Sallie Mae Raises Online Savings Rate, Matches Upromise Earnings

A couple of months ago, I noted that Sallie Mae had launched a new online savings account. More recently, they announced a rate increase from 1.25% APY to 1.40% APY.

While this isn’t a huge increase, it’s certainly better than the regular rate cuts that we’ve seen from other online banks, and it places them near the top of the heap in terms of online savings rates.

They also have some decent (given the current market) CD rates, listed below:

• 12 months – 1.55% APY
• 36 months – 2.40% APY
• 60 months – 3.00% APY

Also… If you have a Upromise account, Sallie Mae will match up to 10% of your annual earnings (subject to some restrictions) as long as you have them deposited in your Sallie Mae savings account.

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