Sallie Mae Bank Reviews

Average Rating:
Based on 84 review

This Bank Needs Some Serious IT Upgrade

The bank cannot generate the online savings account statements for the month of June 2022. Called the help desk. The IT people have no clue apparently because there was not time frame given for resolution. The only reason I kept this account is because they had some of the best interest rates a while back. Now they are only average. This would be one of the next bank accounts to dump if I could find a better option. The best ones are already maxed out.

Problems With ACH External Account Linking

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I have had a money market account with Sallie Mae for several years. In the past I had no problems adding it as an externally linked account at several other banks.

However I was recently unable to link my Sallie Mae account to either Live Oak bank or Barclays bank. In both cases the test deposits never appeared in my Sallie Mae account.

I would not trust using this bank for ACH links via other institutions until Sallie Mae fixes these problems.

Funds Transfer From Sallie To Another Bank Worked Fine For Me

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I was concerned about the transfer from Sallie Mae to my linked account at another bank after reading some reviews that people had trouble with this.

It worked fine for me. My CD matured on 1/2. I had given them instructions beforehand to transfer balance to the account that was used to transfer the original funds in.

I called on 1/4 (Monday) to check and they had the instructions. The funds were no longer in Sallie Mae on 1/5 and showed up in the other bank on 1/6.

Terrible Experience

On 12/14/2020 I spoke to rep. Scott, to close my CD maturing on 12/14/20 and gave instruction to transfer my funds to external link bank, he said this shall be processed in 1 to 2 business day, but i did not see the funds in my external account until i contacted Mark on 12/18 that i have receive the funds he adviced he will look in to it and get back to me, but did not the next day not receiving call or the funds i called again and spoke to rep, Mindy she said she will file report and some one will get back to me and no one did, so called again spoke to Scott, he was rather rude and did not know the answer, finally he called me and said there was problem and funds have not been transfered due to some oversight on their part and will be transfered by ACH on 12/22/20 which is one week later. I asked him that i want to speak to supervisor name Mr.Zen Varton, his reply was he does not want to speak.
I find this bank reprsentatives staff are not capable of running bank or giving service

In Is Easy. Out Is Hard.

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Putting money in? Easy peasy. Getting it out? Plan well. Really well. Sallie Mae WILL NOT RELEASE YOUR MONEY (even wire it) unless it goes to a linked account at an institution Sallie Mae has already approved for you. Don't count on transferring your money to another high-paying bank unless your accounts were linked looooonnnnng ago. Count on missing now-you-see-it CD rates at competitors. Sneaky. Very sneaky.

Terrible To Deal With

My CD came due and they closed the account for me but did not deposit the funds back into my external account. After a week, I called them and they said that my bank would not accept the deposit. I explained that my bank never got a deposit and that I had been doing this for years. There response was that they will send me a check but it could take a mininum of 30 days. Beware of this institution as they are very hard to deal with.

Worst Online Bank Ever

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Open an online account to get their high APY on Savings. Completed their two small deposits verification to my external bank. Called by their security to verify that I added external bank? don't know why I needed this step it wasn't in their documentation. I called to close the account, and I was given the 3rd degree, what's your cell, addresses, as if they were data mining for personal information. Take my word people don't waste you time chasing the APY at this bank, no matter how good it may look. Shop elsewhere.

Too Much Trouble And Pain ****Alert ****

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Stay away. After open my money market account with Salliemae, I added an external bank for funding the account. After successful complete the trial deposit as usual, I am surprised that Salliemae immediately place a hold on my account so I have to call them and verify my external account ownership. What trial deposit for then?

Then, let me add Salliemae account to my external bank so I don't ran into this trouble. Unfortunately, Salliemae rejected my external bank trial deposit which caused my external bank to suspend my instant transfer for 90 days. They still let me transfer, but take a longer time.

I am done with Sallie Mae.

Works For Me. UPDATED

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Was hesitant after reading all the negative reviews, but they had the current best CD rate. Opening a CD and money market online was simple and fast. Did not need to unlock my credit reports. After completing application I called customer support with some questions and was told there was a 20min+ hold time. Left my info for a callback and they called me back within 10 minutes. Customer service was friendly, helpful, and knowledgeable. I had no problems and everything went smoothly. The website is different from others, but each bank website has their own nuances. I have worked with well over a dozen online banks and counting so I am not new to this.I will update this review if anything changes.


