Sallie Mae Bank Review 2023
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At a glance

CDs
Savings
MMA
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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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 = 3.5/5
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 = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Sallie Mae Bank offers competitive APYs on its savings accounts, but it doesn’t offer a checking account.
Pros
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Sallie Mae offers competitive yields on savings accounts.
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The SmartyPig account allows customers to stash away money for specific goals.
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Sallie Mae offers a variety of CD terms.
Cons
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Sallie Mae doesn’t offer checking accounts.
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The bank’s mobile app has received very low ratings.
Sallie Mae Bank banking products
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 6/8/2023
Sallie Mae Bank savings overview
The SmartyPig account similarly earns a high yield on all balances, with the opportunity to set and track specific savings goals.
Pros
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The High-Yield Savings Account offers a competitive APY.
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There are no maintenance fees.
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The SmartyPig account comes with a savings goal tracker.
Cons
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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.
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 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 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.
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.