Take Advantage of Sallie Mae’s High-Yield Savings Accounts

Federal loan giant Sallie Mae has recently entered the retail banking sector, and they’re offering competitive rates on high-yield savings accounts. Here, we’ll do a brief rundown of Sallie Mae’s high-yield savings accounts.

Powerful Interest Rates
Sallie Mae’s current High Yield Savings Account is offering an interest rate of 1.34%, though this figure might fluctuate. Here are some details regarding the account.

Important Details
*If you wish to link other bank accounts to your Sallie Mae account, it’s quite easy to initiate this process.
*Don’t ask for paperwork, as you’ll have to pay $5 for a hard copy of your bank statement.
*You receive free monthly electronic statements.
*Your account is insured for up to $250,000 by the Federal Deposit Insurance Corporation.
*You can easily establish Direct Deposit.
*Sallie Mae will compound your interest daily but credit to you monthly.
*In compliance with federal law, Sallie Mae permits only a maximum of 6 withdrawals per your statement cycle before you have to pay a penalty.
*If you make any withdrawals beyond the original six, you are required to pay a $10 penalty for each withdrawal.
*Don’t allow deposits to get returned, because you’ll have to pay a $5 fee.

Make an Educated Decision
Despite all of these details, the powerful 1.34% interest rate is attracting many investors. This is a very motivating factor for people who are looking to put their money in an account that actually has growth potential. Sallie Mae’s reputation as a federal loan giant is also attracting many investors to these bank accounts.
If you’re looking for a high-yield savings account, then Sallie Mae might work very well for you.

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