Additional information of High-Yield Savings Account
Obtaining the Sallie Mae Bank High-yield Savings account is a very simple process. All you need is to be over 18 years old and have a valid U.S. address.
Since this institution does not have physical branches, you have to complete the application steps online. For this procedure, you may be asked for:
- Personal information
- A valid official ID
- Credit information
- Individual Taxpayer Identification Number (ITIN)
The best thing about this high-interest savings account is that it does not require a minimum balance and you can open it as low as one cent ($0.01). This financial management tool includes other features that we find relevant:
- Low fees
- Individual or shared ownership
- Possibility of linking your accounts in other banks.
- Easy management through your favorite mobile devices
- Only electronic deposits and checks allowed (with exceptions)
- Interest calculated daily and deposited at the end of the collection period
- Account closure for balances under $100 if you have no activity in 12 months.
Also, this entity does not allow you to make transfers abroad and there is a transfer limit of $500,000 to other accounts.
Among the few fees, there is a $5 returned check fee and you may be charged an NFS fee. Repeated insufficient funds charges can lead to account closure.
Sallie Mae's high-yield savings account gives you a high-yield rate, well above the average, fully online operability and can charge you much less than the others. In addition, this institution also offers another well-paying savings account, the SmartyPig, also with no handling fee.
Español: Cuenta de ahorro de alto rendimiento de Sallie Mae