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Sallie Mae Increases Interest Rate to 1.40% APY

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):

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:

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.