Sallie Mae Savings Account Review: 10% Upromise Match
Upromise is a rewards program that allows you to earn cash back on purchases from Upromise partners which includes more than 950 online stores, 10,000+ restaurants, grocery and drugstore items—and earn extra money for college. The money you earn from your everyday spending with Upromise partners goes directly into your Upromise account. You can choose to invest your earnings in a high-yield savings account or tax-deferred 529 plan; use it to pay down a student loan; or request a check that can be used for college or other expenses.
In additions, grow your earnings by opening a Sallie Mae High-Yield Savings Account, which has a great interest rate right now of 0.8% APY, and link it to your Upromise account in order to receive a 10% annual bonus match by Upromise on your Upromise earnings. This online savings account has no minimum balance, no monthly fees, and compounds interest daily. Sign up here for your 0.80% APY High-Yield Savings Account.
- Open a new Sallie Mae High-Yield Savings Account (HYSA) and link it to your Upromise Account.
- Within 90 days of opening your HYSA, do one of the following: (1) set up an Automatic Savings Plan with a monthly deposit of $25 or more, or (2) fund the account with $5,000 or more.
- Upromise will match 10% of your Upromise earnings posted as ”funded” to your Upromise Account once a year during a given calendar year of January 1 through December 31.
- Your 10% annual match will be deposited into your HYSA in February of the next year as long as both accounts are active and in good standing and that you maintain a minimum balance of $5,000 in your savings account for the duration of the calendar year for which your earnings will be matched.
- The 10% Upromise annual match benefit may be cancelled or changed at any time without notice. Upromise accounts are not FDIC insured, carry no bank guarantee and may lose value, however, the HYSA is FDIC insured.
Upromise is not just for students, it’s for everyone so sign up for your free Upromise membership today to start earning cash back rewards! For more details, visit FAQs about Upromise. Don’t forget to link your Upromise account with Sallie Mae’s High-Yield Savings Account to get the 10% match.
Check out our complete list of bank promotions to stay current with all these rewards.
The Blue Cash Preferred® Card from American Express offers a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
You'll earn 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 3% Cash Back at U.S. gas stations. 1% Cash Back on other purchases. In addition, you'll earn 6% Cash Back on select U.S. streaming subscriptions, 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses & more.
The card does come with a $95 annual fee. (See Rates & Fees)