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Sallie Mae Bank Savings Account Rates and Money Market Account Rates
 

Sallie Mae Bank Savings Account Rates and Money Market Account Rates

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Most students or people for that matter don't realize the student loan company Sallie Mae also has a banking division. Sallie Mae Bank the banking arm offers deposit accounts including certificates of deposit, online savings accounts and money market accounts.

Sallie Mae savings account rates and money market account rates are very competitive and a lot higher than the FDIC national average rates. Sallie Mae Bank's interest rates are not the highest savings rates or money market rates around but are still pretty decent right now.

Sallie Mae savings rates are currently at 0.80 percent with an APY of 0.80 percent. National average savings rates are a lot less at 0.09 percent in the FDIC's national average survey. Jumbo savings account rates are also averaging 0.09 percent. Sallie's savings rate is almost 9 times the national average savings rate. Right now the best savings account rates are just above 1.00 percent, CIT Bank is offering their online savings rates at 1.04 percent with an APY of 1.05 percent.

Sallie Mae money market account rates are higher then their online savings account rates. Current money market rates are at 0.90 percent with an APY of 0.90 percent. That is higher than the FDIC's national average money market rate of 0.13 percent. Jumbo money market rates are averaging 0.19 percent in the FDIC national survey.

Money market rates are .10 percent higher but which account is better for you will depend on what you need.  Listed below are the features and benefits of Sallie's High Yield Savings Account and Money Market Account.

High Yield Savings Account

  • No minimum opening deposit with SallieMae’s savings account.

  • No fees on this account

  • 10% annual Upromise® rewards match.


Here are the details on the Upromise 10% annual rewards match.
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.

Money Market Account

  • No minimum opening balance

  • No monthly fees


This money market account is also like a checking account because it has a check writing feature. Earning interest on the account and have the ability to write a check is nice. Though as with all savings accounts and money market accounts Federal Regulation D only allows six withdrawals per billing cycle.

For a list of current interest rates on Sallie Mae Bank's accounts or to open an account to go the bank's website here: Sallie Mae Account Application. To see how Sallie's account rates compare with other bank savings rates and bank money market rates use our rate lists below:

Author: James Martin
August 29th, 2012