Sallie Mae Bank Review 2025
Written by
Edited by
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
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 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 = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 = 4.6/5
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.
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.
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.
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.
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
-
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
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 certificates of deposit
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 Money Market Account
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.
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 April 10, 2025 and April 16, 2025.
|
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. |
Search for or select a bank:
No banks found
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. |
|---|---|---|
|
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 April 10, 2025 and April 16, 2025.
|
||
| 3.90% | 4.01% | |
|
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 | $2,005 | |
| 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. | |
|
|
N/A
|
|
|
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:
$0.00
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.
|
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.
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.
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
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.
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
Thank you for sharing your experience with Bankrate
