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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.

Updated

Sallie Mae

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?

Sallie Mae has a small selection of savings accounts and CDs for individuals, along with personal loans, student loans, credit cards and college planning resources.

Personal banking

  • SmartyPig. Save for short-term and long-term goals with this free, interest-bearing savings account.
  • High-yield savings account. Earn 0.5% APY with no monthly fees or minimum account balance.
  • Money market account. Earn 0.55% APY with no monthly fees or minimum account balance.
  • CD. Sallie Mae Bank’s certificates of deposits offer flexible terms up to 0.6% 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.

Compare Sallie Mae Bank accounts

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
Sallie Mae High-Yield Savings
0.50%
$0
$0
It's a high-yield savings account with no minimum balance or monthly fees
Sallie Mae Money Market
0.55%
$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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Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Sallie Mae CD
0.5%
0.55%
0.6%
0.6%
0.6%
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How does Sallie Mae compare to other banks or services?

Sallie Mae is an online bank with an impressive range of high yield, low fee savings accounts and CDs, in addition to student loans, personal loans, credit cards and college planning resources. You won’t find any checking accounts or bank branches with Sallie Mae, but its high APYs may make up for it.

Savings accounts

Pros

  • Competitive interest rates. Sallie Mae Bank’s interest rates are higher than traditional accounts, earning you more money faster.
  • No account minimum. You’ll earn the advertised APY on every penny you deposit into your savings account.
  • No monthly maintenance fees. Sallie Mae Bank doesn’t charge fees to open or maintain accounts.

Cons

  • Miscellaneous fees. Sallie Mae Bank charges fees for check orders, excessive transactions, stop payments, returned checks and more.
  • Potential holds. Funds deposited into new Sallie Mae bank accounts are held for 10 days before they become available.
  • No international wire transfers. You can’t send or receive international wire transfers with Sallie Mae Bank.

CDs

Pros

  • Competitive rates. Sallie Mae’s CD rates are consistently high across all terms, which means you’ll earn a competitive rate no matter how long you lock your money away.
  • Several term options. You have the flexibility to choose a short or long-term CD with terms starting out at six months and maxing out at six years.

Cons

  • High opening deposit. You need at least $2,500 to open a CD with Sallie Mae Bank.
  • Early withdrawal penalties. As with most CDs, you’ll pay a penalty if you need to access your money early.

Overall banking

Pros

  • Connected accounts. Monitor your money in one place when you have a savings account, CD, student loan or credit card with Sallie Mae Bank.
  • Straightforward accounts. Sallie Mae Bank has fuss-free accounts with no fees or minimum balance requirements to earn interest.

Cons

  • 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.

      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

      Compare with other leading savings accounts

      If you prefer to keep your checking and savings with one bank, compare popular accounts from other institutions:

      $
      $
      months
      Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
      American Express® High Yield Savings
      0.60%
      $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.
      Axos Bank High Yield Savings
      0.61%
      $0
      $250
      No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
      Aspiration Spend & Save Account

      1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
      $0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
      $10
      Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
      CIT Bank Money Market
      0.50%
      $0
      $100
      A savings account with a higher-than-average rate and minimal fees.
      Central Bank of Kansas City Savings
      0.40%
      $0
      $1
      The Central Bank of Kansas City Savings account, offered through SaveBetter, has a $1 opening deposit and earns 0.4% APY.
      SoFi Money
      0.25%
      $0
      $0
      SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
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      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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