At a glance

Overview

Sallie Mae Bank is a good option for consumers comfortable solely banking online. The bank offers nearly a full suite of deposit products, including two savings accounts, one money market account and a very wide variety of certificates of deposit (CDs). High yields and few fees make the accounts enticing, but users have generally been disappointed with Sallie Mae’s digital experience.

Highlights:

High APY

Highlights:

High APY

4.0

Bankrate Score

CDs

3.9 /5

Savings

4.4 /5

MMA

4.4 /5

4.1

Customer Score

See all 23 consumer reviews

Overall

Sallie Mae is best for customers who are looking to stash their money in high-yielding accounts. While the money market account features check-writing privileges, Sallie Mae doesn’t provide customers with an ATM or debit card. Thus, Sallie Mae’s accounts aren’t well suited for anyone who needs frequent access to their money.

Pros

Sallie Mae generally offers competitive yields on its savings accounts.
Sallie Mae offers a variety of CD terms.
Accounts come without transaction limits.
Sallie Mae accounts don’t charge a monthly fee.
Neither the savings nor money market account 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

Sallie Mae High-Yield Savings Account

4.4

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

3.90%

4/5

Minimum balance for APY:

$0.00

5/5

Monthly service fee:

$0.00

5/5

Minimum balance to avoid fee:

$0.00

5/5

Access to funds:

Good

4/5

Pros

The High-Yield Savings Account offers a competitive APY.
There are no monthly maintenance fees.
There are no limits on withdrawals.

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'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

National average APY

How do we get this data?

Sallie Mae certificates of deposit

3.9

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

4.15%

4/5

Minimum deposit:

$2,500.00

3/5

Range of term lengths:

6 mos – 5 yrs

5/5

Early withdrawal penalty:

Good

4/5

Offer no-penalty or bump-up CDs:

No

0/5

Offer IRA CDs:

No

0/5

Pros

The bank’s yields are competitive.
Sallie Mae offers a wide 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'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

National average APY

Term length

How do we get this data?

Sallie Mae Money Market Account

4.4

/5

See methodology Compare MMA rates

SCORE BREAKDOWN

APY offering:

3.90%

4/5

Minimum balance for APY:

$0.00

5/5

Monthly service fee:

$0.00

5/5

Minimum balance to avoid fee:

$0.00

5/5

Check writing:

Yes

5/5

Debit/ATM access:

Subpar

2/5

Pros

The Sallie Mae Money Market Account offers a competitive 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 saving account offers

How does Sallie Mae compare to other banks?

Compare different account types offered by Sallie Mae Bank. Annual percentage yields (APYs) shown were updated between March 18, 2025 and March 24, 2025.

Selected bank Sallie Mae Bank savings account Member FDIC Bankrate score Rating: 4.4 stars out of 5 4.4 Bankrate Savings rating = 4.4/5 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: 4.4 stars out of 5 4.4 Bankrate Savings rating = 4.4/5 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 March 18, 2025 and March 24, 2025.
3.90%	4.01%
Minimum balance for APY
$0.00	$0.01
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.
$1,950	$2,005

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.	Salem Five Direct’s eOne Savings account offers a competitive yield for balances up to $1 million. Every dollar after that amount earns a rock-bottom yield. While some online banks don’t require a minimum deposit, Salem Five Direct requires a $10 deposit to open an 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.	The eOne Savings account offers a high yield. There’s no monthly fee. Only $10 is required to open an account.	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. Salem Five customers — those with a checking or savings account at Salem Five Direct’s parent bank called simply Salem Five Bank — can’t apply for an eOne Savings account.	N/A

APY offering: 3.90% 4/5 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: 4.01% 4/5 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: $0.01 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 March 18, 2025 and March 24, 2025.
4.15%	4.50%
Minimum deposit
$2,500.00	$2,500.00
Term
1 yr	10 mos

Sallie Mae Bank offers a wide variety of CD terms. 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 seven 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: 4.15% - 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: 4.50% - 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: 4.4 stars out of 5 4.4 Bankrate Money Market rating = 4.4/5 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 March 18, 2025 and March 24, 2025.
3.90%	4.41%
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.
$1,950	$2,205

Sallie Mae’s money market account comes with a highly competitive yield. The account doesn’t feature monthly fees or minimum balance requirements. Customers can write checks out of the account, but since it doesn’t offer a debit or ATM card, customers can’t withdraw money via ATMs.	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. However, one drawback is that the account lacks check-writing privileges or a debit card.

The Sallie Mae Money Market account offers a very high APY. There are no monthly fees. The account comes with check-writing privileges.	Vio Bank’s money market account offers a highly competitive yield on all balances. There’s no monthly fee. An account can be opened with just $100.	N/A
There’s no debit or ATM card, so customers can’t withdraw money via ATM.	Vio Bank accounts don’t offer debit cards, ATM access or check-writing privileges.	N/A

APY offering: 3.90% 4/5 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: 4.41% 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

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

Customer experience

Customer support. Customer service hours are limited to weekdays — 9 a.m. to 6 p.m. Eastern time.

Mobile app. While Sallie Mae’s mobile app does have handy features including the ability to create different buckets for specific savings goals, the app receives very low ratings from both iOS and Android users.

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

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.

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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

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

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

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

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

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

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

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

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

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

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 3/18 and 3/24. APY last updated between 3/18 and 3/24	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.
02/04/2025	3.90%	0.61%
01/31/2025	3.90%	0.56%
01/13/2025	4.00%	0.56%
01/07/2025	4.10%	0.56%
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%
03/26/2024	4.50%	0.58%

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 3/18 and 3/24. APY last updated between 3/18 and 3/24	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.
02/04/2025	3.80%	1.54%
01/07/2025	3.55%	1.43%
12/24/2024	3.55%	1.42%
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%
03/26/2024	4.00%	1.42%

Sallie Mae Bank Review 2025

The Bankrate promise

At a glance

Overview

Highlights:

Highlights:

Overall

Pros

Cons

We want to know what you think about Sallie Mae Bank

Sallie Mae Bank banking products

Sallie Mae High-Yield Savings Account

Pros

Cons

Rate history for Sallie Mae's Savings account

Sallie Mae certificates of deposit

Pros

Cons

Rate history for Sallie Mae's CD accounts

Sallie Mae Money Market Account

Pros

Cons

How does Sallie Mae compare to other banks?

Sallie Mae Bank vs. Citizens Bank

Bank fees

Customer experience

Review methodology

Sallie Mae Bank customer reviews

Sallie Mae Bank has 23 reviews

Community Reviews

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