Update on Sallie Mae Bank

Sallie Mae just issued a press release on its savings account interest rate increase that occurred on May 1st. I hope this is an indication that the rate will last for a while. The 1.40% APY is very competitive for online savings accounts. The 12-month CD rate is also competitive at 1.55% APY. Another plus is the 10% annual match on your Upromise earnings. I have more details in my May 1st review.