funding a college education. We’re here to help make the process easier with clear and smart choices.”
Johnson added, “The cost of higher education is increasing at a rate more than double the general inflation rate, according to a New York Times article in October, 2007. By beginning to save early, parents are not only helping themselves off-set the year over year increases in college inflation through a return on their investment, but they are also buying themselves more time to meet the future cost of college.”
College Savings Bank is the program manager for section 529 programs such as the Montana Family Education Savings Program and the Arizona Family College Savings Program which are available nationwide. With a nationwide customer base, distribution arrangements with nationally recognized broker/dealers, financial planners and employee programs within national companies, College Savings Bank has helped families save for college since 1987.
College Savings Bank markets college saving vehicles and believes their first priority is to preserve investor assets, therefore protecting the funding for a child’s education. Customer satisfaction and personal attention are qualities that College Savings Bank aims to achieve year after year.
The Bank believes that part of offering a great program is not only gaining new customers but also providing existing customers with continuous service. College Savings Bank’s customer service center provides assistance to new and existing customers through a call center and now through its website’s “live chat” capability.
“There is a real advantage College Savings Bank has over other 529 plan providers - because it offers a truly safe and smart way to save for higher education,” said Linda Green, AVP.
As studies from Alliance Bernstein Investments and from The Wall Street Journal have shown, college savers and investors alike are trending toward conservative savings during this time of volatility in the stock market. This allows our CollegeSure product, as well as the InvestorSure product, to shine and stand apart from the competition.
The two products offered by College Savings Bank, the CollegeSure CD and the InvestorSure CD, do not have any fees and have FDIC insurance to at least $100,000 per depositor. The CollegeSure CD is a variable rate certificate of deposit that is tied to a college cost index and designed to help families save for their children’s future education. This product has the ability to act like a college cost prepayment product. The CollegeSure CD has stood the test of time with 21 years of availability and continues to be a safe, affordable and flexible method of saving money for a college education.
The new InvestorSure CD is a variable rate certificate of deposit indexed to the Standard & Poor’s 500 Composite Index. Unlike many investments, the InvestorSure CD does not risk principal, so should the market decline, or the S&P 500 lose value, deposits will not suffer principal loss. This product allows college savers the ability to see the upside of the S&P 500 without the accompanying risk.
Based on a formula, had the InvestorSure CD been available, the previous 80 maturing CDs (ending May 2008) in the aggregate, would have produced an average annual percentage yield (APY) of at least 5.40%. Although historical rates of return are not a guarantee, this CD may provide considerable returns when the market is performing well. If there are no market highs, the InvestorSure CD still protects your deposits and principal.
Johnson concluded, “those college bills are due on a set day, whether parents are prepared for them or not. How a family chooses to pay those bills can have a significant impact on their overall financial situation, at that time, and even into retirement.”
With 21 years of experience, College Savings Bank was founded to help families safely save for their children’s future college education costs. Their commitment to safety, innovative savings tools and service to their customers has helped to make College Savings Bank one of the largest banks in the state of New Jersey.
To find out more about the CollegeSure CD and the InvestorSure CD, call College Savings Bank at 1-800-888-2723, visit them online at http://www.collegesavings.com, or even stop into their Princeton based office - just don't expect a drive through window.