Sallie Mae Bank Review: High-Interest Savings and Money Market Accounts
Written by
Virginia Anderson
Edited by
Emily Gadd
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Sallie Mae Bank is a great online bank for people who want to save with their high-yield savings accounts, money market options, or CDs. The bank is ideal for those with short or long-term saving goals.
Sallie Mae doesn't offer checking accounts but has several savings products. GOBankingRates has ranked Sallie Mae Bank among the Best Banks of 2025 in two categories: Best CD Rates and Best Money Market Accounts.
Sallie Mae Bank, the online banking arm of SLM Corp., was established in 2005 and is headquartered in Salt Lake City. Although Sallie Mae Bank offers limited products and services and does not offer checking accounts, it’s the perfect pick for helping you meet your savings goals.
Sallie Mae Bank Savings Accounts
You can think of Sallie Mae’s SmartyPig Account as a virtual piggy bank that allows you to set up and track specific savings goals. Sallie Mae’s SmartyPig offers:
- A competitive interest rate of APY.
- You can earn a $10 reward for each friend you refer who opens a SmartyPig Account and deposits at least $25 within 30 days. There is a maximum of 100 friends and $1,000 in total rewards.
- No fees or minimums, and you can set up automatic biweekly or monthly savings deposits to increase your balance. Additionally, you can add funds to your account at your convenience.
- Sallie Mae also offers a high-yield savings account with a APY.
Best For
Money Market Accounts
CD Accounts
Online Banking
Great APYs
Low Monthly Fees
Min. Balance to Earn APY $0
Sallie Mae is an online-only bank that features low fees and high interest rates. Because of its low overhead, it can afford the interest on CDs, savings and money market accounts to compound daily, which is a higher yield than other standard accounts that compound monthly.
Fees
No monthly service fee
APY
Min Opening
$0
Pros
- No monthly maintenance fee on either savings account
- The Smarty Pig savings account offers a referral bonusÂ
- High-yield savings account offers a competitive APY
Cons
- No ATM access
- Customer service hours are limited
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Sallie Mae Bank CD Accounts
GOBankingRates often ranks Sallie Mae Bank as having one of the Best CD Accounts of 2025 due to its lack of monthly fees and competitive CD APY rates.Â
- Competitive APY for CDs ranging from to
- Flexible termsÂ
- FDIC insured
- Minimum deposit of $2500 is required which may be a high bar for some
- Automatic renewal of CD unless you otherwise choose not to renew
Best For
Money Market Accounts
CD Accounts
Online Banking
Low Monthly Fees
APYs Up To
Sallie Mae is an online-only bank that features low fees and high interest rates. CD accounts range from 6-60 months.
Fees
No monthly service fee
APY
Up to
Min Opening
$2,500
Pros
- Competitive APYs
- Flexible CD lengths
- FDIC insured so money is protected in case of bank failure
Cons
- High minimum deposit
- Early withdrawal penalty
Why We Like Sallie Mae Bank
Sallie Mae Bank offers a wide range of CD terms to choose from. Plus, there’s no monthly fees to take away from your savings rate.
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Sallie Mae Bank Money Market Accounts
Quick Take
Sallie Mae’s Money Market Account stands out among money market offerings from traditional institutions and other online banks. GOBankingRates named it as one of the Best Money Market Accounts for 2025 for several reasons:
- A competitive rate of APY
- No monthly maintenance fees
- No minimum balance requirements
- Free transfers
- You can write checks with your money market account
Best For
Money Market Accounts
CD Accounts
Online Banking
Low Monthly Fees
Min. Balance to Earn APY $0
Sallie Mae Bank’s money market option is a solid option with a high APY and check-writing capabilities.
Fees
No monthly service fee
APY
Min Opening
$0
Pros
- Competitive APY rate
- Check writing privileges
- No minimum balance requirements
Cons
- No comprehensive financial product lineup
- Limited physical branchesÂ
- No ability to deposit cashÂ
Why We Like Sallie Mae Bank
The lack of a minimum balance requirement will be an incentive for anyone who wants to start saving money with Sallie Mae Bank’s money market account.
