DRESHER, Pa., Feb. 2, 2021 /PRNewswire/ -- Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—has launched READYSAVE™ 529, its education savings mobile application. READYSAVE 529 was developed on the firm's proprietary technology platform for use across 529 programs administered by Ascensus. The app is the latest example of Ascensus' commitment to providing best-in-class service and technology capabilities to clients and savers. With a design driven by behavioral science, it provides customized user experiences that can drive better savings outcomes.
READYSAVE 529 is currently available to account holders in three programs administered by Ascensus: MOST–Missouri's 529 Education Plan, Rhode Island's CollegeBound Saver plan, and Nevada's SSGA Upromise 529 plan. Ascensus will expand the app's availability to additional states and savers throughout 2021.
Available for download in the Apple and Google Play app stores, READYSAVE 529 is the first 529-specific app launched by a program manager. In the initial release, users can view their account balance, transaction history, and investment allocations. Additional features include the option to make a one-time contribution or set up recurring transactions, as well as the ability to see how their savings compare with those of peers in the same plan. Ascensus, in partnership with external research experts, plans to continuously evolve the READYSAVE 529 experience based on user analytics and feedback.
"While researching and developing READYSAVE 529, we discovered that users were looking primarily for two things: a simple way to view their education savings' progress and guidance on what they can do to keep their savings on track," said Peg Creonte, president of Ascensus Government Savings. "In response, we designed our app to make it easy for users to monitor their education savings strategies and adjust them as needed to give them the best chance of reaching their goals."
"As the market leader in 529 plan administration,1 Ascensus is proud to continue to invest in and develop technology like READYSAVE 529 that ensures account holders can transact on their accounts quickly and efficiently," stated David Musto, Ascensus' president and CEO. "By applying user-centered design, cognitive psychology, and visualization, our dedicated design and development teams have made saving for education more mobile in order to meet the needs of both savers and our partners."
About Ascensus Ascensus helps millions of people save for what matters—retirement, education, and healthcare. Through co-branded, private-labeled, and other governmental partnerships, our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. For more information, visit ascensus.com.
Get the latest trends and insights based on our proprietary data from more than 113,700 retirement plans, 6.0 million 529 accounts, 426,000 health savings accounts, and 23 ABLE plans.* Inside America's Savings Plans highlights average savings levels across these tax-advantaged accounts and showcases plan features that drive participation and growth. The State of Savings report outlines how plan contribution and withdrawal behaviors have shifted over the course of 2020 and since the passage of the CARES Act.
*As of December 31, 2021.
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1 Ranked by assets under administration. Source: Institutional Shareholder Services (ISS). 529 College Savings Quarterly Data Update: Q4 2020.January 2021.