So I opened my accounts a few days ago. Today I get multiple calls and emails from Sallie Mae that they need to talk to me about an urgent matter regarding my account. When I finally get a hold of them they tell me that they can not verify my external account and that I need to participate in a 3-way call with the external bank to verify ownership. I agree and it happens. After which the Sallie Mae CS says this is a new fraud prevention procedure and every time a external account is added they need to call the external bank and verify ownership. Some banks will not provide any information unless the account owner is on the call. Needless to say this is a total pain, especially in these times when banks are working with limited staff and hold times are long. Regardless, my accounts are open but I will think twice before adding any external accounts to my Sallie May unless they are absolutely necessary. I am taking away one star for the hassle.

Buyer Beware: Anxiety Ahead!!!

As a VP of an insurance company and a of broker-dealer, we post our customer’s money the same day as received. It is unbelievable to me and frankly negligent that Sallie Mae takes more than 5 days to post a deposit that arrives in their office by Federal Express on a Monday by 10:30 am. Worse, they could not even verify that they received it. The interest rates and no fee environment are good but going forward, I will no longer mail deposits or do any deposit that can not be done by ACH, EFT or wire. The latter are immediately posted with no hold. What is Sallie Mae possibly doing with the money for 5 days that they can not even confirm they have it? I sent a bank cashiers check by overnight mail but will stop payment on it tomorrow after a 5 day vacuum. This is the second time in 2 years they have apparently lost two deposit checks for over $200,000. I will be sending a registered letter to their CEO, Johnathan Witter tomorrow and formally requesting an bank audit by the regulators. Something is very wrong with the processing of their deposits. I have had no trouble getting money out but depositing large deposits of greater than $5,000 is a HUGE problem at Sallie Mae. Do business with Sallie Mae but just limit your deposits to wire, ACH or EFT where posting is immediate to avoid stress and anxiety. You will live longer. (All banks put holds on deposits but I am talking about simply acknowledging receipt). This is the problem. You will get postal confirmation but once at Sallie Mae, it enters a vacuum or a black hole and nobody can tell you if they have it or not. The bigger your deposit, the more your anxiety. Again, proceed with caution with your deposits and maybe only do them by ACH, EFT or Wire. Good luck!

Falling Fast

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I've been with Sallie since 2013. I've had as much as $210,000 in their MM. They have always floated your deposit/withdrawals to their advantage (late deposits to the SM account, but early withdrawals from SM but several days before transfers show up to the nonSM account.) Recently though, the dividend rates have nose dived without notice (from 2.25% (Jan) down to 1.35% today). So much so, that even this site can't keep track of the current untimely rate change. Makes you wonder if they are going under too. The website is a mess. Recent changes makes it difficult for you to find your transaction history. Whoever deisigned it should have consulted a user/layman before deploying the new design. I am steadily moving funds out, so do your due diligence before jumping on board. As is, this is not the account to open. Five thumbs down

Double Debiting External Account

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Be aware! Sallie Mae this week is double debiting your external account for deposits initiated through Sallie Mae's website. But, only single crediting your Sallie Mae account. They did it to me for #3K and for $1,700. They are not sending out e-mails to notify you of this. CS rep says it is not their policy to send out e-mails when there is a problem! My external account bank actually notified me there was unusual activity....that's how I found out about it, As of this a.m. Sallie Mae says the problem is "being resolved".


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Sallie Mae will tell you that it takes 2-5 business days for your withdrawn funds to be available in your other bank account. It was 12 days before I finally received my money. So I called to see where my money is and I waited on hold for 25 minutes listening to their terrible music and after my lengthy wait, I was hung up on. So I tried again and another 25 minutes on hold went by and I was hung up on again! So I went to their website and tried their online chat but, they only copy and pasted that same phone number and told me to call them even though I was hung up on twice and spent almost an hour of my time on hold. So I tried calling again and guess what? 25 minuted on hold and I was hung up on again. When I finally reached someone they told me that there was a banking error for anyone who submitted a withdrawal on Monday Nov. 4th. which they knew about by Thursday. A simple email would have sufficed that we know of the issue and your funds will take longer than usual. But no, no email, no phone call nothing. It would have taken them 30 seconds to send an email explaining whats going on. Instead, I had to spend 2 hours of my time trying to figure out what happened to my money. I have had this account for over 10 years and this morning because of this reason I closed this account and I will never do business with such a shady organization again. I urge you to not bank with sallie mae. There are alot of other options with much much better customer service. When I talked to them this morning all they could do was say i'm sorry. Well guess what? Sorry doesn't pay my electric bill and sorry is not good enough when you are dealing with my money. Totally unaccaptable and inexcusable. The worst customer service experience I have ever had with any company ever. ACCOUNT CLOSED.

