Sallie mae woos customers by offering excellent savings accounts deals

When it comes to offering the best deals on savings accounts, there is hardly another bank that can stand up to Sallie Mae in competition. Though people may have had slight problems with the student loans offered by this bank, those with savings accounts are a happier lot.

Sallie Mae enjoys this popularity because it does not ask for any minimum balance from people who would like to opt for their savings accounts with them. Also, the interest rate of 1.40% APY is tough to beat.

New Dominion Bank that was also offering a similar deal dropped down the list of rankings when the interest rate fell to a meager 0.90% APY.

While Sallie Mae is the unparalleled leader in this segment, the second place is occupied by three banks that are offering an interest rate of 1.35% APY for the savings account holders. A division of the company issuing credit card, the Discover Bank, offers this interest rate and asks for a minimum deposit of $500. With close to 700 branches in various parts of the United States, the Capital One Bank also offers this interest rate, but a minimum deposit of $1000 is a must. A yearly bonus of 10% is also given out to certain accounts that meet certain rules laid down by the bank. Readysaver.com is an online bank that offers the interest rate of 1.35% and does not specify a minimum deposit amount.