The 4.50% APY, while nothing to sneeze at in the current economy, is not the highest rate you can find from a high yield savings account, particularly among online-only banks. High-Yield Savings Account has no minimum balance and no monthly fees, and you can open it with $0. Though it is inextricably associated with student loans, Sallie Mae offers a decent number of traditional banking products and services. Have no need for ATM access for their savings accounts.Do not need to keep their checking and savings accounts at the same bank.Want encouragement to meet multiple savings goals.Are looking for savings vehicles that are difficult to access.Need savings accounts with no fees or minimum balances.Want a better-than-average APY on multiple savings vehicles.It will be an especially good fit for customers who: Sallie Mae will work best for customers who want an online-only institution to stash their savings. To access the money in your Sallie Mae account, you will have to transfer it to your external account first. No ATM access: There is only one Sallie Mae branch in the United States, and there are no ATMs whatsoever associated with the institution.It's not possible to open a Sallie Mae deposit account without an external bank account. Customers must have another bank to fund Sallie Mae accounts: Related to the lack of checking accounts, customers must have access to another bank to be able to fund a Sallie Mae account.It is not possible for customers to use Sallie Mae as their primary bank. No checking accounts available: Sallie Mae's deposit accounts do not include any checking accounts.By encouraging this kind of targeted savings, Sallie Mae helps its customers to make progress toward reaching a number of savings goals all at once. Encourages savings goals: The Sallie Mae SmartyPig savings account allows savers to organize their money by assigning it to various goals.No minimum balances or monthly fees: Neither the savings accounts nor the money market account require a minimum balance, and you won't see your interest swallowed up by monthly service fees for either type of account.While it may be possible to find higher rates elsewhere, these rates are pretty noteworthy. Solid interest rates: All of Sallie Mae's deposit accounts, including their savings accounts, CDs, and Money Market account, offer fairly high APYs.

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