Sallie Mae Increases Interest Rate to 1.40% APY

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Sallie MaeSalle Mae Bank, which recently began offering their Sallie Mae online savings account, recently announced they were increasing their interest rate from 1.25% APY to 1.40% APY, putting it near the top of the interest rate list for high interest savings accounts. With no monthly fees, no minimum balance, daily compounding, and a competitive rate, Sallie Mae Bank has made a big splash in the online bank space despite being around for such a short period of time.

Their CD rates are competitive too, if my memory services me right (as of May 11, 2010):

  • 12-Month: 1.55% APY
  • 36-Month: 2.40% APY
  • 60-Month: 3.00% APY

Upromise 10% Bonus

If you use Upromise, you can also get a 10% annual match on your Upromise earnings deposited into your account. To qualify, you have to link your bank account to your Upromise account and, within 90 days, do either:

  • Set up an Automatic Savings Plan with a monthly deposit of $25+, or,
  • Fund the account with $5,000 or more.

The bonus is on your Upromise earnings, not the interest earned in your savings account, and that 10% bonus will be based on a calendar year. The bonus is deposited in February.

{ 13 comments, please add your thoughts now! }

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13 Responses to “Sallie Mae Increases Interest Rate to 1.40% APY”

  1. billsnider says:

    Can we trust them to do as good a job with this as they did with home mortgages?

    Bill Snider

  2. charlie says:

    My only concern with them is that they may feel the need to pay my student loans for me with the money in the savings account.

    I wouldn’t put it past them.

  3. This sounds really tempting since I do use upromise but haven’t saved much as a result of it… the question is can I be bothered to start another savings account? (I currently have an ING savings and checking account supplementary to my BoA checking account I use primarily).

  4. echidnina says:

    Hey Jim, I think your stylesheeet might be broken… Anyone else experiencing this issue, or is it just me?

  5. Anthony says:

    @echidnina: I see no issues…

    Like Arvin, the rates are tempting. However, I am currently with Ally and am very satisfied. Should I chance switching to Sallie Mae?

  6. Jay says:

    These rates tend to fluctuate and normalize over time. Many of these banks will throw out the highest rate and over the next couple of years bring it down to where everyone else is. Ally is consistently in the top ten as far as rates are concerned and they offer interest checking, money markets, savings, and CD’s with 24 customer service. Discover is consistently up there too, but they do not offer checking products.

  7. zapeta says:

    Well, its nice to see rates go up for once. Maybe this will start an upward trend.

  8. Joe says:

    Hooray! Interest rates are finally starting to up instead of down.

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