Wells Fargo (WFC) says it is rolling out a special student loan program with Amazon.com. It made the announcement on Thursday, several days after it solidified plans to launch a robo-advisor service early next year.
The bank, which says it is the largest student lender of U.S. commercial banks, will offer an interest-rate discount of 0.5% to student customers of Amazon Prime, a membership program offered by the online retailer which offers free two-day shipping, video streaming and other services.
“We are focused on innovation and meeting our customers where they are – and increasingly that is in the digital space,” said John Rasmussen, Wells Fargo’s head of Personal Lending Group. “This is a tremendous opportunity to bring together two great brands. At Amazon and Wells Fargo, delivering exceptional customer service and helping customers are at the center of everything we do.”
According to the bank, this discount also can be added to a 0.25% interest rate cut for those who enroll in an automatic monthly loan repayment plan with the bank.
Amazon Prime Student lets those in college sign up for a six-month, sponsored trial of the program with no charge. Afterward, they must pay $49 a year, which is half the price of a regular membership.