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Sallie Mae Savings Account Review and Rates

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Sallie Mae Bank, the banking arm of the company that provides federal and private student loans, is still offering one of the highest savings account rates currently available. Sallie Mae Bank's current savings interest rate on their High-Yield Savings is 1.29 percent with a yield of 1.30 percent. The minimum opening deposit for an account is only $1.

Historically speaking, Sallie Mae's current interest rate doesn't sound that high but when you compare it to current rates available you see how good their rate is. In fact, Sallie's interest rate is more than 5 times the current national average savings and money market rate for account balances of at least $2,500. Today's national average is only 0.25 percent as reported by and

Benefits of the High-yield Savings Account from Sallie Mae

  • No Minimum savings account balance

  • No monthly fees

  • Interest earned is compounded daily

  • The online savings account is insured by the FDIC

Opening an account is quick and easy. Sallie Mae’s online savings account has a 10% annual match on Upromise earnings. Here are the following requirements for the Upromise match.

Sallie Mae Bank Upromise 10% Savings Match Requirements

Link your High-Yield Savings Account to your Upromise Account within 90 days of opening your High-Yield Savings Account. Either set up an Automatic Savings Plan with a monthly deposit of $25 or more or fund the account with $5,000 or more.

Upromise will match 10% of your Upromise earnings posted as "funded" to your Upromise Account during the calendar year of January 1 through December 31.

The 10% annual match will be deposited into your High-Yield Savings Account in February of the following year provided that both accounts remain active and are in good standing at the time of transfer.

To open a Sallie Mae Bank savings account go to: Sallie Mae High-Yield Savings Account.

Author: Lisa Graham
January 25th, 2011