At a glance

4.2

Bankrate Score

CDs

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Sallie Mae Bank is a good option for consumers looking for an online savings account, money market account or CDs that earn competitive yields.

Highlights

High APY

Overall

Sallie Mae Bank offers competitive APYs on its savings accounts, but it doesn’t offer a checking account.

Pros

Sallie Mae offers competitive yields on its savings accounts.
The SmartyPig account allows customers to stash away money for specific goals.
Sallie Mae offers a variety of CD terms.
Sallie Mae Bank’s liquid deposit products (both of its savings accounts and its money market account) don’t require a minimum opening deposit.

Cons

Sallie Mae doesn’t offer checking accounts.
The bank’s mobile app has received very low ratings.

We want to know what you think about Sallie Mae Bank

Do you have experience with Sallie Mae? Let us know your thoughts.

Sallie Mae Bank banking products

4.9

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

4.10%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$0.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Good

4/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

4.10% APY

APY last updated between 12/14 and 12/20.

$0 minimum balance for APY

$0 minimum deposit to open

Sallie Mae Bank savings overview

The High-Yield Savings account earns a competitive yield and doesn’t require a minimum balance to open, making it easily accessible for savers who are just starting out. The account also has no maintenance fee.

The SmartyPig account similarly earns a high yield on all balances, with the opportunity to set and track specific savings goals.

You can receive a $10 referral for every friend that you refer to open a SmartyPig account. Those friends will need to contribute to the account and establish a goal.

Pros

The High-Yield Savings Account offers a competitive APY.
There are no maintenance fees.
The SmartyPig account comes with a savings goal tracker.

Cons

Other savings accounts offer a more competitive APY.
Sallie Mae Bank doesn’t offer an ATM card for its savings accounts.

Rate history for Sallie Mae Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Sallie Mae Bank

APY

APY last updated between 12/14 and 12/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Sallie Mae Bank

APY

APY last updated between 12/14 and 12/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

3.9

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

4.10%

4/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.

Minimum deposit:

$2,500.00

3/5

The minimum deposit amount a financial institution requires in order to open a CD.

Range of term lengths:

6 mos – 5 yrs

5/5

A designated amount of time that funds must be held within a CD.

Early withdrawal penalty:

Good

4/5

A penalty incurred when funds have been withdrawn from a CD before its maturity date.

Offer no-penalty or bump-up CDs:

No

0/5

A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.

Offer IRA CDs:

No

0/5

An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.

FEATURES

3.60% – 4.10% APY

APY last updated between 12/14 and 12/20.

$2,500 minimum balance for APY

$2,500 minimum deposit to open

6 months – 5 years

Sallie Mae Bank CD overview

Sallie Mae offers 11 terms of CDs, including some lengths that aren’t available at other banks. A minimum opening deposit of at least $2,500 is required, but savers with that much to invest will be rewarded with some of the best rates available, particularly for terms of one year or longer.

Pros

The bank’s yields are competitive and much higher than average.
Sallie Mae offers a variety of CD terms.

Cons

Lower minimum deposit requirements can be found at other banks.
Specialty CDs, like CDs that allow for rate bumps, aren’t offered.
Other banks have higher CD yields.

Rate history for Sallie Mae Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Sallie Mae Bank

APY

APY last updated between 12/14 and 12/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Sallie Mae Bank

APY

APY last updated between 12/14 and 12/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Compare Offer

Sallie Mae Bank money market overview

The Sallie Mae Money Market account offers a top-tier APY on any account balance. There are no monthly maintenance fees, and the account also offers check-writing privileges.

An ATM or debit card isn’t provided, but the bank doesn’t limit the number of transactions that can be made and there’s no fee for making too many withdrawals.

Pros

The Sallie Mae Money Market account offers a top-tier APY.
There are no monthly maintenance fees.
It has check-writing privileges.

Cons

There’s no debit or ATM card, so cash can’t be withdrawn from an ATM.

