Sallie Mae leverages Raisin’s digital deposit funding solutions to expand its savings product offering
New York – August 09, 2022 – Raisin is pleased to announce the launch of a new partnership that will enable Sallie Mae to offer flexible term deposit products exclusively through Raisin’s digital funding platform in the U.S.
Sallie Mae is well-known for its financial solutions for higher education, including private student loans. By partnering with Raisin, the bank is broadening its product offering for a nationwide audience of savers. In welcoming Sallie Mae, Raisin sees its U.S. network of partner financial institutions grow to include nine banks and one credit union.
Sallie Mae savings products will be accessible through Raisin’s U.S. platform, which includes the proprietary direct-to-consumer online savings marketplace, SaveBetter (SaveBetter.com).
The current product offering from Sallie Mae features 10-month and 14-month no-penalty certificates of deposit (CDs) at 2.00% APY and 2.50% APY, respectively. Unlike traditional fixed-term CDs, no-penalty CDs do not impose early withdrawal penalties. No-penalty CDs give account holders access to funds while still delivering the competitive returns associated with term deposits.
“We’re committed to helping students and families responsibly finance their higher education and, in many respects, that starts with saving for college,” said Daniel Kennedy, President, Sallie Mae Bank. “We are pleased to work with Raisin to power confidence in families as they begin their unique journeys through higher education.”
“We are proud to support an institution like Sallie Mae to raise deposits that in turn are making an impact in people’s lives,” said Marcel Bock, CEO of Raisin US. “We are confident that the duo of no-penalty CDs Sallie Mae is launching with will prove to be a winning, differentiated product offering in today’s shifting interest rate environment.”