Sallie Mae Increases Savings Interest Rates for SmartyPig Customers

SmartyPig Now Offers a 1.15 Percent APY on Balances Up to $10,000 and a 1.20 Percent APY on Accounts with More Than $10,000

Thursday, December 28, 2017 1:12 pm EST

Dateline:

NEWARK, Del.

Public Company Information:

NASDAQ:
SLM
"We want to reward our customers for making responsible financial decisions, and that starts with saving money"

NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae, the nation’s saving, planning, and paying for college company, has raised savings interest rates for SmartyPig customers to some of the most favorable yields available in today’s marketplace.

SmartyPig, Sallie Mae’s free, FDIC-insured goal-based saving account, now offers customers an annual percentage yield (APY) of 1.15 percent on balances of up to $10,000, and an APY of 1.20 percent on balances greater than $10,000. With a SmartyPig account, customers can create one or more goals, save toward them by depositing funds automatically or whenever convenient, and make withdrawals at any time. SmartyPig interest rates are variable and subject to change.

“We want to reward our customers for making responsible financial decisions, and that starts with saving money,” said Paul Thome, executive vice president, Sallie Mae, and president, Sallie Mae Bank. “Whether they’re saving for a college education, a family vacation, or next year’s holiday spending, SmartyPig can help customers achieve their savings goals.”

SmartyPig recently received a 2017 America Saves Designation of Savings Excellence award, which is presented annually to financial institutions that promote sensible savings habits. Sallie Mae Bank is a finalist in the Best Online Bank category in the GOBankingRates Best Banks 2018 rankings, which will be announced on Jan. 9.

Sallie Mae Bank, Member FDIC, is a subsidiary of SLM Corporation, commonly known as Sallie Mae. For more information or to open an account, visit SallieMae.com/banking.

Sallie Mae (Nasdaq: SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Contact:

Sallie Mae
Ellen J. Roberts
302-451-0428
ellen.roberts@salliemae.com