Compare more: Bankrate's best high-yield savings account offers

Bank fees

Fee	Charged?
Overdraft fee	N/A
Non-sufficient funds fee	N/A
Monthly maintenance fee	None
Out-of-network ATM fee	N/A
Excessive transaction fee	None

Find out: Tips to avoid common bank fees

About Sallie Mae Bank

Sallie Mae Bank is an FDIC-insured bank headquartered in Salt Lake City. It offers savings and money market accounts as well as certificates of deposits, which are all online accounts.

It is a subsidiary of SLM Corp., the Newark, Delaware, provider and servicer of government-backed and private student loans, better known as Sallie Mae.

Bank experience

Sallie Mae Bank is an FDIC-insured bank that stands out for its goal-setting functionality, allowing customers with SmartyPig accounts to stash away money in different buckets for specific goals. It also offers competitive yields on its savings products.

But it does fall short on some features. The bank’s app receives very low ratings from both iOS users and Android users. It offers no checking account and customer service hours are limited to weekdays — 9 a.m. to 6 p.m. Eastern time.

How Sallie Mae Bank compares to other banks

Compare different account types offered by Sallie Mae Bank. Annual percentage yields (APYs) shown were updated between Dec. 14, 2024 and Dec. 20, 2024.

Selected bank Sallie Mae Bank savings account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Salem Five Direct savings account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 14, 2024 and Dec. 20, 2024.
4.10%	4.25%
Minimum balance for APY
$0.00	$0.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$2,050	$2,125

Sallie Mae Bank offers a competitive yield on its High-Yield Savings Account. You don’t need a minimum opening deposit to open this account and the bank doesn’t charge a monthly service fee.	The eOne Savings account offers savers a competitive yield and requires just $10 to open. There are no monthly fees either. The account isn’t available to everyone. You can’t open an eOne Savings account if you have a Salem Five Bank checking or savings account. (You can apply if you have an eOne Checking account.) You also need to apply online for the eOne Savings account.

You don’t need to make a minimum opening deposit. Sallie Mae Bank currently offers a competitive yield on its High-Yield Savings Account. Transfers are free.	You only need to deposit $10 to open this account The yield is competitive There are no monthly fees	N/A
Some other online banks offer a higher yield on their savings accounts.	There’s a $10 fee for making more than six withdrawals or transfers during a statement cycle	N/A

APY offering: 4.10% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 4.25% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank Sallie Mae Bank CD Member FDIC Bankrate score Rating: 3.9 stars out of 5 3.9 Bankrate CD rating = 3.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable LendingClub Bank CD Member FDIC Bankrate score Rating: 4.3 stars out of 5 4.3 Bankrate CD rating = 4.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 14, 2024 and Dec. 20, 2024.
4.10%	4.25%
Minimum deposit
$2,500.00	$2,500.00
Term
1 yr	10 mos

Sallie Mae Bank offers 11 terms of CDs. But savers will need to look elsewhere if they don’t have at least $2,500 to open one of these CDs.	LendingClub offers competitive yields on its CDs and there are five terms to choose from. A minimum deposit of $2,500 is required, however.

Sallie Mae Bank has nearly every CD needed to build a CD ladder. Sallie Mae Bank offers a competitive yield on its CDs.	LendingClub’s CDs earn high APYs. A wide range of terms are available, between six months and five years.	N/A
You need at least $2,500 to open a Sallie Mae Bank CD. Sallie Mae Bank doesn’t offer CDs with terms less than six months. Sallie Mae Bank doesn’t offer a no-penalty CD.	Various other banks require lower minimum deposits on CDs. LendingClub doesn’t offer a no-penalty CD.	N/A

APY offering: 4.10% - 1 yr 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $2,500.00 3/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 5/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Good 4/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 4.25% - 10 mos 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $2,500.00 3/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Good 4/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	Bankrate does not currently track additional product details for this bank.

