Available nationwide, Sallie Mae Bank Money Market is offering a competitive 1.75% APY Rate, which is 21x the national average. Continue reading below to learn everything you need to know about Sallie Mae Bank.
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About Sallie Mae Bank Money Market
Sallie Mae Bank was created in 1972. Sallie Mae Bank is currently headquartered in Murray, Utah, and maintains it customers’ deposit accounts through its online banking system.
Sallie Mae Bank online banking provides the only way for customers to access their deposit accounts. The web-based platform gives account holders the ability to perform functions like direct deposit, bill pay, and fund transfers.
I’ll review Sallie Mae Bank below.
Sallie Mae Bank Money Market Rate
- Account Type: Money Market
- Interest Rate: 1.75% APY
- Minimum Balance: None
- Maximum Balance: None
- Availability: Nationwide (Online)
- Credit Inquiry: Soft pull
- Opening Deposit: None
- Credit Card Funding: Unknown. Let us know.
- Monthly Fee: None listed
- Early Termination Fee: None
American Express Personal Savings Account - You earn 1.70% interest rate along with no minimum deposits or monthly fees. Amex Personal Savings has been my favorite Hub account for the past 5 years. Using this account to Pull/Push your money is absolutely necessary when you have many accounts. Here's why:
*No dollar limitations for ACH transfers - When you find a top bank rate account, you don't want to be limited to just $5K or $10K transfers. Amex Savings will let you transfers as much as you want whether you are pulling or pushing money from and to an external bank account.
*1 to 2 business days ACH transfers speed - With top-notch user interface, you get your money to another external account or pull money from another bank account within a day or two.
*No loss of interest during transfers - On the day you initiate your transaction on the Personal Savings website, the funds will be reflected in your Current Balance and begin earning interest.
Some other features from American Express Personal Savings include Free Wire Transfers, 3 maximum linked accounts, and maximum 6 ACH withdrawals per month.
Savings account offers are frequently updated. Find the best nationwide Savings/Money Market rates here, and the best Savings account bonuses here. The Axos UFB High Yield Savings and CIT Bank Savings Builder accounts offer great rates available nationwide. The Discover Online Savings and Chase SavingsSM account have nice sign-up bonuses.
|Discover Bank Online Savings||1.60% APY + $200 Cash||Review|
|CIT Bank Savings Builder||1.75% APY + $150/$300 Bonus||Review|
|UFB Direct High Yield Savings||1.90% APY||Review|
|Betterment EverydayTM Cash Reserve||1.83% APY||Review|
|American Express High Yield Savings||1.70% APY||Review|
Sallie Mae Bank ACH Capabilities & Limits
|ACH Type||Speed||Daily $ Limit||Monthly $ Limit||Notes|
Editor’s Note: Help us with the table above in the comment section if you have experience with Sallie Mae Bank’s ACH capabilities.
How to Earn Sallie Mae Bank Rate
- Open a Money Market account from Sallie Mae Bank.
- Input your info – Provide your name, address, phone, email and social security number or Tax ID.
- Created a secret questions/answer and a four-digit PIN number which can be used to access the telephone banking system.
- Fund the account – Transfer funds electronically from an internal account here or an external account at another bank.
- Earn 1.75% APY on any balance which is compounded daily, paid monthly.
|Balance Requirement||APY Rate|
|Any Balance||1.75% APY|
Why You Should Sign Up For This Account
- No minimum deposit – You can open your account with as little as $1 and still continue to earn high rate APY.
- No monthly fees – Sallie Mae Bank allows you to maintain an account without having to worry about any transaction fees, allowing you to earn as high of a return as you can on your investment.
- 24/7 account access – You’ll be able to manage your funds from the comfort of your own home at anytime.
- FDIC insured – Your funds will be FDIC insured up to the maximum amount of $250,000.
Check out Sallie Mae Bank and open a Money Market account with this amazing rate! The fact that you can earn a high rate on any balance makes this Savings Account worth looking into. Let us know about your experience with this bank and comment below.
For more bank offers, see the complete list of Best Bank Rates!
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