Discover the Truth: Is Sallie Mae Bank Right for You?

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In summary: Sallie Mae offers attractive rates on its money market accounts and CDs, along with two high-yield savings accounts. However, it lacks a checking account option, which might hinder your desire to consolidate all your banking needs in one place.

Sallie Mae Bank: Overall Rating

Pros and Cons of Sallie Mae Bank

Sallie Mae High-Yield Savings Account Rates

The Sallie Mae High-Yield Savings Account boasts a competitive interest rate with no minimum deposit and no fees. It’s an excellent pick if you’re looking for a reliable online savings account from a trusted name.

Sallie Mae SmartyPig Account Rates

The Sallie Mae SmartyPig Account offers a high interest rate and helps you save for specific goals, like an emergency fund or that dream vacation. While it doesn’t quite match the Sallie Mae High-Yield Savings Account, it’s still a fantastic option for those looking to save effectively.

Sallie Mae CD Rates

To open a CD with Sallie Mae, you’ll need at least $2,500. If that’s out of reach for you, there are other banks with lower entry points. However, Sallie Mae CD rates are competitive, often ranking among the best available.

Sallie Mae Money Market Account Rates

Sallie Mae’s money market account offers a competitive rate with no minimum deposit requirement, allowing you to access your savings easily through paper checks—though it lacks a debit or ATM card.

About Sallie Mae Bank

Sallie Mae is an online bank specializing in savings accounts, money market accounts, and CDs. While it doesn’t provide a checking account option, it excels in online savings.

Its mobile app holds a respectable rating of 4.5 stars on the Apple Store and 3.9 stars on Google Play.

Customer service is available Monday to Friday, from 8 a.m. to 8 p.m. ET; however, there’s no support on weekends, and live chat is unavailable.

Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.

Is Sallie Mae trustworthy?

The Better Business Bureau rates Sallie Mae with an A+ rating, indicating a strong track record in customer service and transparent business practices.

With no recent controversies, you can feel secure banking with Sallie Mae.

How Sallie Mae Bank Compares

Sallie Mae vs. Ally

If you seek a checking account alongside savings options, Ally is your best bet as it offers checking accounts while Sallie Mae does not.

Ally’s Savings Account outshines both the Sallie Mae High-Yield Savings and SmartyPig accounts in terms of both interest and the ability to save for specific goals through Savings Buckets.

Sallie Mae vs. Marcus

Sallie Mae is your go-to for money market accounts, as Marcus does not offer this option. However, Marcus provides lower minimum deposits for CDs and a wider array of terms.

Why You Should Trust Us: How We Reviewed Sallie Mae

We rate bank accounts based on a comprehensive scale of one to five stars. For Sallie Mae’s accounts, we utilize a rigorous rating methodology that considers factors like interest rates, fees, and customer support.

Our weighted average approach emphasizes important features more heavily, ensuring that relevant aspects significantly impact your overall banking experience.