Sallie Mae Bank Review 2024
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Sallie Mae Bank Review 2024
5 min read
A
By: Aldo Saenz

About Sallie Mae Bank

 

Sallie Mae Bank was originally set up to service federal student loans in the 1970s. Its banking branch, Sallie Mae Bank, now operates as an online-only bank based out of Salt Lake City, Utah. It offers several different banking products, all with competitive APYs.

 

 

Featured Offers

Sallie Mae Bank logo
Bank Grade
Top 3% rate
5.25% APY
12 Month CD
1 Year CD by Sallie Mae Bank
Sallie Mae Bank logo
Bank Grade
5.15% APY
9 Month CD
9 Month CD by Sallie Mae Bank
Sallie Mae Bank logo
Bank Grade
5.10% APY
6 Month CD
6 Month CD by Sallie Mae Bank
Bank of Mead logo
Bank Grade
Top 1% rate
30.00% APY
3 Months CD
3 Month CD by Bank of Mead
Merchants Bank of Indiana logo
Bank Grade
Top 1% rate
5.92% APY
24 Month Flex Index CD
2 Year CD by Merchants Bank of Indiana
Merchants Bank of Indiana logo
Bank Grade
Top 1% rate
5.92% APY
12 Month Flex Index CD
1 Year CD by Merchants Bank of Indiana
Merchants Bank of Indiana logo
Bank Grade
Top 1% rate
5.92% APY
36 Month Flex Index CD
3 Year CD by Merchants Bank of Indiana
M1 Bank logo
Bank Grade
Top 1% rate
5.75% APY
10 Month CD
9 Month CD by M1 Bank
Forbright Bank logo
Bank Grade
Top 1% rate
5.60% APY
9 Month CD
9 Month CD by Forbright Bank

Sallie Mae Bank Overview

 

Sallie Mae Bank offers a variety of online-only banking products, such as CDs, money market, and savings accounts. Being an online-only bank, it does not have any branches or ATMs. The only way to access funds is via a transfer to and from an externally linked account.

 

Competitive APY on all productsThe bank is an online-only bank.
There are free checking and savings accounts available.Debit cards are not available for any account.
No monthly service charges.The only way to access funds are to transfer to and from a Sallie Mae Bank account via an external bank account.
No minimum opening balances required.Their CDs require a higher minimum opening deposit.

 

 

Sallie Mae Bank Product Offerings

 

CDs

A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period, known as a term. Sallie Mae Bank offers CDs with terms ranging from six months to five years. It offers competitive APYs that are higher than the national average of 2.79% on all of its CDs. Here are the details for some of the bank's CD offerings for the month! and 2024:

Sallie Mae Bank
6 Month CD
6 Month CD by Sallie Mae Bank
Bank Grade
B+
APY
5.10%
Avg. user rating
4.70
Why we chose it?
What to watch for

Sallie Mae Bank
12 Month CD
1 Year CD by Sallie Mae Bank
Bank Grade
B+
APY
5.25%
Avg. user rating
4.70
Why we chose it?
What to watch for

Money Market Accounts

A money market account is an interest-bearing hybrid between a savings account and a checking account. Sallie Mae Bank offers one personal money market account that offers an APY above the national average of 0.83%. Here are the account details for April 2024:

Sallie Mae Bank
Money Market Account
Personal Money Market by Sallie Mae Bank
Bank Grade
B+
APY
4.75%
Avg. user rating
4.70
Why we chose it?
What to watch for

Savings Accounts

Sallie Mae Bank offers one personal savings account and a high-yield savings account with a highly competitive APY higher than the national average of 0.56% for savings accounts. Here are the latest savings account details for April 2024:

 

 

Sallie Mae Bank
SmartyPig Account
Personal Savings Account by Sallie Mae Bank
Bank Grade
B+
APY
4.25%
Avg. user rating
4.70
Why we chose it?
What to watch for

 

Sallie Mae Bank
High-Yield Savings Account
High Yield Savings by Sallie Mae Bank
Bank Grade
B+
APY
4.50%
Avg. user rating
4.70
Why we chose it?
What to watch for

Bank Fees

  • Overdraft fee: None

  • Savings and Money Market Account withdrawals: None

  • Account closure fee: None

  • Wire transfer fee: Domestic - Incoming is $0 and outgoing is $20; International - Incoming is $0 and outgoing is $20

  • Non-network ATM fee: None

  • Monthly service charge: None

  • Stop payment fee: None

  • Paper statement fee: None

 

Sallie Mae Bank Features

Sallie Mae Bank's customer service line is available weekdays from 8:00 a.m. to 8:00 p.m. EST. They also operate an automated account information line 24 hours a day, 7 days a week, for basic account functions. The bank is an online-only bank, so there are no physical branches, but the bank does offer a comprehensive and easy-to-use mobile app that allows customers to manage their accounts from the comfort of their phones.

 

Sallie Mae Bank FAQs

Are Sallie Mae and Sallie Mae Bank the same?
What are the early withdrawal penalties for Sallie Mae CDs?
Does Sallie Mae offer ATM access?
Does Sallie Mae Bank charge overdraft fees?
What are Sallie Mae Bank's customer service phone hours?
Is it safe to bank with Sallie Mae Bank?
Does Sallie Mae Bank use Zelle?

 

Our Take

Sallie Mae Bank is an excellent online-only bank that offers a wide range of CDs as well as a money market and two savings accounts, all of which offer competitive APYs. As with many online-only banks, debit cards are not available, but their money market account does offer check-writing abilities to access funds. Funds from the savings account can only be accessed via transfers to and from an externally linked bank account. So, if earning a competitive APY is important and not having immediate access to your funds through the use of a debit card is not a big deal, this may be a really good supplemental bank to use in conjunction with a larger regional or national bank.

Methodology

 

Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.

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