Sallie Mae Bank Review
Sallie Mae, normally known for their federal and private student loans, is entering the savings account area with a high yield savings account currently offering 1.35% APY with no monthly fees and no minimums. It’s your standard online bank offering with a pretty standard savings account rates. In scanning their list of offerings, the only thing that stands out is their 10% bonus for Upromise earnings, which can be substantial if you’re a big user of Upromise.
Why Sallie Mae?
I’ve been racking my brain to come up with an explanation of why Sallie Mae has started to offer banking services and I was at a loss until I remembered one key insight – most consumers, until recently, were completely unaware of high yield online banks. It wasn’t until Ally Bank made front page news that online banks started to get respect and awareness for your average consumer.
It’s easy for “us,” readers and producers of personal finance blogs, for us to forget that because we get a daily dose of it. If you mentioned “reward checking accounts” to some of your friends, I bet you’d see some puzzled looks. Ultimately, I think Sallie Mae is leveraging their connection with students and parents to bring even greater awareness to the consumer.
Upromise 10% Bonus
If you use Upromise, you can get a 10% annual match on your earnings if you satisfy these conditions:
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Categories: Uncategorized Tags: Ally, Apy, Banking Services, Banks, Bonus, Checking Accounts, Earnings, Greater Awareness, High Yield Savings, Insight, Offerings, Personal Finance, Sallie Mae, Savings Account