Sallie Mae Bank Review 2025
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Edited by
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At a glance
Overview
Sallie Mae Bank is a good option for consumers comfortable solely banking online. The bank offers a good variety of savings products, including two savings accounts, one money market account and a good mix of certificates of deposit (CDs). High yields and few fees make the accounts here enticing, but customer service hours are limited compared to many online banks and users have generally been disappointed with Sallie Mae’s app experience.
Highlights:
High APYHighlights:
CDs
Savings
MMA
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.1/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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Sallie Mae generally offers competitive yields on its accounts.
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Sallie Mae offers a variety of CD terms.
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Sallie Mae accounts don’t charge a monthly fee.
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Neither the savings nor money market account require a minimum opening deposit.
Cons
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Sallie Mae doesn’t offer checking accounts.
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The bank’s mobile app has received very low ratings.
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The bank only offers customer service on weekdays.
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Sallie Mae Bank banking products
Sallie Mae High-Yield Savings Account
Pros
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The High-Yield Savings Account offers a competitive APY.
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There is no minimum deposit.
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There are no monthly maintenance fees.
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There are no limits on withdrawals.
Cons
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Sallie Mae Bank doesn’t offer an ATM card for its savings accounts so you can’t deposit cash.
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 certificates of deposit
Pros
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The bank’s yields are competitive.
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Sallie Mae offers a wide variety of CD terms.
Cons
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Lower minimum deposit requirements can be found at other banks.
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No specialty CDs, like CDs that allow for rate bumps.
The CDs at Sallie Mae have competitive yields on many of the available terms, making it a good spot to build a CD ladder. But you’ll need a good chunk of money to do that since the minimum deposit requirement of $2,500 per CD is on the steeper side.
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 Money Market Account
Pros
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The Sallie Mae Money Market Account offers a competitive APY.
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There are no monthly maintenance fees.
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There is no minimum deposit.
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It has check-writing privileges.
Cons
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There’s no debit or ATM card, so cash can’t be withdrawn from an ATM.
Sallie Mae’s money market account consistently offers one of the highest APYs and doesn’t make you jump through hoops to earn it. There’s no minimum amount to earn the advertised APY, for example, like there are at other banks with similar rates.
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 Nov. 27, 2025 and Dec. 3, 2025.
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Selected bank
Sallie Mae Bank savings account
Bankrate score
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
Bankrate score
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. |
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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. |
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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 Nov. 27, 2025 and Dec. 3, 2025.
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| 3.90% | 3.71% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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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.
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| $1,950 | $1,855 | |
| Sallie Mae Bank offers a competitive yield on its High-Yield Savings Account. You don’t need a minimum 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. | |
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N/A
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N/A
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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.
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APY offering:
3.71%
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, 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.
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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 |
Customer experience
Customer support. Customer service hours are limited to weekdays — 9 a.m. to 6 p.m. Eastern time. Other online-only banks offer longer customer service hours, including time on the weekends.
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 low ratings from both iOS and Android users.
Review methodology
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.
