NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae Bank — the retail banking arm of Sallie Mae, the nation’s saving, planning, and paying for college company — today announced new, competitive interest rates on its high-yield savings, certificate of deposit (CD), and money market accounts, increasing them to some of the most favorable yields available in today’s marketplace.
Sallie Mae Bank’s money market account now carries a 1.50 percent annual percentage yield (APY), which is 16 times higher than the Bankrate.com national average. The account requires no minimum balance to open the account and has no monthly maintenance fees. Customers can transfer money free of charge, and easily manage their accounts online.
Sallie Mae Bank’s high-yield savings account now carries a 1.35 percent APY — 11 times higher than the Bankrate.com national average — with no minimum balance to open the account and no monthly maintenance fees. Customers can also transfer money free of charge and easily manage their accounts online.
In addition, Sallie Mae Bank’s 12-month CD is now available at a 2.00 percent APY, while the 18-month CD offers a 2.05 percent APY, the 24-month CD carries a 2.30 percent APY, the 36-month CD now has a 2.20 percent APY, and the 60-month CD offers a 2.50 percent APY. Sallie Mae Bank’s CDs have no monthly fees and guaranteed rates over the life of the account, with a minimum balance of $2,500.
“We are committed to helping our customers save for college and other financial goals with responsible, sound, and competitively priced banking products and services,” said Paul Thome, president, Sallie Mae Bank. “Our new savings rates — which are some of the most competitive in the market today — can help families do just that.”
Sallie Mae Bank, member FDIC, is a subsidiary of SLM Corporation, commonly known as Sallie Mae. 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.