SallieMae, traditionally a provider of student loans both federally and privately, has entered the online banking retail space by offering both “high yield savings accounts” and high interest CD’s (certificate of deposits). These accounts are federally insured by the FDIC and SallieMae claims the rates to be 5x the national average.

Their online savings account comes with no monthly fees and no minimum balances, similar to other online banking products such as Ally Bank’s online savings account and American Express’s high interest savings account.

Features of Online Savings Account by SallieMae:

• No minimum balance required
• No monthly fees
• Interest compounded daily
• FDIC insured
• 1.10% APY
• 10% annual match on Upromise earnings.
  

Features of CD accounts (Certifate of Deposits) by SallieMae:

• No monthly fees
• FDIC insured
• minimum deposit not disclosed – contact SallieMae for this information

SallieMae’s interest rates are subject to change without notice. Like most CD’s, the interest paid is fixed for the life of the product. The interest paid on the online savings account, however, is variable and subject to change based on market conditions.

Most Commented Posts

• Receive $125 for setting up a Chase Free Checking Account.
• An alternative to Bank CDs (certificates of deposit)
• Capital One Rewards Checking Account sign up bonus: $300?
• Receive $50 when you open a new checking account with Bank of America
• Credit Cards Featuring Cash Sign-Up Bonuses
• Connexus Credit Union Cd Rates – 7 month tiered certificate promotion
• WAMU Free Checking Account Bonus: $100
• Shore Bank Promotional 3 month CD Rate – 10% APY!
• Millenium Bank CD Rates and Bank Review
• Mexican Bank Certificate of Deposit Rates