Sallie Mae Savings Review

If there's anything the economic meltdown has taught us, it's that the stock market isn't a place for short term investments.  It's always nice to have bank accounts where money can grow with FDIC protection and no risk of losing your money.

Enter the Sallie Mae High Yield Savings Account and Certificate of Deposit.

It's from a name we already trust for college savings.  And both the savings account and CD are some of the highest yielding you'll find right now.  At the time of writing, the savings account pays 1.4% and CD pays up to 2.9%.   

Plus, you can link your Sallie Mae account to your Upromise account (learn more here) to get an added bonus: a 10% cash bonus on your Upromise earnings will automatically be added to your savings account each year.

Unlike a 529 plan, your Sallie Mae High Yield Savings Account doesn't have to be used for education -- you can withdrawal whenever you need cash.

The Sallie Mae accounts are easy to open online, and you can link it to an existing bank account or make deposits whenever you wish.