NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae Bank today announced increased rates on its savings accounts. The bank’s money market deposit account now offers customers a 1.30 percent annual percentage yield (APY). In addition, Sallie Mae Bank introduced a new 24-month CD product carrying a deposit rate of 1.65 percent APY.
Sallie Mae Bank’s money market accounts require no minimum balance and have no monthly maintenance fees. Customers can write checks from their accounts, transfer money free of charge, and easily manage their accounts online. Competitive CDs have no monthly fees and guaranteed, locked-in rates over the life of the account, with a minimum balance of $2,500.
“Our new, competitive savings rates and accounts can help families save for college — which is inherent to our mission here at Sallie Mae — but also for other financial goals,” said Paul Thome, president, Sallie Mae Bank. “Simply put, it’s more money in the pockets of our direct-banking customers.”
Sallie Mae Bank funds and originates private student loans and offers FDIC-insured online savings accounts and certificates of deposit. The bank is ranked among the “Best Banks of 2017” by GOBankingRates and was named one of the “Best Banks of 2017 for Savings Accounts” and “Best Banks of 2017 for CD Accounts.”
When it comes to saving for college, Sallie Mae recommends a 1-2-3 approach: first, open a savings account; second, set a goal and regularly contribute money; and third, explore tax-advantaged options, such as 529 college savings plans.
Sallie Mae Bank is a subsidiary of SLM Corporation (Nasdaq: SLM), commonly known as Sallie Mae. All Sallie Mae Bank savings products are FDIC-insured. For more information or to open an account, visit SallieMae.com/banking.
Sallie Mae (Nasdaq: SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.