It's not the best rate for an online savings account. SmartyPig is over 2% right now, and recently announced it would raise its rates.
We talk a lot about online savings accounts because they usually offer better rates than you can find at your local bank, but with interest rates at historic lows for the past few years it has been hard to find attractive savings account yields. Well, we can thank Sallie Mae for introducing their new online savings account which boasts the highest online savings rate in the market currently at 1.4% APY. The best part is there’s no minimum deposit amount and no monthly fees. Does it get much better than that?
Actually, it does. You can also earn a 10% annual match on your Upromise earnings if you link your Sallie Mae savings to your Upromise account. That’s free money, and I know all of you like getting stuff for free. The Upromise annual match will be 10% of your total annual Upromise earnings and identified as “funded” in your Upromise account during a given calendar year of January 1 through December 31. For example, if in 2010, you earned $100 in your Upromise account and this amount is identified as “funded,” you are eligible for a $10 Upromise earnings match. Upromise earnings will post directly into your Upromise account each February following the calendar year’s activity provided that both accounts are in good standing. The Upromise annual match will occur once per year.
To be eligible for the match you need to set up an Automatic Savings Plan with at least a $25 monthly deposit or fund the account with $5,000 within 90 days of opening the High-Yield Savings Account. So, what are you waiting for? If you don’t have a Upromise account, go set one of those up. Then sign up for the Sallie Mae high-yield online savings and start making money!
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About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.