Explore Sallie Mae Bank’s suite of bank accounts

These savings products feature competitive interest rates and no monthly maintenance fees.

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Sallie Mae

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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?

Personal banking

  • 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.

Other products

  • 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.
Name Product Interest rate (APY) Fee Minimum deposit to open
Sallie Mae High-Yield Savings
1.70%
$0
$0
It's a high-yield savings account with no minimum balance or monthly fees
Sallie Mae Money Market
1.75%
$0
$0
With a money market account, you earn interest at a higher rate than with a traditional savings account. Plus, you’ll still have access to your money and can write checks from the account.

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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

Name Product Interest rate (APY) Fee Minimum deposit to open
Barclays Online Savings
1.70%
$0
$0
Earn 20x the national savings account average with no fees or minimums.
American Express® Personal Savings High Yield Savings
1.70%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
BBVA Money Market
1.50%
$15 per month
(can be waived)
$25
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
UFB Direct High Yield Savings
1.90%
$0
$100
Earn a competitive rate with a balance higher than $10,000.
CIT Bank Savings Builder High Yield Savings Account
1.80%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Radius Bank High-Yield Savings
1.65%
$0
$100
A free high-interest savings account with a $100 minimum deposit to open

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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 line

Sallie 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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