Sallie Mae High Yield Savings Account

Sallie Mae, which provides federal and private student loans is offering a high yield savings account through Sallie Mae Bank.

Sallie Mae's new High Yield Savings Account (HYSA) has a savings account rate of 1.34% with an annual percentage yield (APY) of 1.35%. That online savings account rate isn’t the best savings rate around, but it beats the national average savings rate and is very competitive.

The high yield savings account is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor per account. Savings account interest is compounded daily and credited monthly. You can also setup a direct deposit into the online savings account.

As with all savings accounts, there is a federal regulation that prohibits more than six withdrawals per statement cycle. The high yield account has a $10 fee per withdrawal over six per statement cycle. There is also a $5 fee for all deposits that are returned because of insufficient funds.

As with all savings accounts, Sallie Mae's savings account is a variable interest rate account meaning the interest rate can change at anytime. If you're interested in locking in a rate, you can also open a certificate of deposit with Sallie Mae Bank.

Current Sallie Mae Bank High Yield Savings Account Rate: Sallie Mae High Yield Savings Account Rate.
Author: Lisa Graham
March 3rd, 2010
Posted in: Savings Accounts