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.
(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.
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.
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.