New Website Issues

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Have used SallieMae for years, and enjoyed the ease of opening and funding new certificates of deposit.
Since they rolled out their new website, it is extremely cumbersome to open a new CD. Basically all you can do online is open it. You cannot select the amount, you cannot add a joint owner, you cannot add a beneficiary, nor can you fund it with your SallieMae Money Market account. You have to call them to set up - they need to fix this asap - what a headache!
UPDATE: January 2020 - this seems to be fixed - might have to refresh during the process, but seems much better - thanks Sallie Mae!

Beware: 8+ Year Customer But Account Closed & They Wouldn't Reconsider

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I've had accounts with them for more than 8 years, but today they closed my account and would not reconsider. Their recent website changes now allow additional ACH links, so I added more to use this as a hub. Apparently that was a red flag. Things to avoid telling them:
* That you have changed phone carriers in the past - I said I used Google Voice as I've changed phone carriers over the last "10 years" and it made it easy. Even though I said "10 years", they explicitly said they were concerned that I had changed phone carriers.
* I moved twice in the last year. Again, they explicitly said they were concerned by that.
* I was keeping about $800 in the account, but was transferring it out for a few days each month to meet a direct deposit requirement at another bank. They asked why I have my Sallie account - I said because it has a good interest rate and to transfer money in, etc. She prompted me with "For savings?" and I said sure. They said the transfers indicate the purpose is not savings.

It was a >40 minute call, with most of that time spent by the female rep asking questions. She made for a quite unplesant experience. I do not recommend.

Have Had No Issues

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I found registering for CDs with them to be easy. I have had no issues over the last 2 years. Fingers crossed, after reading the other reviews, in which some people have had difficult experiences with the website or customer support response time. Best of luck to you all

Scary To Say The Least

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I saw good rates for CD and attempted to open an account and CD. After filling in a joint application with all info, inlcuding SSANs and Bank routing and account #s to transfer significant funds and got to final step and clicked submit. Their website then went into an opening account mode and continued in that mode for near 30 minutes. Finally I clicked on the back arrow and it went back to the step 4. I continued back and removed all my information. I'll be watching carefully to make sure if anything happens. I can't trust such important information and $$ to them if their system is not any better than my 1st and only experience.

Great Bank with Great Service

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Seems these bad reports are crazy to me.I used Sallie Mae since at least 2013 have got the best rates I can find at Sallie Mae. Have and have had many CDs that have Matured always able to get a check or transferred to a money market account. I have talked to friendly people who are easy to get too

Dont Put Your Money In This Place

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day 38, still waiting for closing balance check to arrive. Customer service is horrible, the so called customer advocates can't do anything. How hard can it be to mail a check to a customer. I have filed an FDIC complaint, CFPB complaint, BBB complaint, but they insist they I need to wait another 30 days. The website must be 15 years old, they treat their customer like dirt and truly should be shut down.

This is by far the worst bank that I have ever used, and age 60+ I have used many banks. I am calling my senator tomorrow, he sits on the banking committe.

Painful Experience!

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Dealing with Sallie Mae Bank not fun! Poorly run company with a miserable return on investment and a unbelievably over-paid management.

After opening a MMA account with these folks, I realized that I had made a grievous error. While they certainly accepted my money in rapid order, getting my money withdrawn (and recovered) was a long, long painful experience.

Think twice before giving these folks any money!

