bank rates

Sallie’s 1.40% Rate Tops Savings Accounts

Sallie Mae Bank is starting November right where it was on the first of October — at the top of our rankings of the best nationally available savings accounts.
The online bank owned by the big student lender hasn't been cutting interest rates like other banks.
That’s because the online bank owned by the big student lender has stuck with the 1.40% APY return it’s offered investors since last spring.

Everyone else has spent the past six months cutting, cutting, cutting interest rates.

Readysaver.com, for example, was paying 2.00% APY in March. Then 1.75% APY. Followed by 1.50% APY. And now its return is 1.35% APY, which is still good enough to be the second best rate in our rankings.

The next best nationally available returns are:

1.30% APY with a $1,000 minimum from Capital One Direct Bank. Its InterestPlus Online Savings account also pays a 10% bonus on the interest you earn.

1.30% APY with no minimum deposit from American Express Bank, an online bank owned by the credit card company.

1.25% APY with a $500 minimum deposit from Discover Bank, an online bank owned by the credit card company.

1.25% APY with a $2,500 minimum deposit from Colorado Federal Savings Bank, an online bank in Greenwood Village, Colo.

Compare these returns with the best savings and money market account rates from scores of other banks in our database.

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Comments (2)
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  1. Scott said:
    on November 5th at 10:45 am

    Looks like they just dropped it to 1.30% as of today, 11/5/2010. 🙁

  2. DealMaven said:
    on November 5th at 02:10 pm

    Yep. We’re working on an update.