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Banking Experience
When searching for a bank, you may focus on the banking products and rates available. However, these other factors are worth considering, too:
- No Minimum Daily Balance Requirements: Sallie Mae Bank does not require you to meet minimum daily balance requirements. This can be helpful if you are working to build up your balance over time.
- No Monthly Fees: Other banks charge monthly fees and often allow you the option of having them waived, but you have to meet one or more requirements, such as maintaining a minimum daily balance or setting up regular direct deposits. There are no monthly maintenance fees on Sallie Mae’s savings or money market accounts.
- Mobile Banking: The Sallie Mae Banking App is available through the Apple App Store and Google Play Store. However, features are limited to mobile check deposits and viewing account balances. The banking app has a 1.3 rating through the Apple Store and 1.7 on Google Play.Â
How Does Sallie Mae Compare?
One way to get the big picture about a bank is to see how it compares to its competitors. Here’s a snapshot of Sallie Mae compared to competing financial institutions.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
Up to $12 monthly service fee – can be waived
$5 monthly
APY
APY
APY
Up to for Platinum Savings accounts
Min Opening
Min Opening
Min Opening
$0
$25
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
Early withdrawal penalty may apply
No monthly service fee
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$2,500
$2,500 to $5,000
$250 to $1,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
$0
$20, waivable
APY
APY
APY
Up to
Min Opening
Min Opening
Min Opening
$0
$0
$5,000
Wells Fargo Bank
Sallie Mae is an online-only bank, which means you won’t be able to receive face-to-face service. However, Wells Fargo shines in that area with its thousands of branches and ability to schedule an appointment with a representative online.Â
Unlike Sallie Mae, Wells Fargo charges monthly service fees on its savings accounts if you don’t meet minimum daily balance requirements. Interest rates on savings accounts with Wells Fargo are also lower than Sallie Mae’s.
Chase Bank
Chase is a full-service bank with all the products and services consumers typically seek. At the same time, Sallie Mae is much more limited and offers only student loans, savings accounts, money market accounts and CDs.
However, Sallie Mae’s savings account options are fee-free and do not require account holders to maintain minimum balances; Chase charges monthly fees if you don’t meet requirements, such as a minimum daily balance.
PNC Bank
PNC Bank offers relationship rates when you link your savings account to one of its eligible checking accounts. Sallie Mae doesn’t offer checking accounts or a relationship rate option. However, Sallie Mae’s rates are much higher overall, even without relationship rates.
Final Take
Sallie Mae’s selection of savings products and competitive rates without the hassle of monthly fees or minimum balance requirements make it a viable option, even without checking accounts. It is suitable for people looking for a secondary bank that offers competitive savings rates with a unique twist on the standard savings account. Sallie Mae is worth considering if you don’t mind online banking.
Sallie Mae FAQ
Here are a few of the most commonly asked questions about Sallie Mae Bank.- Does Sallie Mae have a bank?
- Sallie Mae is well known for its student loan options, but it also provides banking services. Through Sallie Mae Bank, you can open a savings account, money market account or CD.
- Is Sallie Mae Bank covered by the FDIC?
- All savings accounts, money market accounts and CDs opened with Sallie Mae Bank are insured by the FDIC. The standard FDIC coverage limit is $250,000.
- Is Sallie Mae Bank a government agency?
- No. Sallie Mae Bank is a subsidiary of SLM Corporation. It is not affiliated with or sponsored by any U.S. government agency.
- Is Sallie Mae a good bank?
- Sallie Mae is a good banking option for consumers seeking to earn interest on their money with a savings account, money market account or CD. However, it does not offer checking accounts or other products, such as investment services, you may find with other banks. When seeking a banking option, it's a good idea to compare features to find one that suits your needs.
- What are the disadvantages of Sallie Mae?
- The primary disadvantage of Sallie Mae Bank is its lack of checking account options. Also, since it's an online-only bank, there are no physical branches you can visit for in-person assistance.
Rudri Patel contributed to the reporting of this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 9, 2024.Â
This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best CD Accounts of 2025, GOBankingRates considered the following factors (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate, and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, factor (3) was weighed 2 times, and factors (4) and (5) were weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 9, 2024.
To determine the Best Money Market Accounts of 2025, GOBankingRates analyzed the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) APY on the money market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, and factor (4) was weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 9, 2024.
