NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae Bank — the retail banking arm of Sallie Mae, the nation’s saving, planning, and paying for college company — was recently ranked among the best banks for a fourth straight year by GOBankingRates.com, a leading site for personal finance and consumer banking information. This year, Sallie Mae Bank was named one of the 10 Best Online Banks of 2018 and one of the 10 Best CD Accounts of 2018.
“Consumers looking to grow their wealth in 2018 should pay attention to Sallie Mae Bank,” said Cameron Huddleston, Life and Money columnist for GOBankingRates. “The Bank ranked among the best in 2018, and its CD products continue to offer some of the highest interest rates available in the market.”
GOBankingRates evaluated online banks on checking account fees, savings account annual percentage yields (APY), 12-month certificate of deposit APYs, and BauerFinancial Star Ratings for overall financial strength, and other criteria. Sallie Mae Bank was recognized among the best given its top 12-month CD rates — currently at 2.00 percent APY — which also landed it on the 10 Best CD Accounts for 2018 list. GOBankingRates also pointed to Sallie Mae Bank’s high-yield savings account as a factor in naming it a Best Bank. The Bank’s high-yield saving account is free of charge, has no minimum deposit to open an account requirement, and offers a 1.35 percent APY.
“We are committed to helping our customers save, plan, and pay for college and other financial goals,” said Paul Thome, president, Sallie Mae Bank. “We are proud that our bank was named among the best and that our responsible, sound, and competitively priced CDs have again been recognized.”
In addition to certificates of deposit and high-yield savings accounts, Sallie Mae offers a money market account currently at 1.50 percent APY, and SmartyPig, a goal-based, online, high-yield savings account. SmartyPig offers competitive interest rates of up to 1.20 percent APY and allows customers to save using automatic monthly or biweekly contributions or individual deposits, and then track progress.
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.
GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement, and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, Huffington Post, and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.
About Sallie Mae
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.