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Sallie Mae Bank Review 2024

Updated January 2, 2024
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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.4 stars out of 5

Savings

Rating: 4.9 stars out of 5

MMA

Rating: 4.8 stars out of 5

About Bankrate Score

Overview

Sallie Mae Bank is a good option for consumers looking for an online savings account that earns competitive yields.

Highlights

  • High APY
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.65
%
APY
APY
Info
As of 7/20/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 7/20/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 7/20/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.

Overall

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

Pros

  • Checkmark

    Sallie Mae offers competitive yields on its savings accounts.

  • Checkmark

    The SmartyPig account allows customers to stash away money for specific goals.

  • Checkmark

    Sallie Mae offers a variety of CD terms.

  • Checkmark

    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.

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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
Rating: 4.9 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
4.50%
Rating: 5 stars out of 5
5/5
Info
Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Good
Rating: 4 stars out of 5
4/5
Info
FEATURES
Invest Rate
4.50% APY
Info
Savings
$0 minimum balance for APY
Loan
$0 minimum deposit to open

Sallie Mae Bank savings overview

The High-Yield Savings account earns a competitive yield and doesn’t have a required minimum balance to open the account, 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

  • Checkmark

    The High-Yield Savings Account offers a competitive APY.

  • Checkmark

    There are no maintenance fees.

  • Checkmark

    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.

  • 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
    Info
    National average APY
    How do we get this data?
    Info
Current Savings Rate
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.65
%
APY
APY
Info
As of 7/20/2024
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
Promoted offer:

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

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 July 13, 2024 and July 19, 2024.

Selected bank
Sallie Mae Bank savings account
Sallie Mae Bank Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info
Most comparable
Salem Five Direct savings account
Salem Five Direct Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info
Read review
Search for or select a bank:
Caret Down
Bankrate score
Info
Read review
APY
Info
4.50% 5.01%
Minimum balance for APY
$0.00 $10.00
Estimated earnings
Info
$2,250 $2,505
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:
4.50%
5/5
Info
Minimum balance for APY:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Good
4/5
Info
APY offering:
5.01%
5/5
Info
Minimum balance for APY:
$10.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Good
4/5
Info
Info
Info
Info
Info
Info
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.

Sallie Mae Bank FAQs

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.