SallieMae Bank Adds New Upromise GoalSaver Account

POSTED ON BY

Availability: Nationwide (internet bank)

SallieMae Bank recently discontinued its High Yield Savings account. The only savings account now offered by SallieMae Bank is their Upromise GoalSaver Account (0.85% APY), which is part of the new Upromise Rewards program.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.85%--Sallie Mae BankUpromise GoalSaver Account
Accounts mentioned in this post. Rates as of August 25, 2016.

(Note: I had heard that SallieMae Bank was making a shift in its marketing strategy, re-focusing on student financial matters. The advertisements for the Upromise Rewards program - including a mortar board hat above the “U” in Upromise - seems to indicate that rumor may have been true.)

Join Upromise for free and turn everyday purchases into cash back for college
when you shop online, book travel, and eat out with participating merchants.

While the marketing of the Upromise Rewards program and Upromise GoalSaver Account suggests a definite student connection, the Upromise FAQ page states,

Any U.S. citizen or person living in the U.S., or its territories, who’s of legal age in his or her
state of residency (generally 18 to 21, depending on the state) can be a Upromise member.

The fine print associated with the different Rewards and Bonuses associated with the Upromise GoalSaver Account is lengthy, but can be summarized as:

  • 10% match on transferred Upromise earnings
  • Earn $10 every year just for making regular deposits
  • $100 for keeping your account active for 3 years

There is no minimum or maximum balance on SallieMae Bank’s Upromise GoalSaver, and there are no monthly fees associated with this online account. Complete details are available in the Upromise GoalSaver Account Terms and Conditions Agreement document.

Availability

SallieMae Bank is an internet-only bank that is headquartered in Salt Lake City, Utah. Accounts are available to individuals who have a Taxpayer Identification Number (usually a Social Security Number) and a physical address in the United States. Opening a Upromise GoalSaver account must be done online.

Bank Overview

SallieMae Bank (FDIC Certificate # 58177) has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 1.655% (excellent) as of March 31, 2016 data. In the past year, SallieMae Bank has increased its total deposits by $844.05 million, an excellent annual growth rate of 7.57%. Please refer to our financial overview of SallieMae Bank for more details.

The "SallieMae" brand is most commonly associated with private student loans. The Student Loan Marketing Association (aka "SallieMae") opens its doors as a Government-Sponsored Enterprise (GSE), designed to support the guaranteed student loan program created by the Higher Education Act of 1965. Chartered in 2005, the internet-only SallieMae Bank has expanded its product line beyond student loans to include CDs, Savings Accounts, Money Market Accounts, Insurance, and Credit Cards, and today has assets in excess of $15 billion.

How the Upromise GoalSaver Account Compares

When compared to the 142 Savings Accounts tracked by DepositAccounts.com that are available nationally, Sallie Mae Bank’s Upromise GoalSaver Account APY currently ranks in the top 20. While the various Upromise Rewards and Bonuses available potentially increase the overall value of this savings account, on its face the Upromise GoalSaver Account is not that impressive.

The above rates are accurate as of 6/21/2016.

To search for nationwide Savings Account rates and Savings Account rates in your state, please refer to the Savings Account rates section of DepositAccounts.com or our new Rates Map page.

Comments
poormansbank
poormansbank (anonymous)   |     |   Comment #1
what about those who had the savings accounts
Anonymous
Anonymous   |     |   Comment #2
I have a account linked to Upromise. If you have a kid going to college Upromise a great way to get some extra college savings At the end of the year Upromise sends a 10% match to the savings account. Since the rate isn't that great I only keep a few hundred in the account. I hey about a $30 bonus each year.
Sallie Mae Bank Offers Money Market Promo Rate
Availability: Nationwide (internet bank)

Last October, SallieMae Bank offered a Money Market account (MMA) promotion, with a rate guarantee for the first six months. That promotional lasted less than a month.

SallieMae Bank has a new MMA promotion in place, and according to the fine print,

The current non-promotional rate is 0.90% APY, which would result in a blended APY of 1.05% APY for a twelve-month period, assuming the non-promotional rate does not change during the first year.

There is no minimum or maximum balance on SallieMae Bank’s MMA...

Continue Reading
Sallie Mae Bank Has Money Market Promotional Rate

UPDATE 11/5/2015: The promotional rate is no longer available.

Availability: Nationwide

SallieMae Bank recently began offering a Money Market account promotional rate of 1.24% APY, guaranteed for the first six months. Following the initial six months, the rate will revert to the non-promotional rate (currently 0.90% APY).

Assuming the non-promotional rate does not change for the first year, the blended APY will be 1.07% APY.

There is no minimum or maximum balance on SallieMae Bank’s Money Market and there are no monthly fees associated with the account. Complete...

Continue Reading
Sallie Mae Bank Raises Rates On 12-month and 36-month CDs
Availability: Nationwide

Just prior to the July 4th holiday weekend, Sallie Mae Bank raised the rate on its 12-month CD (1.25% APY) and 36-month CD (1.60% APY). The minimum opening deposit for either CD is $2.5K and there is no maximum balance cap.

The 12-month CD’s newly raised APY represents the highest rate in almost 5 years for the CD, and its first rate increase in eight months.

This was also the first rate increase for the 36-month CD in more than a year, and the new APY is...

Continue Reading
Sallie Mae Bank's 12-month CD Rate Raised To Attractive Level - National

As a Halloween treat, Sallie Mae Bank raised the rate on its 12-month CD (1.15% APY) on Friday. $2.5K is the minimum deposit required to open the CD, and there is no maximum balance cap.

As stated on Sallie Mae Bank’s Certificate of Deposit FAQs page, the Early Withdrawal Penalty is as follows:

Availability

Sallie Mae Bank is an internet-only bank that is headquartered in Salt Lake City, Utah. Accounts are available to individuals who have a Taxpayer Identification Number (usually a Social Security...

Continue Reading
Another Money Market Rate Increase at Sallie Mae Bank

Sallie Mae Bank just increased the rate of its money market account from 0.90% to 1.00% APY. This applies to all balances. There was no change to the savings account yield which remains 0.80%. In July, Sallie Mae Bank had increased the money market yield from 0.85% to 0.90%.

It's nice to see a rate increase in today's awful interest rate environment, and it's nice to see another money market yield that is at least 1.00%. Another thing to note is that unlike some internet banks, this rate increase applies to...

Continue Reading

More Past Offers