SallieMae, typically not your retail banking option, now has some very attractive savings accounts being offered.
Being primarily a student loan lender, SallieMae is now branching out and offering savings accounts with these features.
- No Minimum Balance
- No Monthly Fees
- Daily Compounded Interest
- FDIC Insured
- 1.40% apy
Their leap into retail online banking does not stop with just savings accounts. They are offering certificate of deposits with some pretty competitive rates. See Sallie Mae CD Rates for more on that.
SallieMae claims their High-Yield Savings Account delivers an Annual Percentage Yield (APY) that’s ‘6x the national average’ (that according to bankrates 2010 Passbook & Statement Savings Study, as of 4/21/2010.) Not to shabby for a newcomer.
So go ahead and see what SallieMae can do for you.