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Sallie Mae Increases Interest Rate to 1.40% APY

Posted By jessicawilson On 05/11/2010 @ 2:54 pm In NEWS | 13 Comments

Salle Mae Bank [3], which recently began offering their Sallie Mae online savings account [4], 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 [5]. 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 [6] 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.

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[3] Salle Mae Bank: http://www.bargaineering.com/articles/r/salliemae.php?tag=rateUpdate100511

[4] Sallie Mae online savings account: http://www.bargaineering.com/articles/sallie-mae-bank-review.html

[5] high interest savings accounts: http://www.bargaineering.com/articles/top-5-online-banks-savings-or-checking-accounts.html

[6] CD rates: http://www.bargaineering.com/articles/cd-rates

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