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Explore Sallie Mae Bank’s suite of bank accounts
These savings products feature competitive interest rates and no monthly maintenance fees.
Although you may associate Sallie Mae with student loans, it also offers four high-yield savings products with no monthly maintenance fees. But there’s only one branch location and no checking account options.
What banking products does Sallie Mae Bank offer?
- SmartyPig. Save for short-term and long-term goals with this free, interest-bearing savings account.
- High-yield savings account. Earn 1.7% APY with no monthly fees or minimum account balance.
- Money market account. Earn 1.75% APY with no monthly fees or minimum account balance.
- CD. Sallie Mae Bank’s certificates of deposits offer flexible terms up to 2.30% APY, but require a $2,500 opening balance.
- Student loans. Sallie Mae has more than eight options for undergraduates, law students and more.
- Personal loans. Consolidate credit card debt and more with invitation-only financing.
- Credit cards. Choose between three cashback credit card options with no annual fees.
- College planning. Use these tools to build a customized plan for college.
Why should I open an account at Sallie Mae Bank?
In addition to mobile banking and FDIC-insured deposits, Sallie Mae Bank has the following benefits
- Competitive interest rates. Sallie Mae Bank’s interest rates are higher than traditional accounts, earning you more money faster.
- No account minimum. Sallie Mae Bank’s SmartyPig and CDs are the only bank accounts that require a minimum balance for its APY rates.
- No monthly maintenance fees. Sallie Mae Bank doesn’t charge fees to open or maintain accounts.
- Connected accounts. Monitor your money in one place when you have a savings account, student loan or credit card with Sallie Mae Bank.
What should I look out for?
Some potential drawbacks of Sallie Mae Bank include:
- No checking accounts. Sallie Mae Bank’s personal banking products are limited to four savings products.
- One branch location. Its one branch location in Salt Lake City, Utah, isn’t ideal for those who want to bank in-person.
- Limited support. Outside of Sallie Mae Bank’s one branch location, customer service is limited to phone support only. There’s no live chat or email customer support option.
- Variable fees. Sallie Mae Bank charges fees for check orders, excessive transactions, stop payments, returned checks and more.
Compare with other leading savings accounts
Sallie Mae Bank’s customer service
Contact Sallie Mae Bank weekdays from 8 a.m. to 8 p.m. ET by:
- Phone (SmartyPig accounts): 877-751-6884
- Phone (other savings accounts): 877-346-2756
- Branch location:
- Sallie Mae Bank
175 S West Temple, Ste.600
Salt Lake City, UT 84101
Bottom lineSallie Mae Bank accounts come with several perks, including competitive interest rates and no monthly fees. But if you’re looking for a bank that offers checking accounts and in-person support, compare other options before you decide.
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