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Submitted URL: http://savvyfi.co/
Effective URL: https://savvyfi.co/
Submission: On March 14 via manual from US — Scanned from DE
Effective URL: https://savvyfi.co/
Submission: On March 14 via manual from US — Scanned from DE
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AN ESSENTIAL BENEFIT FOR YOUR ENTIRE WORKFORCE
SavvyFi empowers your employees to save for college and pay off student debt.
Book a Free Demo
WHY EDUCATION BENEFITS MATTER
$ 1.7 T
Total amount of student debt in the United States
$ 30 K
Average amount of debt for each four-year college graduate
$ 100 B
Loans taken out by parents for their children’s education
Learn More
HELP YOUR TEAM SAVE FOR THEIR FAMILIES' EDUCATION & FUTURE.
Book a Demo
WHY SAVVYFI?
Student Loan Pay Down
Employees can contribute benefits to their student loans, taking years off their
loan term.
Zero Touch
For HR
No payroll integration, paperwork or administrative burden to implement.
Impacts All Employees
Employees can save for extended family or their own future education and pay
student debt.
Tax-Free
Savings
Savings grow secure and tax-free in a top-tier 529 account. What is a 529 plan?
Contact Us to Learn More
SAVVY FEATURES
ZERO
PAPERWORK
Our intuitive dashboard makes it easy to plan for the future and pay off debt.
FRIENDS &
FAMILY GIFTING
Loved ones can contribute to education expenses.
CASHBACK
REWARDS
Shopping at major merchants and local restaurants builds up contributions
quickly.
EMPLOYER
CONTRIBUTIONS
Employers can contribute to employee accounts at whatever level they want.
LAUNCH IN 24 HOURS
1. Plan Your Program
Decide on monthly contributions and timing.
2. Launch Your Benefit
Employees self-enroll at any point. No additional file transfer required.
3. Trusted Tech
Fund transfers occur automatically every month.
4. Maintenance Free Program
Tracking, transfers, contribution changes, and many other functions require no
admin by HR.
Book a Demo
FREQUENTLY ASKED QUESTIONS
Who is SavvyFi?
Savvyfi is a digital investment adviser registered with the securities and
exchange commission.
Our innovative technology makes it hassle-free and inexpensive for employers to
offer college savings and student debt repayment benefits to their entire
workforce.
What is a 529 account?
A 529 plan is an investment account that allows savings to grow tax-free if the
funds are used for qualified expenses at eligible higher education institutions.
Eligible institutions include four-year universities, community colleges, trade
schools, and private K-12 schools. Qualified expenses typically cover most costs
associated with attending school. Learn more at:
https://savvyfi.co/what-is-a-529/
Who can open a 529 account?
Your employees can open an account for their children, grandchildren, nieces,
nephews, and even the neighbor’s kid – as long as your employees have the future
grad’s social security number.
Your employees with student debt can even open an account for themselves and use
SavvyFi’s cashback rewards feature to pay down their debt more quickly.
How does SavvyFi work for Employers?
We send a contract for review and signature via email. Once the contract is
digitally executed, we enable our portal for your employees. This process
typically takes under an hour.
To help you launch the benefit, you have access to a toolkit with handouts,
presentations, and videos to share with your employees
If you are providing contributions, we set up a simple ACH debit based on your
payroll report.
Is payroll integration required?
No. Even if you are making contributions, we clear the aggregated payments
through one ACH deduction once a pay period and provide appropriate reporting
and an audit trail.
What is the typical participation rate?
The participation rate depends on many factors. Major factors include employer
contributions and how the benefit is communicated to the employees. We have a
toolbox to help you communicate clearly and efficiently to your employees about
the benefit. For companies not providing contributions, the participation rate
can range from 5-20%. For companies providing contributions, the participation
rate can range from 10-40%.
Who does the training?
