Sallie Mae, which provides federal and private student loans for students and their parents has just started offering retail banking products. Their deposit products which are being offered through Sallie Mae Bank include a savings account and three different certificate of deposit terms.

Looking for a list of current savings account rates? Search our savings account rate tables: Savings Account Rates.

Their new online ” High Yield Savings Account” (HYSA) currently has a savings rate of 1.34% with an annual percentage yield (APY) of 1.35%. That online savings account rate isn’t the highest online saving rate around but it is over three times the national average savings account rate of 0.42 percent (savings account/money market account balances of $10,000).

High Yield Savings Account Details:

• The high yield savings account is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor per account.
• Interest is compounded daily and credited monthly.
• Direct Deposit can be set up.
• Federal regulation for savings accounts mandates a maximum of 6 withdrawals per statement cycle.
• There is a $10 charge per withdrawal transaction for withdrawals beyond the allotted six per statement cycle.
  There is a $5 fee for all deposits that are returned. This includes all deposits, electronic transfers and checks, returned due to insufficient funds or funds that are not collectible.
• You receive a statement for each month there is a deposit or withdrawal on the account, otherwise you receive a statement quarterly.
• There is a $5 charge for getting a copy of your statement  mailed to you.
• You can link external bank accounts to the Sallie Mae savings account.

Current Sallie Mae Bank High Yield Savings Account Rate: Sallie Mae Savings Account