Skip to Main Content

Sallie Mae Bank Review 2022

Updated November 17, 2022
Bankrate logo

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

4.5
Rating: 4.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.7 stars out of 5

Savings

Rating: 5 stars out of 5

MMA

Rating: 5 stars out of 5

About Bankrate Score

Hover for more

Overview

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

Highlights

  • High APY
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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 savings accounts.

  • Checkmark

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

  • Checkmark

    Sallie Mae offers a variety of CD terms.

Cons

  • Sallie Mae doesn’t offer checking accounts.

  • The bank’s mobile app has received very low ratings.

Sallie Mae Bank bank products

5.0
Rating: 5 stars out of 5
Bankrate Score

Sallie Mae Bank savings overview

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.

Pros

  • Checkmark

    The High-Yield Savings Account offers a competitive APY.

  • Checkmark

    There are no maintenance fees.

  • Checkmark

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

Cons

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.5 stars out of 5
InfoHover for more
$0
Min balance for APY

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.

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.