If you’re trying to build an emergency fund or save for another goal, both of Sallie Mae’s savings products are a great place to start.
Sallie Mae High-Yield Savings Account
Sallie Mae High-Yield Savings Account comes with rates comparable to those of many top online banks. Besides high rates, its main selling points are no monthly fees and no minimum balance requirements. They’re perfect savings vehicles for almost anybody.
Customers can manage their funds through online account access or the bank’s mobile app.
Think of SmartyPig as an online piggy bank for adults. It works like a traditional savings account, but allows customers to set and track savings goals. SmartyPig rates are among the best in the industry. It’s worth noting, however, that the APY drops for higher account balances. Plus, there’s a a $250,000 maximum balance allowed.
This savings account has no monthly fees and no minimum balance requirements. The SmartyPig Account’s goal-oriented structure makes it a great vehicle for a sinking fund. A sinking fund is money set aside each month for a savings goal. Unlike emergency funds, used for unpredictable expenses, sinking funds are for predetermined expenses like a family vacation, baby shower, or college tuition.
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