Do Not Open A CD Here

I tried to open a two year cd here for a small amount. First time their web site crashed during the verification. Second time it went through after asking me to verify everything under the sun including my ex sister in laws name who hasn’t been married to my brother in 15 plus years. Next day I get an email asking me to verify more. I call and verify the account, get transferred to fraud. Fraud says there is a problem with my address. I verify it as well as another property we owned in the 15 years I continually owned the other. They leave me on hold forever. I tell them they can verify with the tax assessor. That’s not proof they say. Then they start asking the weirdest garbage. Who my mobile carrier is and whose name my phone account is under? My pets names. Then they got ludicrous. How did I hear about sallie Mae? (A weird question from a fraud department. But I was assured it was fraud related) Why did I open an account? (Seriously. Why did I open a two year cd? To save money. Smh) Did anyone have access to my account? (Me. “Why? Do you show someone else accessing the account.” “No. We just ask.”) This goes on a long while. Then they want to call my bank the electronic transfer is coming from and verify over the phone which would have meant a rep from their office hearing my passwords. When I tell them they’re starting to sound like scammers, they scoff and say the security of my account is important. I ask to close the account. They lie and say it’s already been funded and they can’t close it. (I checked with the bank. It had not. But I wonder...why do they want to get my bank passwords if they had already taken out the money? I ask the speak with a supervisor. They say I can when I verify more. Then they ask me more insanely stupid questions and afterwards say a supervisor will call me back. The passive aggressive crazy rep hangs up. I call back and told they are closed at 2:30 pm mst! This place is a nightmare and I’d be very weary about some call center rep wanting to know your mobile carrier, who owns your mobile account, passwords to your bank account-they can take over your phone and steal. Don’t trust these guys. There is something not right about this “bank” and the reps working in their centers. I resolved the issue by paying for a stop payment with my bank so the account wouldn’t be funded. A truly horrible and creepy experience. Wish I had never gone down this road.

Just Another Paranoid Bank

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Open account, gets shut down to "suspicion of fraud" the next week. Yeah right. Do not use this bank!

Do Not Attempt To Open An Account Even For An Extra Small Percent Better Rate.

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Tried to open a CD account to take advantage of a slightly better APY. Wouldn’t work online. Called customer service and was asked to send in a copy of drivers licences. Waited two days and was asked to send a copy of SS card. Waited two days and called again and was asked to send wife’s SS card. Asked how long things would take and was told five to ten working days. Asked if advertised rate was guaranteed as process had now taken a week and was told no. Found better bank and recalled Sallie Mae customer service, told them to stop application process and was reassured, “ on my honor things will go no further”. Three days later small test sums appeared in my checking account.

Do Not Trust Them With Your Money

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Sallie Mae closed my account for (what they call) "suspicious activity" three weeks ago. They won't tell me what this "suspicious activity" was supposed to be, they won't tell me when I will get my money back... they won't even tell me what the closing balance of my account was (so I can figure out whether my account was hacked). I've been in a constant state of panic for three weeks because I don't know if I'll ever see my money again.

To be clear, I'm a college professor, excellent credit, above-average financial wealth, I haven't even had a traffic ticket in 15 years. I'm not some shady character. The only thing I ever did with my Sallie Mae account was put money in it, and they won't give me any answers about where my money is or when I'll get it back. So if you think "Oh, this couldn't happen to me," IT COULD EASILY HAPPEN TO YOU. Do not run the risk, it isn't worth it.

Excellent Experiences.

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I've been with Sallie Mae for years. Their website has always been accurate and very easy to use. I like that their money market account not only offers a highly competitive rate (which they've been increasing) but also offers check writing privileges.

Horrible Website

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I had several CD's with Sallie Mae about a year or two ago. They were offering a good rate so I went with them, but their website was horrible. Maybe they've improved it by now, but I doubt it. Plus, when I opened my first account with them, I had to email them a copy of my driver's license. I guess it was to prove my identity, I guess. Then, over several months as I continued to open more CD's with them, I still had to email them my driver's license each time! You would think that I would only have to do that for the first account! I put up with it, just to get the good rates. All my CD's eventually matured, and I put my money elsewhere. The hassle with the driver's license thing and their poor website was too much to deal with. I will likely never go with Sallie Mae again, unless their rates become best in the nation.

Gave Up Trying To Get A Money Market Account

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Based on the fees and rates I decided to open a Money Market account with SallieMae for an emergency fund.
I tried to use the website to create an account, link a bank account to transfer money, and transfer money. For each one of these steps I ended up having to contact customer support by phone to get anything to happen. The user experience of the website is horrible, but I thought being a UX professional that designs these things, I should be able to navigate even the worst website, I was wrong. From misleading examples to incorrect flow and finally no clues as to what happened when an error occurred. The call center people were nice, but nobody could explain what happened and suggested that they perform the operation for me. For the third call which I had to make to see why the initial transfer into the account failed even though the account was verified, I decided that I'd had enough and couldn't trust the web interface enough to manage my money. I closed the account and moved on to a better option.

Terrible Website

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Decent rates, terrible and outdated website.

