Sallie Mae Bank Review 2023

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Sallie Mae Bank: Overall Rating

Sallie Mae Bank Pros and Cons

Sallie Mae High-Yield Savings Account Rates

The Sallie Mae High-Yield Savings Account - Product Name Only pays a competitive interest rate, with a Sallie Mae High-Yield Savings Account - Minimum Deposit minimum opening deposit and Sallie Mae High-Yield Savings Account - Fees Display. It's a good option if you want an online high-yield savings account from a well-known company.

Sallie Mae SmartyPig Account Rates

The Sallie Mae SmartyPig Account pays a high interest rate — just not quite as high as the Sallie Mae High-Yield Savings Account - Product Name Only. Still, it's a good choice if you want a savings account that helps you actively save. You can save for individual savings goals within the account, such as "Emergency Fund" or "Vacation," and set a deadline for each.

Although Sallie Mae doesn't have a checking account, you can set up automatic transfers from an external account to this one, so you'll stay on top of your savings goals.

Sallie Mae CD Rates

You'll need at least Sallie Mae Certificate of Deposit to open a CD with Sallie Mae. If you don't have that much money, you can find a bank that requires less.

Sallie Mae CD rates are very competitive, and on certain terms, it pays the best CD rates out there.

Sallie Mae Money Market Account Rates

Sallie Mae pays a competitive rate on its money market account, and unlike most banks, there is a Sallie Mae Money Market Account - Minimum Deposit minimum deposit.

The main draw of a money market account over a savings account is that the former makes it easier to access your savings. Sallie Mae does this by sending you paper checks, but it doesn't send you a debit or ATM card as some banks do. 

About Sallie Mae Bank

Sallie Mae is an online bank that offers savings accounts, a money market account, and CDs. Sallie Mae doesn't have a checking account, which can make it difficult to access your savings quickly.

The Sallie Mae mobile app has received 4.5 out of 5 stars in the Apple store and 3.8 out of 5 stars in the Google Play store.

You can speak with a live customer service representative Monday through Friday, from 8 a.m. to 8 p.m. ET. Sallie Mae doesn't offer customer support on weekends, and there's no live online chat feature.

Your deposits are FDIC insured for up to $250,000, or $500,000 for a joint account.

Is Sallie Mae trustworthy?

The Better Business Bureau gives Sallie Mae an A+ rating. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about business practices, and is honest in advertising.

Sallie Mae doesn't have any recent public scandals, so you may decide you're comfortable keeping your money with this bank.

How Sallie Mae Bank Compares

Sallie Mae vs. Ally

If you're planning on opening a checking account in addition to a saving account, Ally will be your strongest option. Ally is the only one out of the two that offers a checking account. 

The Ally Savings Account - Product Name Only also has the benefits of both the Sallie Mae High-Yield Savings and SmartyPig accounts. It pays a little more than SmartyPig, but it also lets you save for individual goals through Savings Buckets.

If you want to open a CD, the better choice may come down to which term length you open.

Sallie Mae vs. Marcus

If you'd like to open a money market account, Sallie Mae will be your default choice because Marcus doesn't have one. 

Marcus has lower minimum deposits for CDs than Sallie Mae, as well as more CD variety — you can open a Marcus No-Penalty CD - Product Name Only or a Marcus 20-month Rate Bump CD - Product Name Only, which gives you the option to increase your rate once during your term. Marcus CD rates are competitive overall.