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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: 4.9 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
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/28/2024
Rating: 4.9 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 2/28/2024
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
5.15
%
APY
APY
Info
As of 2/28/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

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.

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 to earn interest:
$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
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
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/28/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
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 does Sallie Mae Bank compare to other banks?

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.