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High-Yield Savings Account

Sallie Mae Bank Customers

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Benefits
Rates, Terms, and Fees
Rewards
Reach your goals faster. Open a High-Yield Savings Account and start earning more on your savings.
What You Get:
  • % Interest Rate
  • A rate that's 10X the national average
  • No minimum balance or monthly fees
  • FDIC-insured peace of mind
  • 10% annual match on Upromise® earnings
  • Easy online account management, 24 hours a day

Maximize your savings. It takes just minutes to open an account online.

Rates & Interest

Rates on all Balances

0.80% Annual Percentage Yield1 (APY)
0.80% Interest Rate1

Interest

Compounded daily, paid monthly

Balances & Fees

Minimum Balance

None

Monthly Fees

None

Withdrawals

Maximum of six withdrawals per month.6

Electronic Transfers

Free

Save Even More with Upromise
  • Earn a 10% annual match on your Upromise earnings with the High-Yield Savings Account
  • Turn your everyday purchases into more rewards for your savings.
  • Invite your friends and family to join Upromise and contribute to your earnings
You can use your Upromise earnings several ways:
  • Transfer them to your High-Yield Savings Account
  • Request a check
  • Help pay down your eligible Sallie Mae student loans

Open an Account

1 Advertised Interest Rate and Annual Percentage Yield for the High-Yield Savings Account may change after opening, apply to personal accounts only, and are accurate as of . Fees could reduce earnings. Please refer to the Account Terms and Conditions Agreement for details.

2 National statement savings rate courtesy of Bankrate.com's 2013 Passbook & Statement Savings Study, as of 10/23/2013.

3 Based on a February 27, 2014 review of competitor rates and APYs.

4 To be eligible for the 10% annual match on your Upromise earnings from Upromise you must link your High Yield Savings Account (HYSA) to your Upromise Account and, within 90 days of opening your HYSA, either: (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. If you qualify for the 10% match based on having the minimum balance of $5,000 in your HYSA, you must maintain that minimum balance in your HYSA for the duration of the calendar year for which your earnings will be matched. Once you complete the steps above, Upromise will match 10% of your Upromise earnings posted as ”funded” to your Upromise Account during each calendar year.  Your match will be deposited into your HYSA in the February after you have linked and funded your account as described above, provided that both accounts remain active and are in good standing at time of transfer.  Visit the FAQs to learn more. Upromise may change or terminate the 10% annual match offer at any time without notice.  Other terms and conditions may apply.

5 Subject to $10 minimum monthly transfer amount.

6 Federal Regulation D limits certain types of withdrawal and transfer transactions you can make from your Sallie Mae Savings or Money Market accounts to a maximum of six per monthly statement period per account. An Excessive Transaction Fee applies for each transaction that exceeds the limit. Please refer to the Account Terms and Conditions Agreement for details.

Deposit products are offered through Sallie Mae Bank®, Member FDIC.

The Sallie Mae logo, Sallie Mae, and Sallie Mae Bank are registered service marks of Sallie Mae, Inc.

Upromise and the Upromise logo are registered service marks of Upromise, Inc.

WE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

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