Average User Rating:2 star rating based on 15 reviews.
Sallie Mae Bank
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5217 South State Street, Suite 210 Murray, UT 84107 888-272-5543 www1.salliemae.com  |
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Established in 2005, Sallie Mae Bank is associated with the education loan giant that shares its name. Sallie Mae Bank is state-chartered in Utah, with its headquarters in Murray. As you might expect, Sallie Mae Bank focuses on offering education loans to borrowers all over the country. However, that’s not all the bank does.
Sallie Mae Bank is FDIC-insured and offers savings accounts, money market accounts and CDs. Interest yields on these accounts are quite competitive, and there are no account minimums or monthly fees. It's an internet bank in which you manage your accounts on line.
Sallie Mae Bank is FDIC-insured and offers savings accounts, money market accounts and CDs. Interest yields on these accounts are quite competitive, and there are no account minimums or monthly fees. It's an internet bank in which you manage your accounts on line.
Sallie Mae Bank Routing Number: 124385119
Related Posts
Sallie Mae CD Requirement Change (Forum) - 3/22/2013
In reviewing the website I noticed that Sallie Mae Bank. has put a minimum CD account opening requirement of $2500.00 on the three CD's it currently offers.
Another Money Market Rate Increase at Sallie Mae Bank - 8/31/2012
Sallie Mae Bank just increased the rate of its money market account from 0.90% to 1.00% APY. This applies to all balances. There was no change to the savings account yield which remains 0.80%. In July ...
Sallie Mae Bank Raises Yield On Money Market And Savings Accounts. (Forum) - 7/20/2012
Sallie Mae Money Market up to 0.90%(Was 0.85%) and Online Savings up to 0.80%(Was 0.75%) effective 07/20/2012
Sallie Mae Rate Drop On Online Savings And Money Market Accounts (Forum) - 9/30/2011
Sallie Mae has joined the rate dropping party. Both Savings and Money Market accounts are now 1.00% APY.
2011
- 9/7 - Sallie Mae Bank Adds Mobile Banking With Remote Deposit Capture (Forum)
- 3/26 - Sallie Mae To Launch Student Checking Accounts (Forum)
- 3/8 - Sallie Mae Bank Cuts Savings Account Rate To 1.10% (Forum)
- 2/1 - Sallie Mae Bank Cuts Savings Account Yield To 1.25% (Forum)
2010
- 11/5 - CD Rates Fall At Sallie Mae Bank (Forum)
- 11/5 - Sallie Mae Bank Cuts Savings Account Yield To 1.30% (Forum)
- 9/15 - Sallie Mae Bank Lowers CD Rates (Forum)
- 9/13 - Comparing Sallie Mae Bank CDs with Ally Bank's 5-Year CD
- 9/3 - Update on Sallie Mae Bank's Internet Savings Account and CDs
- 7/5 - Sallie Mae Bank's Internet CD Rates - Available Nationwide
- 5/11 - Update on Sallie Mae Bank (Forum)
- 5/1 - Sallie Mae Bank Raises Its Online Savings Account Rate
- 3/9 - Sallie Mae Online Savings Account Yield Falls to 1.25% APY (Forum)
- 3/2 - Review of the New Sallie Mae Internet Bank and Its Link to Upromise Rewards
- 2/15 - Anyone Know Anything About Sallie Mae's Online High Yield Savings Account With An Interest Rate Of 1 (Forum)
See Rates for: Savings | Money Market | CD
Sallie Mae Bank Savings Account Rates
Sallie Mae Bank Money Market Rates
Sallie Mae Bank CD Rates
Rates updated: 5/23/2013
Data for Q4 2012
Institution Statistics
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Institution Health
Overall Score:
5 out of 5 
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Its Really NOT A Bank
- carlson12345678 - Thursday, May 10, 2012 - 11:49 AMDon't think for one second that Sallie Mae is actually a bank where you can freely move your money in and out. The handful of transfer deposits that I put into Sallie Mae were held for a absurd amount of time and checks were held even longer. Withdrawls from Sallie Mae can only go to a linked brick and mortar bank, which takes Sallie Mae 3 days to transfer out, plus whatever hold your bank places on your cash. End result, if you want to withdrawl some money for Christmas cash make sure to initiate the transfer by Labor Day
13
Sinking Interests And 5 Day Holds On Bank To Bank Transfer - Avoid
- devilwolf - Thursday, June 7, 2012 - 6:40 PMTheir ACH hold policy is pretty bad. They place a 5 day hold on ACH deposits, which is much longer then most banks, S&L, or NCUs. I quote from their email..
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Dear Mr. ____,
Thank you for contacting Sallie Mae Bank.
For all deposits made by check or electronically in the amount of $5,000 or less, funds will be held for five (5) business days from the effective date for those funds, which is the day that we credit your Account for that deposit.
Deposit hold for ACH transfer is not only by Sallie Bank, it is both a Regulatory and Bank Standard Hold Policy.
Thank you,
Sallie Mae Customer Service
12
This Bank SUCKS
- tennboy1981 - Tuesday, January 31, 2012 - 12:43 PMThis bank SUCKS. I deposited a check remotely with my computer, and they return it saying its already been cashed when it HAS NOT. The check is good. Their custoemr service SUCKS. They want to charge me for THEIR mistake! **** you, keep the 5 bucks, my account is closed!
12
Sallie Mae Bank - No Problems / No Worries
- JazzManAtHeart - Sunday, September 30, 2012 - 11:58 AMI have been with Sallie Mae Bank for over two yeas now. I have had no problems with their bank, or policies. I have used them for Savings & CD's, and am currently thinking about opening up a Money Market Account. On the rare occasion when I phoned their customer service I was taken care quickly & politely.
