With a 1.35% annual yield, Sallie Mae is looking to pick the pockets of established online-account players like Capital One and Ally Bank (the new business name of GMAC), which respectively offer yields as high as 1.45% and 1.39%.
If you just go by the reports in the press and the swirling rumors on the Street, a lot of banks are nervous: Ally Financial, Citigroup, JPMorgan Chase, Wells Fargo, Bank of America, Deutsche Bank, to name only a few of the big boys whose names are bandied about.