NEWARK, Del.--(BUSINESS WIRE)--
Sallie Mae Bank—the retail banking arm of Sallie Mae, the nation’s saving, planning, and paying for college company—was ranked among the best banks for a third straight year by GOBankingRates.com, a leading site for personal finance and consumer banking information. This year, Sallie Mae Bank was recognized as one of the Best Banks of 2017 for Savings Accounts and one of the Best Banks of 2017 for CD Accounts.
“Sallie Mae Bank's money market account and CD products rank among the best for 2017,” said Cameron Huddleston, Life + Money columnist for GOBankingRates. “Consumers can expect a winning combination of no monthly fees and competitive interest rates. Sallie Mae’s CD products, in particular, offer some of the highest interest rates available today.”
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 FDIC-insured CDs require a minimum deposit of $2,500. The 12-month CD has a 1.25 percent APY and the 60-month CD has a 1.80 percent APY. Additionally, Sallie Mae Bank’s 36-month CD offers a 1.60 percent APY.
Savings accounts were ranked based on interest rates, minimum deposit and minimum balance requirements, as well as monthly fees. Sallie Mae Bank’s FDIC-insured money market account offers an interest rate of 1.05 percent APY—11 times the Bankrate.com national average — with no minimum balance and no monthly maintenance fees.
“We are committed to helping our customers save, plan, and pay for college and other financial goals,” said Paul Thome, president, Sallie Mae Bank. “We are proud that our responsible, sound, and competitively priced savings accounts and CDs have again been named among the best.”
In addition to CDs and a competitive money market account, Sallie Mae also offers SmartyPig—a leading goal-based, online, high yield savings account— to help consumers reach their financial savings goals. SmartyPig offers competitive interest rates of up to 1.05 percent APY and allows customers to save using automatic monthly or biweekly contributions or individual deposits, and then track progress.
Sallie Mae Bank, Member FDIC, is a subsidiary of SLM Corporation, commonly known as Sallie Mae. For more information or to open an account, visit SallieMae.com/banking.
About GOBankingRates
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.
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