Student lender Sallie Mae said Tuesday it has launched new online savings account

Firstgraph, second sentence of release should read: “To help families save, plan and pay for college or other important goals, Sallie Mae through Sallie Mae Bank today announced …” ( “To help families save, plan and pay for college or other important goals, Sallie Mae today announced …”).

New FDIC-Insured High-Yield Online Saving Accounts and CDs Provide Incentives To Help Accelerate Savings

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Saving for a child education is a top priority for parents, trailing only saving for retirement, according to national research from Sallie Mae and Gallup, yet only 29 percent of parents are on track to meet their college savings goals. [Read the full article]

Student lender Sallie Mae said Tuesday it has launched new online savings account and certificate of deposit programs for families trying to save for college.

Sallie Mae, formally known as SLM Corp., said its new FDIC-insured savings account offers a 1.35 percent annual percentage yield. The rate is significantly higher than the overnight average money market savings account yields of 0.84 percent listed by Bankrate.com on Tuesday.

The Sallie Mae account requires no minimum balance to start, the company said in a statement. The account also carries rewards program, which enables customers to earn money back on eligible purchases from grocery stores, online retailers, restaurants and gas stations.

The company also announced new certificates of deposit requiring no minimum balance or monthly fees.

Both rates were higher than the Bankrate overnight averages, which listed 12-month CD yields at 1.42 percent and 5-year yield averages at 2.89 percent. [Read the full article]

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