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Sallie Mae Bank High-Yield Savings Account

Reviewed
July 2012
by ConsumerSearch
Sallie Mae Bank High-Yield Savings Account

Best online savings account

Pros
  • No fees
  • Simple, straightforward
  • No minimum deposit
  • Can earn bonus money
Cons
  • Only six withdrawals a month
  • Only withdrawal option is funds transfer

Many people associate the financial services company Sallie Mae with student loans. But in 2010, the bank began offering savings vehicles, including a money market account, a high-yield savings account and certificates of deposit. Kiplinger.com included the money market account in its 2011 "Best of Everything" list, and reviewers have been especially enthusiastic about the Sallie Mae High-Yield Savings Account, which was on the 2010 Kiplinger.com list of best credit and savings deals.

Reviewers say there's a lot to like about the Sallie Mae Bank High-Yield Savings Account. For some, including those at Kiplinger.com, it's the combination of "no monthly fees and a respectable rate." Blogger Luke Landes, founder of ConsumerismCommentary.com, says that "the account opening process was the smoothest I've ever experienced." The website also is easy to use but not splashy, reviewer say.

Reviewers also praise Sallie Mae's "Upromise bonus," the free rewards program that lets people earn money when they buy from participating retailers or use the Upromise credit card. When you open a High-Yield Savings Account and link it to your Upromise account, Sallie Mae will give you a bonus equal to 10 percent of the Upromise money you've earned over the course of a calendar year, and you can have that amount transferred to your savings account.

The Sallie Mae Bank High-Yield Savings Account earns praise from several reviewers, including J.D. Roth at GetRichSlowly.com and the editors of BankVibe.com. To top it all off, BankRate.com gives Sallie Mae Bank a 5-star Safe & Sound rating.

Our Sources

1. Kiplinger.com

Sallie Mae, according to the editors here, has the best money market account. There's no real review, just a summary of the account's features.

Review: The Best of Everything 2011, Editors of Kiplinger's Personal Finance magazine, Dec. 2011

2. Kiplinger.com

The Sallie Mae Bank High-Yield Savings Account is named the best online savings account. Again there's no real review, just a description of the account's features.

Review: Best of Everything 2010: Best Credit and Savings Deals, Kiplinger.com Washington editors, Dec. 2010

3. GetRichSlowly.org

The Sallie Mae High-Yield Saving Account is on this list of six banks that offer savings or money market accounts with "excellent customer service, great rates, and a good user interface," based on reader comments.

Review: Best High-Yield Money Market & High-Interest Savings Account, J. D. Roth

4. It's Your Money

Blogger "Michael" tests all of the banks reviewed here by opening and maintaining accounts at them. This detailed review of the Sallie Mae Bank High-Yield Savings Account describes its features and takes the reader through the steps it takes to open an account.

Review: Sallie Mae Online Savings Account, "Michael"

5. ConsumerismCommentary.com

Blogger-reviewer Luke Landes opens a Sallie Mae Bank High-Yield Savings Account online and describes the process as quick and easy. However, he notes that, "There is no support, either through Direct Connect or Web Connect, for Quicken. … Additionally, neither Mint nor Yodlee currently support Sallie Mae."

Review: Sallie Mae Savings Account Opening Review, Luke Landes

6. BankVibe.com

The Sallie Mae Bank High-Yield Savings Account is on this list of the top five online savings accounts in 2011. According to the review, "Their online savings account features an easy to navigate interface along with no minimum balance requirement."

Review: Top 5 Online Savings Accounts in 2011, Editors of BankVibe.com, May 7, 2011

7. Bankrate.com

The editors of BankRate.com give Sallie Mae Bank a Safe & Sound rating of 5 stars, or superior. More information on the bank and how the rating was determined can be found in the provided links.

Review: Safe & Sound Rating: Sallie Mae, Editors of BankRate.com, Dec. 2011

Online Banking Runners Up:

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PNC

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USAA Federal Savings Bank

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