Sallie Mae Bank Review 2019

Sallie Mae Bank Logo

4.1/5

Sallie Mae Bank doesn’t make available checking accounts, but it does offer top-tier APYs on its savings accounts.

High APYs

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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

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When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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About Sallie Mae Bank

Sallie Mae Bank is an 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 Corporation.

Sallie Mae Bank is a good option for those looking to save their money in an online account. However, you’ll have to bank elsewhere for a checking account.

 Pros

  • Nearly offers top-tier APY on savings accounts.
  • On its SmartyPig accounts, customers can stash money away for specific goals.

 Cons

  • Doesn’t offer checking accounts.
  • Negative reviews of its mobile app.

Sallie Mae Bank Services

CDs Rating

5/5

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 most banks. Early withdrawal penalties for CDs are standard. The penalty is 90 days of simple interest for CDs with terms of 12 months or less. For banks with longer terms, the penalty is 180 days of simple interest.

 Pros

  • Interest is compounded daily.
  • Yields are competitive and much higher than average.
  • Low minimum deposit required to open each CD.

 Cons

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

Sallie Mae Bank CDs

2.80 % APY
18 MONTH CD
$2,500 MINIMUM DEPOSIT
2.75 % APY
1 YEAR CD
$2,500 MINIMUM DEPOSIT
2.75 % APY
2 YEAR CD
$2,500 MINIMUM DEPOSIT

CDs available from other banks

Goldman Sachs Bank USA Logo
2.60% APY
$500 MINIMUM DEPOSIT
Capital One Logo
2.35% APY
$0 MINIMUM DEPOSIT
Rising Bank  Logo
2.80% APY
$1,000 MINIMUM DEPOSIT
Savings Rating

5/5

The High-Yield Savings Account earns nearly a top-tier APY. It has no minimum balance to open the account, any balance earns that APY and there are no maintenance fees on this account. Another feature is that you can make e-deposits with the app, which is for both iPhone and Android phones.

 Pros

  • The High-Yield Savings Account has a competitive APY.
  • No minimum balance.
  • No maintenance fee.
  • You can make e-deposits with the app, which is for iPhone and Android phones. You can also access your account on the app.

 Cons

  • There are higher, top-tier APYs at other banks.
  • There is no ATM card available for this account.
  • You’ll have to bank elsewhere in order to have a checking account.

Savings accounts available from other banks

MMAs Rating

5/5

The Sallie Mae Money Market Account has a top-tier APY. It doesn’t require a minimum balance to open the account and there are no monthly maintenance fees. Any balance that you have in the account will earn the 2.20% APY. The account also has check-writing privileges.

 Pros

  • This account has a top-tier APY.
  • No minimum balance to open the account.
  • No minimum balance to earn the top APY.
  • It has check-writing privileges.
  • You can make e-deposits with the app, which is for iPhone and Android phones. You can also access account on the app.
  • You get your first book of 25 checks free with the Sallie Mae Money Market Account.

 Cons

  • Higher APYs do exists at a few institutions.
  • There is no ATM access available for this account.

Sallie Mae Bank MMAs

2.30 % APY
Money Market
$0
MINIMUM BALANCE FOR APY

MMAs available from other banks

State Farm Bank Logo
2.25% APY
$1,000 MINIMUM DEPOSIT
TIAA Bank Logo
2.15% APY
$5,000 MINIMUM DEPOSIT
Capital One Logo
2.00% APY
$10,000 MINIMUM DEPOSIT
Bank Experience Rating

1.9/5

You won’t choose Sallie Mae for its mobile app experience. Reviewers slam the app in Apple app store and in the Google Play store. The bank also has less extensive hours to reach a human by the phone than rivals: Its normal hours are 8 a.m. until 8 p.m. (EST) on weekdays. But Sallie Mae does stand out for some of its budgeting features. Its SmartyPig accounts let you save for specific goals, like a vacation or a new baby, and assign deadlines to your goals. You can also get $10 referral bonus for getting others to open accounts, too.

Read bank experiences from other banks

Citibank Logo
BANK EXPERIENCE
4.6 /5
Ally Logo
BANK EXPERIENCE
4.6 /5
Capital One Logo
BANK EXPERIENCE
4.5 /5