Sallie Mae Bank Announces New, Industry-Leading Rates for Certificates of Deposit

NEWARK, Del.--(BUSINESS WIRE)--

Sallie Mae, the nation's leading saving, planning, and paying for college company, today announced its rates for both 12- and 36-month certificates of deposit now rank No. 1 nationally for 5-star-rated banks on Bankrate.com. Sallie Mae Bank recently increased both its 12-month certificate of deposit rate to 1.25 percent annual percentage yield (APY) with an interest rate of 1.24 percent, and its 36-month certificate deposit rate to 1.60 percent APY with an interest rate of 1.59 percent.

"Helping customers effectively save, plan, and pay for college and providing responsible and competitive financial products go hand in hand," said Paul Thome, president, Sallie Mae Bank. "Increasing our rates to the top of the class can benefit more families as they pursue their college savings goals."

The Sallie Mae Bank 12-month certificate of deposit and 36-month certificate of deposit carry no fees and no maximum balance. The accounts require a minimum deposit of $2,500. Sallie Mae Bank also offers a high-yield savings account, a competitively priced 60-month certificate of deposit at 2.10 percent APY and a money market deposit account with an interest rate at least nine times the Bankrate.com national average rate as of July 2, 2015.

Sallie Mae Bank, member FDIC, is a subsidiary of SLM Corporation, commonly known as Sallie Mae. For more information or to open an account, visit SallieMae.com/banking.

Sallie Mae SLM is the nation's saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

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