UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: KMQA One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 24282  
Subject: Sallie Mae MMA Date: 11/25/2012 5:06 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0

I'm wondering if anyone here has a Sallie Mae MMA (https://www.salliemae.com/savings-and-cds/money-market/).

I was looking on bankrate.com for higher interest online savings accounts, and found it listed (currently 1.05% APY).

From googling, it appears that:

+ it's FDIC insured
+ there is no minimum balance, no monthly fee
+ you can write 6 checks per month against this account
+ (I think) you can have in total 6 transactions per month (either transfers to linked accounts or checks written)

Here's a few online reviews:



[this is actually about opening a high-yield savings account, but seems relevant]

Additionally, the problems mentioned online:

+ long holds on transferred money
[5 business days on transfers under $5K, 10 business days on transfers >= $5K ]
+ 1099 statement online only & not in PDF or other easily retrievable format (discussion from 2010, so maybe has been fixed)
+ problems updating account alerts, possibly suggesting poor online site design

I didn't find Sallie Mae discussed in this Online Banking board, so thought I would open a discussion thread.



p.s. Not to be alarmist, but I wonder, IF (big if here) the student loan market were to melt down the way that the home mortgage loan market did, how would Sallie Mae's FDIC insurance hold up, given that student loans are the bread & butter of this bank.

This link -- http://www.depositaccounts.com/banks/sallie-mae-bank.html#he... -- discusses a little about Sallie Mae Bank's balance sheet, but I'd appreciate if anyone had any direct links to this type of balance sheet information.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev Thread | Prev | Next | Next Thread


Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Book Review: Dream Big
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.