Sallie Mae Introduces High Interest Savings Account
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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
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!
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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.