CommonBond Launches SmartSave™ - Helping People With Student Loans Seamlessly Save

New product connects student loan refinancing with a competitive rate cash account, enabling consumers to seamlessly turn their student loan refinance savings into an asset builder

NEW YORK, Jan. 29, 2020 - CommonBond, a leading technology company, announces today the launch of CommonBond SmartSave™ – a first-of-its-kind product that enables customers to seamlessly move the monthly savings from their student loan refinancing into a compound wealth generating cash account.

CommonBond's SmartSave offering allows customers to transfer their student loan savings to a partner variable rate cash account (1) that currently earns 1.70% APY,(2) which is more than 18 times the national savings account average (3). There are no fees or minimums for the account – it's a benefit to all CommonBond refinance members who sign-up. CommonBond customers can see their savings grow and manage monthly contributions to their account through CommonBond's member experience.

"We are excited to announce the launch of SmartSave – this unique offering allows people with student loans to benefit from having one," said CommonBond CEO and co-founder, David Klein. "We know that student debt can delay major life events, and now there's a way to reach those milestones faster with SmartSave, which seamlessly enables immediate wealth accumulation upon refinancing your student debt."

In Q1 2019, the Federal Reserve published a report entitled "Can Student Loan Debt Explain Low Homeownership Rates for Young Adults?" which showed that student loans were delaying major life milestones such as buying a home, owning a car or starting a family. Struck by the contents of the report, CommonBond wanted to create a product that could help prevent or reverse such a delay. They did so by creating SmartSave, which allows customers to seamlessly transfer the savings from a student loan refinancing experience into the immediate wealth accumulation of cash, thereby turning a student loan into an asset builder and milestone accelerator.

CommonBond members have started sharing their stories about how they plan to use their savings:

  • Home. "I will be using my savings to help me put money down to buy a home. Thank you!!" -Brain T.
  • Retirement. "Save for Retirement!" - Jeff A.
  • Kids. "I will use the savings … for the kids!" - Ashley H.
  • Future events. "Save for a baby. Save for emergencies. Save for a future house!" - Karen O.
  • Financial security. "I want to save … to become more financially secure. And stop living paycheck to paycheck." - Raquel M.
  • Small business. "I am going to save the extra money to invest in buying a business." - Richard B.
  • Wedding and family. "Take my grandfather on a Serengeti Safari. Pay for my own wedding someday," - Sophie H.
  • Child's education. "I'll start saving for my son's educations!" – Emily S.

CommonBond has seen significant demand for this offering in early testing. This unique product is now available to the company's refinance customers.

This announcement follows significant expansion for the company, which grew revenue significantly in 2019 and was profitable in its largest business unit for the year. The company has raised $130 million to date and continues to be known for its low-cost customer acquisition and high-quality customer experience. In recognition of the company's innovative DNA, Fact Company named CommonBond one of the World's 50 Most Innovative Companies, and TIME Magazine named CommonBond one of its 50 Genius Companies in 2018. To date, the company has reached over 250,000 users in its consumer business and over 300 corporate clients in its enterprise business.

For more information about CommonBond SmartSave, visit


About CommonBond

CommonBond is a leading financial technology company that offers a suite of student loan-based solutions to consumers and enterprises. Consumers benefit from more affordable, transparent, and simple ways to pay their student loans. Enterprises benefit from tech-forward customer acquisition and engagement capabilities to scale their businesses with Millennials and Gen Z customers and employees.

To date, CommonBond has funded over $3 billion in loans, reached over 250,000 users and partnered with over 300 corporate clients. CommonBond is the first and only finance company with a "one-for-one" social mission: for every loan it funds, CommonBond also funds the education of a child in need, through its partnership with Pencils of Promise. For more information, visit

(1) The cash account, called Flourish Cash, is a brokerage account offered by Stone Ridge Securities LLC, a registered broker-dealer and FINRA member. Flourish Cash is not a bank account, but the cash balance in a Flourish Cash account is swept from the brokerage account to deposit account(s) at one or more third-party banks that have agreed to accept deposits from customers of Stone Ridge Securities LLC ("Program Banks"). Flourish Cash is a separate service from any loan offered through CommonBond, Inc. or its affiliates.  Stone Ridge Securities LLC is not affiliated with CommonBond, Inc. and does not have any role with respect to any loan offered through CommonBond, Inc. or its affiliates.

(2) The Annual Percentage Yield (APY) displayed here is effective as of 12/30/2019. This APY is variable and may change at any time. The rate of interest paid by each Program Bank to Flourish Cash customers may be lower than the rate that could be earned by a customer opening a deposit account directly with such bank. The current APY for Flourish Cash is available at

(3) Federal Deposit Insurance Corporation, National Rate on Non-Jumbo Deposits (less than $100,000): Savings [SAVNRNJ], retrieved from FRED, Federal Reserve Bank of St. Louis;, 12/30/2019.