Sallie Mae Introduces High Interest Savings Account
Stumble It!
Digg It!
Tip It!
del.ico.us
Facebook
This is interesting… Sallie Mae, traditionally a provider of federal and private student loans, has just entered the retail banking world. Their initial products include a high interest savings account and CDs with fairly competitive rates.
The current rate on their savings account is 1.35% APY, and their CD rates range from 1.50% APY for 12 months up to 3.00% APY for 60 months. The savings account has no minimum balance and no monthly fees. Unfortunately, I couldn’t find any mention of a minimum deposit for CDs. Not surprisingly, all accounts are FDIC insured up to current limits.
In addition to a fairly competitive rate, Sallie Mae Bank will match up to 10% of your Upromise earnings (subject to some restrictions). I don’t have an account with Sallie Mae Bank, so I can’t vouch for their user interface or customer service. If any of you have experience with them, please leave a comment and let us know how you like it.
Published on March 4th, 2010 - One Comment
Filed under: Banking
email this article
- bookmark it
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
Related articles...
» Sallie Mae Raises Online Savings Rate, Matches Upromise Earnings» American Express Introduces Online Banking Products
» Current High-Yield Online Savings Account Rates
» More Online Bank Interest Rate Decreases
» Online Bank Savings Account Interest Rates (Updated!)
» ING Direct Introduces User-Friendly Login Names
» Alternatives to High Yield Online Savings Accounts
» Ally Bank Raises Savings Account Interest Rate
Was this article useful? Please sign up to receive our content via e-mail:
One Response to “Sallie Mae Introduces High Interest Savings Account”
Leave a Reply
Financial Shopping Center
Mortgage rates are at an all-time low
Earn interest on your savings
Find lower insurance rates
Featured Credit Cards
-
Chase FreedomSM Visa - $100 Bonus Cash Back
Earn $100 Bonus Cash Back after you make $799 in purchases in your first three months. No Annual Fee. 5% cash back offers in popular categories. See terms.
-
Discover® More® Card - $75 Cashback Bonus®
$75 Cash Back when you make $500 in purchases in the first 3 months. No annual fee. 5% to 20% Cashback Bonus at over 150 top retailers Discover's online shopping mall. See terms.
Great deals...
Readers’ choice...
Recent articles...
- What Tinky Winky Taught Me About Money
- Historical Mortgage Rates
- Tax Deductible Moving Expenses
- Chase Sapphire Preferred 25k Point Signup Bonus
- Starting a Kitchen Garden
- Why You Should Keep Your Financial Advisor
- The High Cost of Being Single
- Planning for Your Demise
- Social Security Taxes in 2010
- The Future of Social Security
Most talked about...
- Dave Ramsey is Bad at Math
- $8,000 Homebuyer Tax Credit
- Dish Network Customer Service SUCKS
- Pay Off Mortgage Early? Or Invest?
- How to Claim the First-Time Homebuyer Tax Credit
- Reduced Credit Limits? Share Your Experience
- $15,000 Homebuyer Tax Credit
- Would the "Fair Tax" Gut the Economy?
- Termite Control: Sentricon vs. Termidor
- $7500 First Time Homebuyer Tax Credit
- Current High-Yield Online Savings Account Rates
- Tax Stimulus Rebate Payments to Start Early
March 4th, 2010 at 3:09 pm
I have dealt with their customer service as a financial aid officer for over 5 years now and have mixed reviews. They have recently been selected (and signed a 5 year contract) as a servicer for the new and improved Direct Student Loan program so they are certainly not going anywhere. Their customer service is shoddy at best and their company moves at a snails pace. Their interest rates on private student loans are competitive however, and they do allow a lot of students to fund their education. I certainly would think your money is face to bank with them as they are now back by the full faith and credit of Uncle Sam.