Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
How Sallie Mae bank accounts compare
Overall bank rating
Pros and cons
Sallie Mae SmartyPig Account
Annual Percentage Yield (APY)
3.10%
Minimum Deposit Amount
$0
Sallie Mae SmartyPig Account
Annual Percentage Yield (APY)
3.10%
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
3.10%
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
The Sallie Mae SmartyPig Account pays high rates on your savings balance. You can name separate savings goals, such as “Emergency Savings” or “Travel Fund,” and set deadlines for each goal.
Depositing and receiving your cash can be a problem with Sallie Mae, though. You’d have to transfer money to an external bank account, which could take a couple of business days.
Sallie Mae Certificate of Deposit
Annual Percentage Yield (APY)
3.50% to 4.55%
Minimum Deposit Amount
$2,500
Sallie Mae Certificate of Deposit
Annual Percentage Yield (APY)
3.50% to 4.55%
Minimum Deposit Amount
$2,500
Details
Annual Percentage Yield (APY)
3.50% to 4.55%
Minimum Deposit Amount
$2,500
Pros & Cons
Highlights
Additional Reading
You’ll need at least $2,500 to open a CD with Sallie Mae. If you don’t have that much money, you can find a bank that requires less.
Sallie Mae pays higher rates than you’d earn at a brick-and-mortar bank. The bank pays competitive rates on terms under one year, but as the terms get longer, rates become less competitive.
Sallie Mae Money Market Account
Annual Percentage Yield (APY)
2.70%
Minimum Deposit Amount
$0
Sallie Mae Money Market Account
Annual Percentage Yield (APY)
2.70%
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
2.70%
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Sallie Mae pays a competitive rate on its money market account, and unlike most banks, it doesn’t require a minimum opening deposit.
The main draw of a money market account over a savings account is that the former makes it easier to access your savings. Sallie Mae does this by sending you paper checks, but it doesn’t send you a debit card as some banks do. You may find this inconvenient if you primarily make payments with a debit card.
How Sallie Mae Bank works
Sallie Mae is an online bank that offers savings accounts, a money market account, and CDs. Sallie Mae doesn’t have a checking account, which can make it difficult to access your savings quickly.
The Sallie Mae mobile app has received 4.6 out of 5 stars in the Apple store and 3.9 out of 5 stars in the Google Play store.
You can speak with a live customer service representative Monday through Friday, from 8 a.m. to 8 p.m. ET. Sallie Mae doesn’t offer customer support on weekends, and there’s no live online chat feature.
Your deposits are FDIC insured for up to $250,000, or $500,000 for a joint account.
Is Sallie Mae trustworthy?
The Better Business Bureau gives Sallie Mae an A+ rating. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about business practices, and is honest in advertising.
Sallie Mae doesn’t have any recent public scandals, so you may decide you’re comfortable keeping your money with this bank.
Sallie Mae vs. Ally
If you’re planning on opening a checking account in addition to a saving account, Ally will be your strongest option. Ally is the only one out of the two that offers a checking account.
You may prefer Sallie Mae if you prioritize high CD rates, though. Sallie Mae offers higher interest rates on CDs than Ally. However, you’ll need at least $2,500 to get a Sallie Mae CD.
Sallie Mae vs. Marcus
If you’d like to open a money market account, Sallie Mae will be your default choice because Marcus doesn’t have one.
For CDs, Sallie Mae pays higher interest rates but Marcus has lower minimum opening deposits.
