Sallie Mae Bank is known as a lender for students and education, but the bank also offers other services like deposit accounts, credit cards, and insurance to support the aim of making education affordable. The retail banking arm of Sallie Mae opened in 2005 and operates solely online, offering high interest rates on money market accounts, savings accounts and certificates of deposit. These accounts carry low fees to make saving affordable and help customers keep the interest their money earns. It offers convenient access online and through the Sallie Mae Bank mobile app, as well as customer support by phone. All deposits with Sallie Mae Bank are FDIC insured.
Sallie Mae Bank retail services focus on deposit accounts for saving. The options Sallie Mae Bank offers include a money market accounts high-yield savings account and certificates of deposit. Each of these carries rates above the national average and charges no monthly maintenance fees. Sallie Mae Bank high-yield savings accounts and money market accounts provide great returns without sacrificing liquidity. CD terms from Sallie Mae Bank range from 12 months to five years. These accounts also offer additional features aimed at helping customers save for educational costs.