One of the top performing money market accounts is offered by Sallie Mae. The [mma bank=’Sallie’ alt=’Sallie Mae money market account’] Sallie Mae money market account [/mma] is currently providing [mma bank=’Sallie’ alt=’1.15% APY’]~APY~% APY[/mma] without a minimum deposit requirement. The Sallie Mae money market account rates are among the highest nationwide and it continues to be one of the most popular money market accounts among investors.
How does the [mma bank=’Sallie’ alt=’Sallie Mae money market account’] Sallie Mae money market account [/mma] compare to others in the nation? Here are a few of the benefits you will see:
- No monthly fees
- FDIC insured
- No minimum balance requirements
- Check writing from your account
- 24/7 access to your account through online account management
- [mma bank=’Sallie’ alt=’1.15% APY’]~APY~% APY[/mma] interest rate, almost 7 times higher* than the National average
In addition to providing the highest paying money market accounts you can also open up other accounts with Sallie Mae as well like a college savings plan or a CD account. This is a great way to grow money for your future and for the future of your children as well.
Open an Account Online
Opening a [mma bank=’Sallie’ alt=’Sallie Mae money market account’] Sallie Mae money market account [/mma] online takes just a few minutes. Initially you will need to input your contact information and you may need to wait for a phone call. Sallie Mae will need to verify your identity and they may end up contacting the credit bureaus to check on your history though their inquiry will not impact your credit score at all. Opening the account also requires your driver’s license information along with your social security number. The easiest way to start funding the account is by setting up the ACH transfer from your current financial institution.
When Will Funds Be Available?
If you need to make a transfer from your money market account, how quickly will you be able to have access to the account? Depending upon the time of day in which the funds are deposited, you may need to wait until the next business day to withdrawal money. Any deposit amount that is $5,000 or less will need to be held for 5 business days and 10 days for deposits over $5,000. New accounts must wait at least 30 days after the account is open before you are eligible for transferring money. It is important to check on your account and plan ahead as Sallie Mae could require 7 days notice of money transfers.
Other Benefits to Sallie Mae
There are some money market accounts that are not insured by the FDIC. With the [mma bank=’Sallie’ alt=’Sallie Mae money market account’] Sallie Mae money market account [/mma] you do not need to worry as it is an FDIC insured money market account. This means your money is protected and you will get it back in the event that there is a bank failure. The more money you save, the more money you can potentially earn. Compared to other investments, money market accounts are NO RISK (as long as you keep your balance under the FDIC insured limit of $250,000) and will provide you with a decent return. Your return on investment may not be as high as it could be with other higher risk accounts or CD accounts where your money is locked in, but it provides a great option for conservative investors or those looking for a short-term savings option.
(*National statement savings rate courtesy of Bankrate’s 2011 Passbook & Statement Savings Study, as of 4/13/2011.)