Sallie Mae, the nation’s leading saving, planning and paying for college company today announced its 12-month certificate of deposit through Sallie Mae Bank now ranks number one nationally for 5-star rated banks on Bankrate.com. Sallie Mae Bank increased its 12-month certificate of deposit rate to 1.15 percent APY with an interest rate of 1.14 percent.

“Our mission at Sallie Mae is to provide customers with responsible, competitive and sound financial products and services to help meet their saving, planning, and paying for college goals,” said Paul Thome, president, Sallie Mae Bank. “Our most recent report on how families save for college found that 16 percent of families use a certificate of deposit to save for college. These rates may benefit more families as they pursue their college savings goals.”

The Sallie Mae Bank 12-month certificate of deposit carries no fees and no maximum balance. The account requires a minimum deposit of $2,500. Sallie Mae Bank also offers a competitively priced 36-month certificate of deposit at 1.45 percent APY and a 60-month certificate of deposit at 2.10 percent APY. Sallie Mae also offers a money market deposit account with an interest rate at least 10 times the Bankrate.com national average rate and a high-yield savings account.

Sallie Mae Bank is a subsidiary of SLM Corporation, commonly known as Sallie Mae. For more information or to open an account visit SallieMae.com/banking.

Join the conversation on how to save, plan and pay for college at Facebook.com/SallieMae.

Sallie Mae is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance including private education loans, Upromise rewards, scholarship search, college financial planning tools, insurance, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.