Sallie Mae Bank Review: High-Interest Savings and Money Market Accounts

4.6

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Sallie Mae Bank is a strong online option for savers focused on high-yield savings, money market accounts and certificates of deposit (CDs).

With competitive annual percentage yields (APYs) and a streamlined, digital-first experience, Sallie Mae Bank is designed for people who want to grow their savings without the complexity of traditional banking.

Sallie Mae Bank, the online banking arm of SLM Corp., was established in 2005 and is headquartered in Salt Lake City. While it doesn’t offer checking accounts, the bank specializes in savings-focused products that make it easier to earn more on your cash and stay focused on your financial 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 the following features:

• A competitive interest rate of  APY on all account balances.
• 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.

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Sallie Mae Bank Savings Accounts

Start Banking

Best For

Money Market Accounts

CD Accounts

Online Banking

Great APYs

Low Monthly Fees

Min. Balance to Earn APY $0

Sallie Mae Bank offers two savings accounts designed to help you grow your money with no fees. Both accounts earn competitive APYs, have no monthly fees or minimum balance requirements and support automatic deposits to help you stay on track.

Fees

No monthly service fee

APY

Min Opening

$0

Pros

• No monthly maintenance fees
• Competitive APYs
• No minimum deposit to open

Cons

• No ATM access
• Limited customer service hours

Why We Like Sallie Mae Bank

Sallie Mae Bank keeps savings simple with strong APYs, no fees and goal-based accounts like SmartyPig, making it easy to build savings over time.

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Sallie Mae Bank CD Accounts

Sallie Mae Bank offers a variety of CD terms, all with competitive rates. Here are some points to know:

• Competitive CD rates ranging from to .
• All CD accounts are FDIC insured.
• You’ll need a minimum deposit of $2,500, which may be a high bar for some.
• Your CD will automatically renew unless you take action and let the bank know.

4.6

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Sallie Mae Bank CD Accounts

Start Banking

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 to 60 months.

Fees

No monthly service fee

APY

Up to

Min Opening

$2,500

Pros

• Competitive APYs
• Flexible CD lengths
• FDIC insured

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 are no monthly fees to take away from your savings rate.

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Sallie Mae Bank Money Market Accounts

Sallie Mae Bank’s money market account combines a competitive APY with the flexibility of check-writing, making it a strong option for savers who want both yield and access to their cash.

• This account comes with a competitive rate of APY.
• There are no monthly maintenance fees or minimum balance requirements.
• You’ll be able to make transfers to and from your account for free.
• You can also write checks with your money market account.

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Sallie Mae Bank Money Market Accounts

Start Banking

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
• Check writing privileges
• No minimum balance requirements

Cons

• Limited physical branches 
• No ability to deposit cash 

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 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 to waive them, but you have to meet the requirements. This could be maintaining a minimum balance or setting up direct deposits. There are no monthly maintenance fees on Sallie Mae’s accounts.
• Mobile banking: The Sallie Mae Banking App allows users access to mobile check deposits and account balance viewing. Because of the limited functionality, the app has a rating of 1.5 out of 5 on the Apple App Store and 1.6 out of 5 on Google Play. 

How Does Sallie Mae Compare?

Here’s how Sallie Mae stacks up against a few other top banks.

Savings

CDs

SELECTED BANK

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Sallie Mae Bank Savings Accounts

Start Banking

MOST COMPARABLE

Wells Fargo Savings Account

Read Review

MOST COMPARABLE

Chase Savings Accounts

Read Review

Fees

Fees

Fees

No monthly service fee

Up to $12 monthly service fee – can be waived

$5 monthly, waivable

APY

APY

APY

Up to for Platinum Savings accounts

Min Opening

Min Opening

Min Opening

$0

$25

$0

SELECTED BANK

4.6

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Sallie Mae Bank CD Accounts

Start Banking

MOST COMPARABLE

3.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wells Fargo CD Account

Read Review

MOST COMPARABLE

3.3

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chase CD Accounts

Read Review

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

$1,000

Sallie Mae vs. 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. 

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.

Sallie Mae vs. 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.

Sallie Mae vs. 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.

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. 26, 2025. 

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 2026, 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 Oct. 4, 2025, 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. 26, 2025.

To determine the Best Money Market Accounts of 2026, 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 Oct. 4, 2025, 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. 26, 2025.

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