Tuesday, May 11, 2010

Sallie Mae Announces New Market-Leading Savings Account Interest Rates

(BUSINESS WIRE)--Whether you are saving money for college or other important goals, Sallie Mae now helps you achieve your goals with increased savings account interest rates among the highest nationwide. Saving for college is increasingly a priority for parents with 59 percent currently saving for college through a combination of savings, CDs and money market accounts according to national research from Sallie Mae and Gallup. Of these parents, 38 percent manually deposit funds when budget allows and 31 percent are habitual savers.

“The account was no trouble to open and the high rate combined with Upromise benefits will help us build our savings.”

“The Sallie Mae savings account earns more interest and helps our family save for college, for us it was a no brainer,” said Julie M., a mother of four from Cincinnati. “The account was no trouble to open and the high rate combined with Upromise benefits will help us build our savings.”

The High-Yield Savings Account by Sallie Mae is now offering a 1.4% Annual Percentage Yield (APY), among the best interest rates in the nation. There are no minimum balance requirements, no monthly fees, accounts are FDIC insured and starting an account takes just a few minutes online. Customers can save even more with a 10 percent annual match of their Upromise rewards earnings. Sallie Mae’s Upromise rewards program is free, and members earn rewards through everyday spending at online retailers, restaurants, gas stations and grocery stores.

High-Yield Savings Accounts are just one of the ways you can save with Sallie Mae. The company also offers Certificates of Deposit accounts and college savings plans. Certificate of Deposit accounts have no minimum balance, no monthly fees and terms of 12 months at an increased rate of 1.55% APY, 36 months increased to 2.40% APY or 60 months at 3.0% APY. Tax-advantaged 529 savings plans are available from Sallie Mae’s Upromise Investments. The High-Yield Savings Account and Certificates of Deposit by Sallie Mae are products of Sallie Mae Bank, member FDIC.

Sallie Mae recommends students follow a “1-2-3 approach” to paying for college: first, use free money by filling out the FAFSA to access need-based grants and research and apply for scholarships, supplemented with current income and savings, such as the High-Yield Savings Account, Certificates of Deposit and 529 plans by Sallie Mae. Second, explore federal loans. Third, fill any gap by using a pay-interest-as-you-go private education loan. For example, Sallie Mae’s Smart Option Student Loan helps reduce the total finance charges paid over the life of the loan and helps you pay off sooner.

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