By MyBankTracker  Fri Aug 31, 2012

Sallie Mae Bank Increases Money Market Rate to 1.00% APY

Sallie Mae Bank, one of the more competitive online banks, has boosted the rate on its money market account from 0.90% APY to 1.00% APY.

Other banks with money market accounts that currently offer higher rates include UFB Direct, Incredible Bank and EverBank. The MMAs from these banks, however, may charge monthly fees or reduce the savings rate if certain account balance requirements are not met.

However, Sallie Mae Bank’s money market account may appear more attractive because it has no minimum balance requirements, no minimum deposit requirements and no monthly fees.

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