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Sallie Mae offers online banking

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Student loan lender Sallie Mae is entering the online banking business.

The Reston-based company has created online savings accounts and certificates of deposit through Sallie Mae Bank. The accounts are FDIC insured.

The savings account currently has a 1.35 percent Annual Percentage Yield and a 1.5 percent APY for 12-month CDs, 2.2. percent for 36-month CDs and 3 percent for 60-month CDs.

The average national savings rate is about 0.35 percent.

The accounts will also offer be connected with Sallie Mae’s Upromise rewards, which allow members to earn money back on certain purchases.


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