Sallie Mae Bank Ranked Among Best Banks of 2016
For the second year in a row, Sallie Mae Bank – the retail banking arm of Sallie Mae, the nation’s saving, planning, and paying for college company – has been ranked among the “Best Banks of 2016” by GOBankingRates.com, a leading portal for personal finance and consumer banking information. This year, Sallie Mae Bank is one of the 10 “Best Banks of 2016 for CD Accounts.”
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"Savers looking to grow their money can find some of the most competitive CD rates at Sallie Mae Bank,” said Cameron Huddleston, personal finance expert and Life + Money columnist for GOBankingRates. “For that reason, the bank’s CD products are among the best in the U.S. for 2016."
GOBankingRates evaluated 12-month certificates of deposit (CDs) and five-year CDs on minimum- deposit-to-open requirements and annual percentage yields (APY). Sallie Mae Bank’s CDs feature a minimum deposit of $2,500. The 12-month CD has a 1.25 percent APY and the 60-month CD has a 2.10 percent APY. In addition, Sallie Mae Bank’s 36-month CD offers a 1.60 percent APY.
Sallie Mae Bank also offers a money market deposit account with a current 0.90 percent APY, 11 times the Bankrate.com national average rate. Sallie Mae Bank’s competitive high-yield savings account offers a current rate of 0.80 percent APY, 10 times the national average. Neither account requires a minimum balance, minimum deposit, or monthly maintenance fee.
In addition, the company recently introduced Upromise GoalSaver, a free, no-fee, FDIC-insured online savings account that makes it easy for families to save for college and other goals all in one place. Upromise GoalSaver rewards account holders with a current competitive 0.85 percent APY, available annual cash-back bonuses, and cash-back rewards through Upromise by Sallie Mae.
“We are committed to helping our customers save, plan, and pay for college with financial products and services that are responsible, sound, and competitively priced,” said Paul Thome, president, Sallie Mae Bank. “We are proud to be recognized as one of the 10 best banks in the U.S. for CD accounts – and for our efforts to help students and families make college happen.”
Sallie Mae Bank is a subsidiary of SLM Corporation, commonly known as Sallie Mae. All of Sallie Mae Bank’s savings products are FDIC-insured. For more information or to open an account, visit SallieMae.com/banking.
GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement, and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, Huffington Post, and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.
About Sallie Mae
Sallie Mae (NASDAQ: SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.