Non Functioning Account Set Up Page

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I tried for a week to open an online money market account with Sallie Mae Bank. I was never able to get past the second step of their four-step process. I finally decided that if their website was so poorly taken care of I sure didn't want this bank taking care of my money.

Worst Experience Ever

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I just set this account up, got my money transferred from another online savings and simply wanted to see what my account # was. The online account is hard to navigate and nowhere was I able to to simply find out my account number so i call. I was on hold for over 20 minutes just to get my account number. Not easy to use, Not customer friendly! I do not recommend this no matter what the interest is.

Unavailable For Living Trust Accounts

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I wanted to open an account in the name of my Living Trust, using my own personal SSN, and with me as the sole trustee, but their rep stated that this is not an available option. They only allow personal accounts, not trust accounts. FYI. Other banks have no problem in setting up accounts in the name of my trust as described.

Becoming Primitive

I first signed up for this account about 10 years a go, when it had around the highest interest rates of its competitors. Coming into the 2018, the website has not changed at all. Its a very primitive website. Some may like that, others may not. I guess they figure "if its not broke, why change it"?
I'm okay with its primitiveness, but since I first opened the account, the interest rate has gone down significantly, and I actually switched to another online savings account that offers a higher interest rate.
The last thing that really bothers me and ultimately made me switch to another savings account, is the wait times on funds availability. It takes roughly 5-10 days for your funds in your account to become available. In this day in age of instant transfers and quick processing, I find the hold times to be WAY too long.
Overall, they need to revamp their site and their rules on availability and come into the year 2018.

Competitive interest rate, easy to setup and use.

I've been with Sallie Mae for a few years while looking for a high interest savings account due to interest rates being so low. It was pretty easy to set up the account, and you have the ability to move into CDs and money market pretty easily if you are looking for those types of products. The only complaint I do have is that sometimes the site that you are taken to to view statements can glitch out and it's unviewable. I eventually get them to work and they're viewable. Not sure if maybe it's an issue with my browser or not. I thought it was pretty easy to link my bank for savings transfers and automatic deposits. All in all, I'm pleased and haven't found any reason to leave.

Great rate, and easy to work with

I signed up with Sallie Mae's high interest savings account when rates started to drop. They have always offered a competitive savings rate, and are super easy to work with. I was easily able to link my bank account to transfer funds back and forth and was able to set up an automatic deposit each month to make my savings thought free. I've never had any issues with using SallieMae.

Great Experience So Far

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Just opened the account several weeks ago to hold some one-time money that I recently received. I searched around for on-line bank options, since my MMA at Bank of America was only paying me 0.065 APR. What a joke! After the on-line research and checking reviews, I took a chance with Sallie Mae. I was somewhat swayed by their reputation and business mission in addition to their competitive MMA rate. Everything from setting up the account, linking other bank accounts for transfers in/out of Sallie Mae, and promptness of executing transfers has been excellent. I will update this review if anything changes. But, so far, I would highly recommend checking out Sallie Mae products.

Easy online banking experience

I opened my Sallie Mae account for special purposes. I still transfer money into the Sallie Mae account monthly. I enjoy their higher than average interest rate and their easy to access site. The website is very intuitive. I can easily find my balances, transfers, interest earned, etc. At the end of the year when it is time to do my taxes the paperwork is easy to access. I've forgotten my password and have locked myself out before. I don't mind calling and speaking to someone to confirm it is me and reset my password. Overall, I keep my rainy day fund money there and try not to touch it. If and when I do need it it is easy to access and transfer into the checking account that I use to send or pay money out of. I would definitely recommend a Sallie Mae banking account to friends or family, as long as they are comfortable with the internet.

Review of Sallie Mae online banking

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I have had an online only high-yield savings account with Sallie Mae for probably about 6 years. I opened the account initially because I didn't need to have a minimum deposit to start earning interest, but mainly because the interest rates were so high. The interest rate is .90%, which was higher than any other account I had found while doing research. I also don't get charged for any transfers in or out, which a lot of other banks do. When I initiate a transfer from another account to this account, it's processed quickly which makes it easy to keep track of exactly how much I have. I can also link the account to my Upromise account, which makes it easier to transfer my earnings from Upromise (although I don't use that service much).

