CNN Money announced on Tuesday that the Sallie Mae, the largest U.S. student loan company, began taking steps into retail banking. Not only will students be able to pay loans with the company but they will be able to save with their new online banking program.
The new online bank will offer competitive, high-yield savings accounts that will one-up the national average of about 0.27%. Savings accounts will have an interest rate of 1.35%. The company will also offer certificates of deposit with rates of 1.50% for 12 months to 3.00% for a 60 month CD.
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