Sallie Mae Bank announced it has been named a best online bank of 2015 by GOBankingRates,.
The designation was evidence of an aggressive effort to offer higher-than-market interest rates on savings and certificate of deposit accounts.
“Sallie Mae consistently delivers customers high interest rates on deposit products, a necessity for savers in this low interest rate environment,” said Casey Bond, managing editor of GOBankingRates. “Combine great rates with their participation in the innovative Upromise rewards program, and it’s clear Sallie Mae deserves to be named a top online bank for 2015.”
Upromise offers cash back from purchases at retailers that can be used to build college funds.
The GOBankingRates survey measured FDIC-insured online banks, in areas such as CD interest rates, savings account yield, fees, minimum balance requirements, customer service, and BauerFinancial Star overall financial strength.
Sallie Mae savings accounts offer free mobile banking, enabling customers to securely deposit checks, check balances, and transfer funds on the go.
Sallie Mae offers a money market account that allows checks to be written, but limits the number of withdrawals per month.
“Our mission is to provide customers with responsible, competitive and sound financial products and services to help meet their saving, planning, and paying for college goals,” said Paul Thome, president, Sallie Mae Bank. “This recognition reaffirms we are delivering on that mission and providing tools that can help families get on the financial path to college.”
Sallie Mae Bank is a subsidiary of SLM Corporation, commonly known as Sallie Mae. For more information visit SallieMae.com/banking. Sallie Mae is based near Newark and is now a financial institution specializing in paying for college though loans and putting aside savings.
Loan servicing, asset recovery (collections) and other functions were spun off into a company known as Navient, which is now based in Wilmington, but also has operations near Newark.
