The Sallie Mae Online High-Yield Savings Account is offering a 10% annual matching bonus on your Upromise college earnings when you open a new Sallie Mae online savings account and meet the qualifications.
Join Upromise for Free to earn cash rebates toward your college savings when you make purchases from popular stores and service providers.
Then open a new Sallie Mae Online High-Yield Savings Account to earn a 10% annual matching bonus on your Upromise college earnings, plus you’ll receive a high interest rate with your free online savings account from Sallie Mae.
The Sallie Mae online savings account offers a high APR with no monthly maintenance fees and no minimum balance requirements.
Sallie Mae savings accounts are FDIC-insured, and your interest is compounded daily to increase your interest earnings.
Sallie Mae Upromise 10% Bonus
To be eligible for the 10% annual match on your Upromise earnings from Upromise, you must link your High-Yield Savings Account to your Upromise Account.
Then, within 90 days of opening your High-Yield Savings Account, you must either:
1. Set up an Automatic Savings Plan with a monthly deposit of $25 or more.
2. Fund the account with $5,000 or more.
If you meet the above qualifications, Upromise will match 10% of your Upromise earnings posted as ”funded” to your Upromise Account during the calendar year of January 1st through December 31st.
Your 10% annual match will be deposited into your High-Yield Savings Account in February of the following year provided that both accounts remain active and are in good standing at the time of transfer.
Special Note on Sallie Mae Upromise FAQs
Although the fine print of the Sallie Mae savings account page indicates the matching funds will be deposited into your High-Yield Savings Account, the FAQs indicate the matching funds will be added to your Upromise account (which seems to makes more sense).
Check out the Sallie Mae Upromise FAQs for more details on this offer and clarification on these discrepancies.
Upromise may change or terminate the 10% annual match offer at any time without notice.
Upromise Accounts are not FDIC insured, carry no bank guarantee, and may lose value.
Sallie Mae Online Savings Fees
Although the Sallie Mae High-Yield Online Savings Account has no monthly maintenance fees and no minimum balance requirement, there are some fees that do exist.
Excessive Transaction Fee – $10
Returned Deposit Fee – $5
Paper Statement/Statement Copy Fee – $5 per statement
During any calendar month or statement cycle of at least 4 weeks, you may make no more than 6 transfers and withdrawals, or a combination thereof, to another account of yours with Sallie Mae, or directly to Sallie Mae, or to a third party by means of a preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction, or by check, draft, debit card, or similar order made by the depositor and payable to third parties. You are not limited in the number of transfers that you may make out of your Savings Account to repay loans at Sallie Mae Bank.
You will also want to sign up for online statements to avoid the paper statements fee from Sallie Mae.
Review the Sallie Mae Bank Terms for more details on the Sallie Mae online savings account.
Read our review of the Upromise College Savings Program for more details on saving money for college with Upromise.
Open a new Sallie Mae High-Yield Savings Account and meet the qualifications to receive a 10% matching bonus to your Upromise account.