Earlier today, Sallie Mae Bank increased the interest rate offered on its savings account 50 basis points to 1.4% APY. This is one of the highest interest rates available. I’ve shared my thoughts about opening a Sallie Mae Bank savings account in this review.
Sallie Mae ties directly into the Upromise savings plan, a program which gives you cash back for purchases. While the main purpose of Upromise is to save for future or current college expenses for yourself or your children. With a Sallie Mae bank account, you can transfer your cash back directly to the bank.
Furthermore, Sallie Mae will match 10% of your Upromise earnings each year if the two accounts are linked. I’m a fan of Upromise. I’ve connected my account to the credit card I use primarily for spending, as well as the loyalty card for my grocery store, so I earn cash back when I buy products I would have purchased anyway.
Updated March 21, 2011 and originally published May 10, 2010.