Sallie Mae Bank Online Savings Account Review

by Ryan Guina

When you mention the term Sallie Mae, the first thing that comes to mind is probably student loans. While student loans are a large part of their business model, they also have a solid online savings account worth considering as a primary option, especially if you are saving money for college. That may sound ironic considering they are one of the largest holders of student loans in the US, but in a minute I’ll show you how Sallie Mae can help you put your college savings on overdrive!

Sallie Mae Bank Online Savings Account Review

Sallie Mae

Sallie Mae Savings

When it comes to basic features, Sallie Mae is similar to most online banks, such as Discover Online Banking and Chase Access Checking. No minimum deposits, no monthly fees, and full FDIC insurance. Sallie Mae also offers easy online access, automatic deposits, transfers, and other standard online banking features.

What makes Sallie Mae online savings account attractive?

There are two features that set Sallie Mae above other online banks – their high yield interest rates and their Upromise college savings match (more on this in a moment).

Saving account interest rates around the US aren’t the most exciting right now, but Sallie Mae currently offers interest rates that are 6x the national average, and offers competitive CD rates.

Sallie Mae Online Savings Account Rates

But the most attractive feature is something no other bank offers.

Leverage College Savings with Sallie Mae and Upromise

Upromise is a subsidiary of Sallie Mae, and it also happens to be the largest private source of college funding contributions in the United States. Sallie Mae offers a 10% bonus on your Upromise earnings if you link your Sallie Mae and Upromise accounts. To participate in the 10% Upromise matching program you will need to deposit of at least $5,000 or to set up an automatic savings program of $25 or more within 90 days of opening your Sallie Mae account. Sallie Mae high yield savings account is also the only high yield savings accounts that can be directly linked to a Upromise account, making this a great option for those who regularly use Upromise for college savings.

How Upromise works. Upromise is a free college savings rewards program that gives Upromise members matching contributions when they make select purchases at any of the thousands of participating grocery stores, drug stores, gas stations, restaurants, and online shopping sites. You can read a full Upromise review here, or sign up for a Upromise account to get started on saving for college today.

Should you open a Sallie Mae online savings account?

If you have a Upromise account, then Sallie Mae is one of the best online savings account options available, due to the 10% match they offer for Upromise earnings. Sallie Mae online savings account is still a good option, even if you don’t have a Upromise account or don’t plan on opening one. The current interest rates are over 6x the national average, and they also offer high CD rates. For more information, or to open an account, visit the official Sallie Mae website.

Published or updated June 7, 2016.
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