SallieMae Bank Adds 15 Basis Points To Money Market Account

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Deal Summary: Money Market Account (1.05% APY); no minimum or maximum deposit requirements.

Availability: Nationwide (internet bank)

SallieMae Bank has ended the week by increasing the rate on its Money Market Account (1.05% APY) by 15 basis points.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.05%--Sallie Mae BankMoney Market
Accounts mentioned in this post. Rates as of May 27, 2017.

There is no minimum or maximum balance on SallieMae Bank’s MMA and there are no monthly fees associated with the account. However,

if you open an Account that remains dormant, with a balance of $100 or less
with no activity for the past 12 months, we reserve the right to close the Account.
Complete details (including information about POD accounts) about the MMA are available on Deposit Account Terms and Conditions Agreement page.

ACH Transfers

Good news - SallieMae Bank still continues to have a "no limit" policy on the dollar amount of electronic transfers. Not so good news – there is a long hold period for deposits.

  • $5k or less – New account 10 business days; Existing account 5 business days
  • $5k+ – New and existing accounts 10 business days

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 any account, including CDs, MMAs, Savings, 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 1.53% (excellent) as of September 30, 2016 data. In the past year, SallieMae Bank has increased its total non-brokered deposits by $1.32 billion, an excellent annual growth rate of 11.83%. 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 $17 billion.

How the Money Market Account Compares

When compared to the 172 Money Market Accounts tracked by DepositAccounts.com that are available nationally, Sallie Mae Bank’s Money Market’s APY currently ranks fourth, but the no balance cap feature only adds to its competitiveness.

The above rates are accurate as of 1/27/2017.

To search for Money Market rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com or our new Rates Map page.


Comments
RJM
RJM   |     |   Comment #1
We really need some banks & credit unions that with rate match other banks & credit unions the way Walmart ad matches other stores. I guess Target does too.
Silence is not good
Silence is not good   |     |   Comment #2
Excellent comment!
unmesh
unmesh   |     |   Comment #3
And they do this just as I finished moving my money out because of their 0.9% yield!
!!!
!!!   |     |   Comment #4
Happens quite often when you play the rate chasing game, all for tenths of a percentage point.
ANON
ANON   |     |   Comment #5
I no longer use SAllie Mae for banking because of their long hold times on deposits. 2 weeks (10 business days) for new accounts, and 1 week (5 business days) hold for existing accounts. I've tried many online banks, but I no longer use SAllie Mae and Capital One due to their long holds and slow processes. On the other hand, I"ve had good experience with Ally, Synchrony, and Barclays.
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SallieMae Bank has a new MMA promotion in place, and according to the fine print,

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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...

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