Sallie Mae Money Market Account review
Bank on a 0.5% APY and no maintenance fees, but transfers are limited.
finder.com’s rating: 4.3 / 5.0
The Sallie Mae Money Market account comes with a sturdy lineup of standard features — including personal checks, a competitive APY and no minimum account balance. However, customer support hours are limited and you’ll need to keep an eye out for excessive transaction fees.
Minimum deposit to open
|Annual percentage yield (APY)||0.50%|
|Minimum deposit to open||$0|
|Minimum balance to earn interest||$0|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$10|
Shannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
The Sallie Mae Money Market account comes with plenty of perks — including a competitive APY, no monthly fees and no minimum account balance. That said, it also has a $10 excessive transfer fee if you move your funds around too much and limited customer support.
How do I open a Sallie Mae Money Market account?
- Go to the provider’s site and follow the steps to apply.
- From Sallie Mae‘s website, click Open an account.
- Enter your full name, email address and phone number. Click Continue.
- Select the account type you’re interested in and indicate whether you want a single or joint account. Click Continue.
- Enter your Social Security number, date of birth and residential address. You’ll also need to create a username, password and select a security question and answer. Click Continue.
Enter the routing and account number of your funding account. Next, indicate how much you’d like to transfer into your new account.
Once funded, you can access your account from Sallie Mae’s website or through the Sallie Mae App.
Before you apply, you’ll need to meet Sallie Mae’s eligibility criteria:
- Be a US citizen
- Be at least 18 years old
- Have a US residential address
- Have a Social Security number
- Have a valid bank account
Here’s the information you’ll need to provide during the application process:
- Primary home address
- Valid email address
- Valid phone number
- Social Security number
- Driver’s license or valid state ID
- Bank account number and routing number of the account you plan to use to fund your account
What are the benefits of a money market account with Sallie Mae?
Not only do you get online account access and check-writing privileges, but this FDIC-insured account comes with the following additional perks:
- Competitive APY. The Sallie Mae Money Market account comes with a respectable 0.5% APY to help expand your savings.
- No minimum balance. Earn interest on any amount you deposit with no minimum account balance.
- No monthly fees. With no maintenance fees to gnaw at your funds, your savings are safe with this account.
What should I look out for?
As with most savings products, the Sallie Mae Money Market account is limited to six transfers monthly. The following may also be considered drawbacks:
- Excessive transaction fee. If you exceed six transfers a month, you’ll be charged a $10 excessive transaction fee.
- Limited support. Customer support for the Sallie Mae Money Market account is only available by phone Monday through Friday from 8 a.m. to 8 p.m. ET.
If the Sallie Mae Money Market Account isn’t cutting it, you may find account options with other providers that better fit your financial needs.
Compare money market accounts
How do I deposit or withdraw my money?
There are four ways to deposit funds into your Sallie Mae Money Market account:
- Online deposit. Move funds electronically to or from an externally linked account.
- Direct deposit. Set up direct deposit to have funds automatically deposited into your account.
- Sallie Mae e-deposit. Deposit a check from your mobile device using the Sallie Mae App.
- Mail. Mail a check to Sallie Mae, P.O. Box 4534, Carol Stream, IL 60197-4534 to be deposited into your account.
How can I get in touch with customer service?Sallie Mae’s customer support is only available by phone. Call 877-346-2756 8 a.m. to 8 p.m. ET, Monday through Friday to speak to a Sallie Mae customer support representative.
Frequently asked questions
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Images: Sallie Mae