Sallie Mae Bank Review 2021

Published January 2021 by Mary Wisniewski

AT A GLANCE
4.3

Bankrate Score

bank-logo
TOP OFFER
0.45 % APY
Certificate of deposit
1yr
Term
$ 2,500
Min. deposit
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High APYs

Sallie Mae Bank is a good option for those looking to save money in an online account.

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    5.0
  • Savings
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    5.0
  • CDs
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    4.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.3

    Bankrate Score

    Sallie Mae Bank offers competitive APYs on its savings accounts. However, you’ll have to bank elsewhere for a checking account.

    What we like

    • Sallie Mae offers competitive yields on savings accounts.

    • On its SmartyPig accounts, customers can stash away money for specific goals.

    • Sallie Mae offers a variety of CD terms.

    What we don't

    • Sallie Mae doesn’t offer checking accounts.

    • The bank has received negative reviews of its mobile app.

    Money market accounts

    5.0

    Bankrate Score

    The Sallie Mae Money Market Account offers a top-tier APY on any balance that you have in the account and there are no monthly maintenance fees. The account also has check-writing privileges.

    What we like

    • This account offers a top-tier APY.

    • There are no monthly maintenance fees.

    • It has check-writing privileges.

    What we don't

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    The High-Yield Savings Account earns a highly competitive yield and it’s very accessible for savers who are just starting out. There are no maintenance fees on this account either.

    What we like

    • The High-Yield Savings Account offers a competitive APY.

    • There are no maintenance fees.

    What we don't

    CD rates

    4.2

    Bankrate Score

    TODAY'S CD RATES
    Sallie Mae

    Member FDIC

    CD

    0.45 % APY

    1yr

    Term

    $ 2,500

    Min. deposit

    Sallie Mae offers CDs across multiple terms, including some unique ones that aren’t available at other banks. Investors without much money to invest may be able to open a CD with the bank, and earn more interest than they would at many banks. However, you will still need to deposit at least $2,500 to open a CD.

    What we like

    • The bank’s yields are competitive and much higher than average.

    • Sallie Mae offers a variety of terms.

    What we don't

    • You can find lower minimum deposit requirements at other banks.

    • None of the CDs offer special features like the chance to automatically raise rates.

    Bank experience

    Sallie Mae Bank is a FDIC-insured bank headquartered in Salt Lake City, Utah. The brand stands out for its goal-setting functionality. On its SmartyPig accounts, customers can stash away money for specific goals.

    You can call the bank on weekdays from 8 a.m. to 8 p.m. Eastern.

    About Sallie Mae Bank

    Sallie Mae Bank is a FDIC-insured bank headquartered in Salt Lake City, Utah. It offers savings and money market accounts. It also offers certificates of deposits.

    It operates as a subsidiary of SLM Corp.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    About the author Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates. Expertise Banking and fintech Experience Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Education Mary received her B.A. in journalism from Pepperdine University. Media mentions American Banker ABC7 KSL Money Experience Summit