Selected bank Sallie Mae Bank money market account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Money Market rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Vio Bank money market account Member FDIC Bankrate score Rating: 4.8 stars out of 5 4.8 Bankrate Money Market rating = 4.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 14, 2024 and Dec. 20, 2024.
4.10%	4.66%
Minimum balance for APY
$0.00	$0.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$2,050	$2,330

Sallie Mae Bank offers a competitive yield on its High-Yield Savings Account. You don’t need a minimum opening deposit to open this account and the bank doesn’t charge a monthly service fee.	Vio Bank is known as the online banking division of MidFirst Bank. The Vio Bank Cornerstone Money Market Savings Account earns a very competitive yield, requires only $100 to open and doesn’t charge a monthly maintenance fee. The account doesn’t include check-writing privileges or a debit card.

You don’t need to make a minimum opening deposit. Sallie Mae Bank currently offers a competitive yield on its High-Yield Savings Account. Transfers are free.	The Vio Bank Cornerstone Money Market Savings Account earns a top-notch yield. A minimum of only $100 is needed to open the account. There’s no monthly service fee when you choose e-statements. Vio Bank has phone customer service hours seven days a week.	N/A
Some other online banks offer a higher yield on their savings accounts.	Neither check-writing privileges nor a debit card are provided. A $5 monthly maintenance fee is charged to those who opt for paper statements.	N/A

APY offering: 4.10% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Subpar 2/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY offering: 4.66% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: No 3/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Subpar 2/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. The ability to write a certain amount of checks within a statement cycle. The ability to withdraw funds from an account through the use of debit or ATM card Bankrate does not currently track additional product details for this bank.

Sallie Mae Bank vs. Citizens Bank

While Citizens Bank offers a wider range of financial products, Sallie Mae offers higher yields on its deposit products, including its CDs, money market and savings accounts. Thus, consumers just looking to grow their savings will find Sallie Mae a better choice over Citizens Bank.

Citizens Bank is generally the better choice if you’re just looking for a checking account (since Sallie Mae doesn’t offer one), but if you’re looking to consolidate your finances or open a high-yield savings account, it's best to look elsewhere. Moreover, Citizens Bank is limited in its geographic footprint. Thus, if you’re outside the New England, Mid-Atlantic and Midwest regions, Citizens Bank may not be the right choice for you.

That noted, Citizens Bank’s online-only division, called Citizens Access, offers top APYs on its CDs and its high-yield online savings account.

Learn more: The best banks of 2024

Sallie Mae Bank FAQs

Sallie Mae is best for consumers comfortable banking solely online and looking to park and grow their savings, as the bank offers high yields on its deposit products. It’s not best for consumers looking to consolidate their finances under one roof, though, since Sallie Mae doesn’t offer a checking account.
Yes, Sallie Mae is FDIC-insured up to the amount allowed by law: $250,000 per depositor, per account.
No. Sallie Mae and Navient were once under the same company, but they have since separated and are two distinct entities.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Sallie Mae Bank customer reviews

Sallie Mae Bank has 23 reviews

Dive into community reviews below and see what others think about Sallie Mae Bank.

4.1

23 ratings

Star ranking and total number reflects the lifetime customer reviews received while this bank has been monitored by Bankrate. To help serve you with relevant information, the customer reviews shown below are limited to only those that this bank has received during the past 12 months.

Score breakdown

5 stars

48%

4 stars

30%

3 stars

13%

2 stars

0%

1 star

9%

Score by category

Overall Rating 4.1 / 5

Competitiveness of APY 4 / 5

Amount of fees 4 / 5

Customer support 3.8 / 5

Website / Mobile app 4.3 / 5

Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about Sallie Mae Bank.

Search for reviews containing

Sort by

Anonymous account holder

September 13, 2024

Not having to pay unnecessary fees! I chose this bank based on its reviews.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 5 / 5

Website / Mobile app 4 / 5

Accounts held by this user

Certificate of Deposit (CD) Yes

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

It's a great bank to bank with. I got a student loan with this company.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 4 / 5

Website / Mobile app 4 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account No

Checking Account Yes

Anonymous account holder

September 13, 2024

It's great the staff I'd good. Because it's cool it works great and it's epic.