No Problems / No Worries here!
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Bank Put 10 Days Holds On Deposits
- Joel1909 - Tuesday, December 11, 2012 - 7:12 PMSalle Mae made me mail in my deposit and then without warning put a 10 business day hold on the funds. Their customer service people read from scripts and can't solve any issues they are almost robot like when you call.
All together it took me 19 days from the time i made the deposit till the time they let me withdrawal the funds. Watch out for this bank. Terrible experience!!!!
6
Worst Bank Ever!!!
- dfdfff - Tuesday, December 11, 2012 - 9:49 AMThey put 10 business day holds on every deposit watch out!!!
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This Is The Most Corrupt And Dis Honest Company Ever
- ryanstar - Wednesday, September 26, 2012 - 4:05 PMThis bank has ****ed me out of 1200 on a 10000 dollar loan. That is over 10% of the total loan.
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Technicals Issues With Online Banking - Closed Accounts!!
- ala747 - Thursday, June 14, 2012 - 2:25 PMI was having issues with trying to change the alerts on my Sallie Mae accounts. After about a week or so I contacted Sallie Mae Bank customer service and explained I could not adjust the alerts on my accounts, when I could do so before with no problem. The customer rep said she could not make any changes either, so my issue was "escalated" to techincal support. She also let slip that the bank was having problems with the company this service was 'contracted' to.
Well after three more days passed, I still could not adjust the alerts on my account. Needless to say with the technical difficulties I was experiencing, I began to wonder about the efficiency and security of Sallie Mae Bank's website in general. I called customer service once more but got no further with my issue. After two weeks of this run around I closed both my accounts with Sallie Mae Bank and switched to another bank. I couldn't be happier with the service and the user friendly website with my new bank.
The clincher to this story : I got a call from Sallie Mae Bank techincal support saying my account alerts have been fixed. When I received the phone call my accounts with Sallie Mae Bank had been closed for almost three weeks. I could only laugh at the irony.
Sallie Mae Bank still has a long way to go before getting its act together, especially with its online technical issues.
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SALLIEMAE BANK CUSTOMER SERVICE - 1-877-346-2756
- MY4ever - Wednesday, October 27, 2010 - 6:12 PMYou can contact directly the Sallie Bank Customer Service @ -1-877-346-2756.
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Deceptive Rates On Student Loans
- hatesalliemae - Monday, June 11, 2012 - 1:23 PMi was on the phone with the rep and also with the manager regarding my son's application for student loans. i am the cosigner and have excellent fico score (over 800 as per transunion.) i also monitor my credit score. as per sallie mae's website, their fixed interest rates 5.74%-11.85% dependeng on credit history. this people are deceptive, unethical and plain thieves! after i have given them all information online, spoke with them on the phone for several hours and finally, after 3days of communication, they gave me a 10.50% fixed rate! what a scam! i even put for interest only repayment option while in school which as per their website, it would lower my rate! they even told me that i do have an excellent credit. i asked them if they ever gave to anybody that 5.74% rate and the manager couldn't answer it. he won't give me his real name but after long argument, the manager gave me his ID# i have a great job with a great salary (over six figures). please refrain from applying student loan in this bank, they don't honor their website rates and they'll just try to destroy your credit history.
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Bank Rating
- tangible - Saturday, January 26, 2013 - 6:43 AMSeveral one star reviews posted here are actually about student loans, not banking. I've been happy with the service and especially with the interest rates at Sallie Mae. Even though they cut their rate yesterday from 1.05 to .95 they are still among the leaders.
4
The Holding Time Is Absurdly Long.
- nonename - Wednesday, December 12, 2012 - 4:52 PMThe minimum holding time of your deposit is 5 days, even if you wire in the fund. Absurd!
I suspect, if they allow cash deposit (which they don't), their holding time for deposited cash is also 5-day.
The only reason I can think of is that they are still using abcaus and long hand caculations to tally your deposits.
4
Nothing Wrong With Sallie Mae Bank
- kemiker - Monday, February 18, 2013 - 3:32 AMI maintain a fairly large account balance (400-500K) with Sallie Mae Bank and have had absolutely no problems with service. My few questions have been handled quickly, professionally and courteously by the telephone service representatives. It is a place I park medium-term (a few years) cash at an above average money market rate, and I do not expect it to function like a retail bank (frequent in and out banking). Some reviewers appear naive about its banking functions and policies. The hold policy is not unusual and interest is credited starting within a few days, not at the end of the hold period.
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On Line Access May Not Be Secure
- sam123456789 - Tuesday, December 18, 2012 - 6:37 PMIn an attempt to set up an on line account, a web server error "lost" all our confidential information. STAY AWAY from this bank! When the rates are too good to be true, they probably are!
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Nationwide Savings Accounts
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Sallie Mae Bank 2010 IRS 1099
SallieMae is distributing its 2010 1099s electronically via its Website. The customer service rep informed me that they do not intend to distribute them by postal mail.
In principle, I don't have much of a problem with this myself, but it was very difficult to print out the form, even when I tried to follow the very cursory and non browser specific instructiions SLM Bank provided. The bank did not provide the 1099 in PDF or another easily printable format. Printing directly from a browser failed for me using both Firefox and Chrome (print truncated critical parts of the page). Ultimately, I was able to capture an image of the 1099 using Windows 7's cutting tool, save it as a PNG image, view the saved file using IfranView, and print from IrfanView.
Thought this might be of use to others who might face the same problem. Pretty clearly, the process has no business being this involved.