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Sallie Mae Bank Review 2022

Published January 2022 by Matthew Goldberg

AT A GLANCE
4.5

Bankrate Score

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High APYs

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

  • MMAs
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    5.0
  • Savings
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    5.0
  • CDs
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    4.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Barclays

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Overall

    4.5

    Bankrate Score

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

    What we like

    • Sallie Mae offers competitive yields on savings accounts.

    • The SmartyPig account allows customers to 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’s mobile app has received very low ratings.

    Money market accounts

    5.0

    Bankrate Score

    The Sallie Mae Money Market account offers a top-tier APY on any account balance. There are no monthly maintenance fees, and the account also offers check-writing privileges.

    An ATM or debit card isn’t provided, but the bank doesn’t limit the number of transactions that can be made, and there’s no fee for making too many withdrawals.

    What we like

    • The Sallie Mae Money Market 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

    0.70 % APY

    $ 0

    Min. balance for APY

    The High-Yield Savings account earns a competitive yield and only requires a penny to open, making it easily accessible for savers who are just starting out. The account also has no maintenance fee.

    The SmartyPig account earns a very competitive APY on balances of $10,000 or less. On balances of more than $10,000, a competitive yield is offered, but the APY is significantly lower than the yield on lesser balances.

    What we like

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

    • There are no maintenance fees.

    • The SmartyPig account earns a very competitive APY for balances of $10,000 or less.

    What we don't

    • The SmartyPig account earns a significantly lower APY on balances over $10,000.

    CD rates

    4.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Sallie Mae offers 11 terms of CDs, including some lengths that aren’t available at other banks. A minimum opening deposit of at least $2,500 is required, but savers with that much to invest will be rewarded with some of the best rates available anywhere.

    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

    • Lower minimum deposit requirements can be found at other banks.

    • CDs with features like the ability to automatically raise rates aren't offered.

    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 down on some features. The bank’s app receives low ratings from users, it offers no checking account and customer service hours are limited to weekdays — 9 a.m. to 6 p.m. Eastern time.

    About Sallie Mae Bank

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

    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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth