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SallieMae Bank Interest Rates and Review

SallieMae Bank, which is the banking arm of the student loan company SallieMae, is advertising both a savings account and a money market account. While SallieMae Bank isn't offering the best savings rates or money market rates the rates on both types of accounts are competitive.

SallieMae Bank's interest rates are also well above the FDIC's national average savings rates and Bankrate's national average rates for account balances of at least $10,000.

Current SallieMae savings account rates are at 0.80 percent with an APY of 0.80 percent. Current SallieMae money market account rates are higher at 0.90 percent with an APY of 0.90 percent.

While the money market account rate is 10 basis points higher than the saving account rate which type of account to open will depend on our needs. We have listed the features and benefits of both types of accounts below.

SallieMae Bank High Yield Savings Account

There is no minimum opening deposit with SallieMae's savings account. There are no fees on this account which is a nice feature since many banks will hit you with a fee if your balance is below a certain amount.

Not to mention that most banks won't pay interest on the account or lower the rate if the account balance falls below a certain amount. You don't have to worry about either happening with this savings account.

The unique feature about SallieMae's account is you get a 10% annual Upromise® rewards match. Here is the fine print on this reward:
To be eligible for the 10% annual match on your Upromise earnings from Upromise you must link your High Yield Savings Account (HYSA) to your Upromise Account and, within 90 days of opening your HYSA, either: (1) set up an Automatic Savings Plan with a monthly deposit of $25 or more, or (2) fund the account with $5,000 or more. If you qualify for the 10% match based on having the minimum balance of $5,000 in your HYSA, you must maintain that minimum balance in your HYSA for the duration of the calendar year for which your earnings will be matched. Once you complete the steps above, Upromise will match 10% of your Upromise earnings posted as ”funded” to your Upromise Account during each calendar year.

SallieMae Bank Money Market Account

There is no minimum opening balance for SallieMae Bank's money market account. There are no monthly fees either which is also a nice feature since most banks have fees or minimums on money market accounts.

Another nice benefit to this account is the check writing feature. Being able to earn a decent interest rate on this account and have check writing abilities makes this a good deal. Most checking accounts either don't have an interest rate or a rather pathetic checking account rate.

There are limitations to this feature. Federal low prehibts more than 6 withdrawals per billing cycle for a money market account. If you exceed this amount any given month there are fees you  have to pay so choose wisely if you plan on doing more than 6 withdrawals a month.
Author: Lisa Graham
August 17th, 2012