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Sallie Mae High-Yield Savings account review

Last updated:  

Earn a 0.5% APY with no monthly fees and no minimum deposit.

The Sallie Mae High-Yield Savings account is designed to help you save with no monthly fees and a competitive APY. But the bank doesn’t offer checking accounts, so you’ll need to have an existing account to fund it.

0.50%

APY

$0

Fee

$0

Minimum deposit to open

Details

APY0.50%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
More Info

How do I open a Sallie Mae High-Yield Savings account?

You can open this account by filling out the online application:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the official Sallie Mae website, click Savings.
  3. Scroll down to the High-Yield savings account and click Learn more.
  4. Click Open an account.
  5. Sign up as a new customer or log in if you already have an account.
  6. Select your preferred account options and click Continue.
  7. Fill out your personal information, set up an online account and click Continue.
  8. Verify your information and click Continue.
  9. Fund your account, set up the optional automatic savings plan, then click Continue.
  10. Submit your application.

Eligibility

  • At least 18 years old
  • Social Security or tax ID number
  • Have or create a Sallie Mae online account
  • Permanent US address

Required information

  • Name, date of birth and address
  • Phone number and email address
  • Social Security or Tax Identification number
  • Employment information
  • Bank information to fund your account

What are the benefits of the Sallie Mae High-Yield Savings account?

Backed by FDIC deposit insurance and accessible by mobile and online banking, this account also offers a handful of other perks:

  • Competitive APY. You’ll earn 0.5% APY on your balance.
  • No monthly fee. There’s no monthly service fee to keep this account open.
  • No minimums. There are no initial deposit or minimum balance requirements to earn interest.

What should I look out for?

Here are a few things to watch out for:

  • No branches. You won’t be able to visit a branch to speak with a representative or get assistance with your account.
  • No checking accounts. Sallie Mae doesn’t offer checking accounts, so you won’t be able to do all of your banking in one place or easily access an ATM.
  • Need an external account. You can only fund this account by check or external transfer.
  • No international wire transfers. Sallie Mae doesn’t allow international wire transfers.
  • Holding period. Funds deposited into new accounts are held for 10 days before they become available.

Compare with other savings accounts

$
$
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.
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.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
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Compare up to 4 providers

How do I deposit or withdraw money?

Here’s how you can deposit and withdraw money once you’ve opened the account:

Deposits

  • Mobile check deposit
  • Direct deposit
  • Online or wire transfer
  • Mail

Withdrawals

  • Bill pay
  • Online or wire transfer

How do I contact Sallie Mae customer service?

Sallie Mae customer service is available on weekdays from 8 a.m. to 8 p.m. ET, and you can get in touch by calling 877-346-2756.

Bottom line

The Sallie Mae High-Yield Savings account has no initial deposit requirements or initial fees and offers a competitive 0.5% APY. However, there are no branches and you’ll need an external account to fund it. If you aren’t sure it’s the right fit, compare your options to see what other accounts are out there.

Frequently asked questions

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