SunTrust launches new e-Savings concept

SunTrust has rolled out its new concept for saving accounts known as e-Savings, to enable its customers get organised financially and to plan, stay on track and exert greater control over their money.

SunTrust has rolled out its new concept for saving accounts known as e-Savings, to enable its customers get organised financially and to plan, stay on track and exert greater control over their money.

The new service enables customers to open several spending and savings account buckets for important experiences, such as weddings, trips or a large shopping.

SunTrust said that the customers can earn interest on any balance on their account, which are now available without a minimum balance or monthly maintenance fee, and they can be opened online or at any SunTrust branch.

In order to operate multiple spending and savings accounts, a customer needs to open a current account with the bank.

SunTrust client segments and solutions executive, Beverly Ladley, said: "Getting organised is the first step in the journey toward obtaining financial control.

"SunTrust e-Savings is a great way to save for short- or longer-term goals, whether it’s a weekend getaway or a down payment on a new car."

The new initiative follows the result of an online survey conducted by Harris Poll on behalf of SunTrust Banks which indicated that nearly 73% users will plan to use savings to pay for memorable life events they have planned in 2014.

The report further highlights that about 61% of consumers strongly agree that controlling their finances is important in order to enjoy memorable experiences.