We offer a full suite of online resources, including email templates, handouts,
presentations, and videos. We also have a dedicated employee help line that can
handle individual employee issues. We also offer a real-time webinar and the
webinar recording can be reused for employees that can not attend.
How much does SavvyFi's employee benefit cost?
$5 per enrolled employee per month. There are no minimums, implementation, or
advisor fees.
Is there a minimum number of employees?
No!
How does SavvyFi work for Employees?
1. Employees use their work email addresses to sign up for SavvyFi online.
2. Employees provide basic information, then securely connect their bank
account to SavvyFi for transfers.
3. A 529 account is automatically opened for their first beneficiary. Employees
can easily add more beneficiaries, with each beneficiary having their own
account and gifting links.
4. All contributions are automatically invested in an enrollment-date option,
which selects investments based on the beneficiary’s age.
What if an employee's child does not attend college?
If the child does not attend college, there are many options for how the savings
can be used. They can transfer the 529 account to another family member, use the
funds for their own education, or withdraw the funds to give their child a head
start on other important financial goals. If the funds are not used for a
qualified education expense, they can use all the deposits without penalty, but
the earnings will be subject to a 10% penalty.
What happens if an employee leaves the company?
When an employee leaves your company, their student loans and 529 accounts
continue to exist. Employees have the option to continue using the SavvyFi
gifting and cashback features by assuming the monthly cost or discontinue using
SavvyFi and access their loans and 529 accounts directly.
What if I don’t want to offer it to all my employees?
You can send us a list of approved employee email addresses and we can filter
based on that list.
What is the error message for someone not on the list? [ps1]
Do I have to provide a contribution to every employee?
No. As long as you differentiate by pay grade, position, or location, you can
vary the amount of contributions. You are not allowed to discriminate across
protected classes of people such as race, gender and age. However, we always
recommend you seek legal advice before setting up different contribution levels
between employees.
Can an employer contribution for student loans be used for payment on a
non-employee’s loans?
The tax-advantaged contribution for student loans has to be used for the
employee. Per 26 U.S. Code § 127 - Educational assistance programs | U.S. Code |
US Law | LII / Legal Information Institute (cornell.edu). However, contributions
to 529 plans can be used to pay off any student loan.
Which contributions are tax advantaged?
1. At the federal level, employee contributions to 529 accounts are after-tax
but withdrawn savings used for qualified education expenses do not incur
capital gains tax.
2. At the federal level, employer contributions to 529 accounts raise the
employee’s taxable wages.
3. Employee contributions to student loans are always after-tax.
4. Employers can make pre-tax contributions up to $5,250 annually towards an
employee’s student debt if the employer has a section 127 plan in place.
Does SavvyFi have a mobile app?
No, employees access SavvyFi through a secure website, optimized for both mobile
and desktop. SavvyFi performs just like a mobile app but does not require
employees to download yet another app onto their phone.
HAVE QUESTIONS?
REQUEST MORE INFORMATION.
Our expert team is on standby to answer any questions you may have about
SavvyFi’s platform.
Your full name
Your phone number (optional)
Your email address
Your message
Send
Sign up
or log in
WHO IT'S FOR
* Employers
* Brokers
* Employees
LEARN MORE
* How it works
* Blog
* Contact Us
THE FINE PRINT
* Legal
* About
* What is a 529?
Savvy Financial, Inc. (“SavvyFi”) is a web-based investment adviser. Our
investment advisory services are made available to U.S. residents only. This
website shall not be considered a solicitation or offering for any service or
product to any person in any jurisdiction where such solicitation or offer would
be unlawful. Nothing in this website should be construed as investment, legal,
tax, regulatory or accounting advice. Prospective investors should consult with
their own legal, regulatory, tax, business, investment, financial and accounting
advisers. While distributions to cover K–12 tuition are tax-free on the federal
level, state tax treatment will vary, and you should check with your tax
professional for details. All investments involve risk, including the possible
loss of money you invest, and past performance does not guarantee future
performance.