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Piggy Banks Out, e-Savings In: New SunTrust Buckets Help People Save for Life Events

May 5, 2014

ATLANTA, May 5, 2014 /PRNewswire/ -- An overwhelming majority of consumers – 73 percent – will plan to use savings to pay for memorable life events they have planned in 2014, versus 21 percent who plan to use credit cards and 12 percent who plan to use a loan. These results come from a recent online survey conducted by Harris Poll on behalf of SunTrust Banks, Inc. (NYSE: STI), which found that nearly 30 percent of people who currently are saving or plan to save money for memorable life experiences will use a separate account, or savings bucket, to help them compartmentalize money and save.

Memorable Experiences Infographic

Based on these findings, SunTrust is giving people a new, easy way to save.  With e-Savings, clients can open multiple spending and savings account buckets for important experiences, like weddings, trips or a large purchase. They also can assign a unique name to each bucket, watching their money grow as they work toward their goal. The accounts, which earn interest on any balance, are now available without a minimum balance or monthly maintenance fee, and they can be opened online at suntrust.com or any SunTrust branch. A checking account is required.

The introduction of e-Savings represents SunTrust's effort to help people get organized financially so they can make a plan, stay on track and exert greater control over their money.

"Getting organized is the first step in the journey toward obtaining financial control," said Beverly Ladley, SunTrust client segments and solutions executive. "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 SunTrust survey found that 61 percent of consumers strongly agree that being in control of their finances is important in order to enjoy memorable experiences. Top planned memorable experiences for 2014 include vacations out of the country, attending weddings, girls'/guys' weekend trips and buying a new vehicle.

e-Savings is offered alongside a host of other SunTrust savings and investment options. For more information on e-Savings accounts and checking and savings bundles, visit https://www.suntrust.com/PersonalBanking/EverydayBanking/Checking.

About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients.  As of March 31, 2014, SunTrust had total assets of $179.5 billion and total deposits of $133 billion.  Through its flagship subsidiary, SunTrust Bank, the company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic States and a full array of technology-based, 24-hour delivery channels.  The company also serves clients in selected markets nationally.  Its primary businesses include deposit, credit, trust and investment services.  Through its various subsidiaries, the company provides mortgage banking, asset management, securities brokerage, and capital market services.  SunTrust's Internet address is suntrust.com.

This survey was conducted online within the United States by Harris Poll on behalf of SunTrust from March 13-17, 2014 among 3,035 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

Photo - http://photos.prnewswire.com/prnh/20140505/83986

SOURCE SunTrust Banks, Inc.

For further information: Suzanne Vincent, (404) 813-7162