Score by category

Amount of fees 2 / 5

Competitiveness of APY 2 / 5

Customer support 3 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account No

Checking Account Yes

Anonymous account holder

September 13, 2024

My digital experience has been a different experience than I expected it was earlier with this new digital product shows how customer service has changed. Sallie Mae is great. They paid my financial aid when I went into college and if they are great in that aspect, anything we do together I know we make a difference.

Score by category

Amount of fees 3 / 5

Competitiveness of APY 3 / 5

Customer support 2 / 5

Website / Mobile app 4 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account No

Checking Account Yes

Anonymous account holder

September 13, 2024

I have experienced that my digital experience has been very positive and the usability of the app rarely causes me to experience any difficulty. I have friends who chose Sallie Mae, it is a well known bank, and I’ve seen ads about it.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 4 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account No

Checking Account Yes

Anonymous account holder

September 13, 2024

All the products this company has to offer to their customers and clients. My experience was going good and well.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

My overall experience with Sallie Mae Bank is good. The customer service is great and the product availability is also good. The thing that influenced my decision to choose Sallie Mae bank was that it also help me get student loans.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 3 / 5

Website / Mobile app 2 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

It is easy to deposit and transfer money from and to your checking account. They offer good APY on savings accounts and loans.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 4 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

It is a decent company to save money with. I would not however accept a loan from them. Not much upkeep Low apr Trustworthy.

Score by category

Amount of fees 3 / 5

Competitiveness of APY 3 / 5

Customer support 4 / 5

Website / Mobile app 4 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account No

Anonymous account holder

September 13, 2024

They should know that it’s better to leave a cd untouched in order to maintain maximum gains. They were used by a friend of mine.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 4 / 5

Website / Mobile app 4 / 5

Accounts held by this user

Certificate of Deposit (CD) Yes

Money Market Account (MMA) No

Savings Account Yes

Checking Account No

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Sallie Mae Bank APY APY last updated between 12/14 and 12/20. APY last updated between 12/14 and 12/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
12/06/2024	4.10%	0.57%
10/04/2024	4.20%	0.57%
10/01/2024	4.50%	0.57%
09/03/2024	4.50%	0.61%
05/07/2024	4.50%	0.59%
04/02/2024	4.50%	0.58%
03/05/2024	4.50%	0.57%
01/02/2024	4.50%	0.58%
12/26/2023	4.50%	0.56%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Sallie Mae Bank APY APY last updated between 12/14 and 12/20. APY last updated between 12/14 and 12/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
12/03/2024	3.75%	1.41%
10/08/2024	3.75%	1.42%
10/01/2024	3.85%	1.42%
09/03/2024	3.85%	1.43%
08/06/2024	4.00%	1.44%
07/02/2024	4.00%	1.42%
06/04/2024	4.00%	1.43%
04/02/2024	4.00%	1.42%
03/12/2024	4.00%	1.43%
02/06/2024	4.00%	1.42%
01/02/2024	4.00%	1.43%
12/26/2023	4.00%	1.41%

Sallie Mae Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Sallie Mae Bank

Sallie Mae Bank banking products

Sallie Mae Bank savings overview

Pros

Cons

Rate history for Sallie Mae Bank's Savings account

Sallie Mae Bank CD overview

Pros

Cons

Rate history for Sallie Mae Bank's CD accounts

Sallie Mae Bank money market overview

Pros

Cons

Bank fees

About Sallie Mae Bank

Bank experience

How Sallie Mae Bank compares to other banks

Sallie Mae Bank vs. Citizens Bank

Sallie Mae Bank FAQs

Who is Sallie Mae Bank best for?

Is Sallie Mae Bank safe?

Are Sallie Mae and Navient the same?

Review methodology

Sallie Mae Bank customer reviews

Sallie Mae Bank has 23 reviews

Community Reviews

Up next