Sallie Mae savings account rates and money market account rates remain in top ten best available nationwide. Sallie Mae rates have dipped recently along with most bank savings rates but the current savings promoted Sallie Mae continue to hold their competitive position.
The average for the top ten best money market account rates for the week ending May 13, 2011 was 1.11 percent. The money market account rate offered by Sallie Mae Bank is also at 1.15 percent of the second highest rate available. The average rate on the top ten best bank savings accounts was 1.18 percent for the week. The Sallie Mae savings account rate is currently at 1.10 percent.
Sallie Mae Bank also offers select bank CDs with competitive interest rates. The Sallie Mae CD rate on a one year term CD is at 1.00 percent, the three year term CD from the bank is at 1.55 percent and the Sallie Mae 5 year CD rate is 2.15 percent.
Sallie Mae savings accounts continue to be promoted with no minimum balance requirement and no monthly fees. These rules apply to all three bank accounts; savings account, money market account and certificate of deposit.
The bank accounts are offered through Sallie Mae Bank which is an FDIC insured bank. All of the deposit accounts are FDIC insured up to the maximum amount allowed. The accounts can be opened with through the Sallie Mae web site at salliemae.com. These are online only accounts; Sallie Mae Bank does not operate bank branches. All accounts can be managed online, 24 hours a day.
Sallie Mae is almost certainly better known for its educational loan programs. The company manages or services over $225 billion in education loans and administers $35 billion in 529 college savings plans. Sallie Mae helps with general savings and college savings with its 529 college savings plans, high yield savings accounts and bank CDs as well as their Upromise savings program. The company also provides private student loans.
For more information on the top ten savings account rates or money market account rates please see Money Market Account Rates or Savings Account Rates. To see more information on the best online banks refer to Best Online Bank and to see some of the best online savings accounts available see Best Online Savings Account.