bank rates

Sallie Mae Looks For Savers

You may have heard that Sallie Mae’s getting into the banking business.

Sallie Mae turns to banking

But will its new savings accounts and CDs catch on?

First, the yields aren’t that great — and already being cut.

When Sallie Mae introduced its savings accounts in early March, it was paying 1.35% APY. Now it’s paying 1.25% APY.

Although that’s still an above average return, it certainly won’t make it into our rankings of the best nationally available savings accounts, which are paying as much as 2.00% APY.

Second, everyone I know hates Sallie Mae.

As the largest broker of private student loans it’s burdened a generation of college students with more high-cost debt than they can ever hope to repay.

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  1. hallmonitor said:
    on March 26th at 04:08 pm

    not to mention that they then dropped students they had previously promised (but not yet funded) loans in 2008 & 2009. I think the students who had the rug pulled out from under them will NOT be first to line up to give this company their deposits.