US-based education loan management
company, Sallie Mae, the holder of a banking charter since 2005,
has launched its first two retail banking products: an online
savings account offering an interest rate of 1.35% and online
certificates of deposit (CD).
Sallie Mae vice-president of retail deposits
Kelly Christiano, said in a statement it was critical for Sallie
Mae to offer an expanded range of products so that it could help
more conservative investors save for further education.
Christiano said that the savings account and
the CD are the first in a series of retail banking products that
Sallie Mae plans to introduce through its banking arm, Sallie Mae
“We are looking at other options and we are
building a product road map,” Christiano added.
“We plan to launch more products and features
down the road. Right now, we are trying to determine what types of
products will work.
“We are very committed to developing this