Sallie Mae Savings Account Rates
The Sallie Mae savings account rates have had a recent increase from 1.25% APY to 1.40% APY. This type of account is already new for Sallie Mae but just because they are new in this market does not mean they will not be one of the leaders.
This type of account is officially the Online High-Yield Savings Account. With this new increase of the APY of 0.15%, their new rate is 6 times the national average for savings accounts as of April 21, 2010.
There are no minimum balances with this account. But to receive the advertised APY, the account must have funds in it. This account also has no monthly maintenance fees so account holders can save even more money. What is most advantageous to the account holder is that the interest is compounded daily. This allows for the fastest possible growth rate available with any saving account in the country.
Like most savings account at other financial institutions, deposits at Sallie Mae are insured by the FDIC up to the legal limit which is $250,000 at the present time.
This account also makes the customer eligible for the 10% annual match on the Upromise earnings. This program involves the account holder to set up an automatic savings plan of a minimum $25 a month with 90 days of opening the savings account. The minimum deposit to be eligible is $5000. If this amount is there for one year from January to December, then in February a 10% match of your account funds will be added to your account.
As with all bank rates, this APY and the 10% Upromise is subject to change without notice. The Sallie Mae savings account rates were posted on May 10, 2010 and were still effective May 12, 2010.
For additional resources involving financial help please view Prestige Community Bank Review on this website.
Another resource for financial information of interest can be found at Valley CD Rates which is available on our sister website of www.bestcdratestoday.com. For even more information on investing please view Wells Fargo CD Rates Update on another sister site bankcdratesonline.com.
We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name.
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Thu, 13th May 2010 6:57 am
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