RateAPY

Sallie Mae Online High-Yield Savings Account at 1.25% APY

Posted by: RateAPY Bank Rates News
March 20th, 2010

Whether your goal is to save for college tuition, a down payment on a home or just for an emergency, your money can grow faster when you keep it in a savings account with a high interest rate.

When comparing savings accounts online, be sure to check the interest rate first. You should also look at the minimum balance and whether you must pay a monthly fee, since fees can decrease your earnings.

Sallie Mae, best known as a student loan provider, recently introduced their Online High-Yield Savings Account with 1.25% APY. This account has no minimum balance requirement and no monthly fees. The accounts are FDIC-insured. Interest is compounded daily.

Sallie Mae accountholders can earn even more if they are Upromise members or join Upromise. Members who set up an automatic savings plan with at least $25 and fund the account with $5,000 or more can receive a 10% annual match on their Upromise earnings.