In an effort to offer a wider array of college savings products, SLM Corp., an education lending and savings company known better as Sallie Mae, launched an FDIC-insured, high-yield online savings account and certificate of deposit.

Kelly Christiano, vice president of retail deposits for Sallie Mae, said that it has offered 529 college savings plans to individuals since it bought Upromise Investments in 2006. Through the unit, Sallie Mae manages more than $23 billion in 529 college savings plans.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.