Reviews

Sallie Mae Bank Review: A Closer Look at Savings and CDs

Sallie Mae Bank: Top rates, no fees, goal-focused savings.

Rickie C. Keys, Ph.D., MPH

17 Mar 2024 — 1 min read

Sallie Mae Bank stands out in the competitive online banking landscape with its attractive savings rates and no-fee policy across accounts. Primarily known for its role in the student loan sector, Sallie Mae has expanded its offerings to include high-yield savings accounts, certificates of deposit (CDs), and a unique goal-tracking savings option designed to cater to a wide range of financial needs and goals.

Features:

High-Yield Savings Account: Offers a competitive 4.50% APY on all balances, ensuring your savings grow faster.
SmartyPig Account: A unique savings tool that allows for goal setting and tracking, offering a 4.00% APY.
Certificates of Deposit: Varied term lengths with competitive rates, such as a 1-year CD at 5.10% APY, requiring a $2,500 minimum deposit.
Money Market Account: Combines savings benefits with the convenience of check-writing, boasting a 4.75% APY.

Benefits:

No Monthly Fees: All accounts come free of monthly maintenance fees, maximizing your earnings.
Competitive Rates: Among the top in the industry, ensuring your money works harder for you.
Easy Account Funding: Although an external account is needed for initial funding, the process is straightforward with electronic transfers or checks.
Goal-Oriented Savings: SmartyPig accounts provide an innovative way to save towards specific financial goals.

Product Summary:

Sallie Mae Bank offers an appealing suite of savings products for those looking to earn high interest without the burden of fees. While the bank does not offer checking accounts, its savings and CD options are strong contenders for anyone looking to park their money in a high-yield account. The lack of a checking account is balanced by the provision of versatile savings tools, such as the SmartyPig account for goal-oriented savers and a money market account for those seeking more flexibility. Customer service options are more limited compared to some competitors, with a focus on telephonic support. However, Sallie Mae Bank offers compelling options for savers focused on maximizing their returns without the need for physical branch access.

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