Sallie Mae High Yield Savings

I have had my savings account with Sallie Mae bank for about 3 years. I opened the account initially because the interest rate was much higher than any other bank I found (the rate is currently .9% APR). The high interest rate allows me to earn decent money on a smaller account. I've never had to contact customer service for any reason since all transfers show up as scheduled. I like the convenience of being able to transfer to/ from Sallie Mae without them charging me any fees, which it seems like a lot of banks do for external transfers.

Nice Bank

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I opened two accounts with Sallie Mae after getting a Upromise account. The account is a cash back account and by linking it to my Sallie Mae savings account, my cash back is automatically transferred into my Sallie Mae account. This auto deposit has allowed me to save money for special events without even realizing I was saving the money and they pay a higher interest rate than the local banks near me. It was easy to set up a local account to transfer in and out of these accounts and I can also write checks if I need to. In addition to the higher interest, I also earn an annual bonus for linking the checking to my Upromise account which is an awesome bonus. I have never had a problem with any of the transactions for accuracy and they are always completed within the time frame they promise me.

Was Fine Until I Wanted To Close The Account

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I had no problems with my banking account as far as an online savings account. However, I decided to move to a local bank where I could make cash deposits and requested Sallie Mae close my account.

I am on my 4th request. At first they said they did not recognize the new bank as a linked account to make any post closure transfer (even though it is verified). So I requested they use the bank that has been linked since I opened my account with Sallie Mae.

Now they are no longer responding to my requests at all.

I now have to figure out who to escalate this to; I have no need for this account. It has a zero balance and as a long term customer, I am appalled by the lack of customer service I have received for this one, simple request.

Get Up To Speed

Terribly unsophisticated Web presence. Pedestrian design and functionality. Counterintuitive rather than user-friendly. I bookmarked the banking page, when I clicked on the bookmark, it went to the student loans page. I deleted the banking bookmark, then reinstated it. Same thing. When clicked, it went to the student loans page. It's hard to even find the banking page by Googling Sallie Mae.

Student Loans

Please do not use this bank. We had one issue on our credit report so we call and spoke with a CSR and told her what is was, She stated that they look at the overall credit report and it should not have a impact on the loan. So I went ahead and applied and it was not approved for this reason, So if you do not have perfect credit do not apply at this bank. It will cost you points on your score and CSR will not tell you this.

Horrible Online Experience In Banking

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I made several attempts to open an account here, many online problems in logging on and customer service. I wanted rate that was about 2% by the time it took them to get me ready to open an account the rate was gone and so were they, no replies ever again...............Horrible go elsewhere

They Do What They Do Very Well

Sallie Mae has a very competent business model. While I would not say what they offer is exceptional or unique in many ways, their execution is always top-notch. Their online banking website is very high-quality, making everything super easy to use. It is well laid out and easy to access account information/balances/etc. On top of that, I use their Android app extensively, and I find it to be one of the better banking apps I have used. Similar to the website, everything is just well designed and made to be as straightforward to the user as possible. Their customer service has always been kind and very helpful every time I have contacted them, and they've gotten my problems sorted out quickly and efficiently. I enjoy working with Sallie Mae, it's always been a positive experience.

CD App In Progress...Appreciate Replies

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I found the Sallie Mae terms very well written and to me it all made perfect sense. They are 180 days EWP and 2.10% on the 5 yr CD. I really want this CD.
Started the application, and got a screen of death. I called and the nice rep told me they couldn't find my drivers license and one other ID document. Luckily, they told me to email images to their security email. He said jpeg images are just fine. I snapped a perfectly clear image of the 2 documents and emailed it. They said the dreaded 1-3 day limbo fret and wait thing.
I followed up at close that day, and the 2nd rep told me that once Sallie Mae security looked at the email. That Sallie Mae would send me the keys and I could finish the CD application online.

Only if Sallie Mae security screws up will I lose out on the CD. Does anyone know if Sallie Mae will indeed get to the security email to fix the screen of death?

Crazy Holding Time

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I was very disappointed with the services from Sallie Mae Bank. I thought that they worked like any other bank in which once I had a deposit I would be able to have access to my money as soon as it was in my account. This was not so. With each deposit I made I had to wait3-5 days to have access to that current amount of money. Also, the online information of my account was never updated within a reasonable amount of time. I also deposited a check online and had a return message saying that there was an error and the check had already been cashed when it had not. I was very disappointed with the phone service as well. The workers were rude and told me I was wrong with all of my information. After only three months I decided to close my account. I have transferred to a new bank and have had none of these return problems like I did with Sallie Mae.

Constant errors

I had heard good things about this bank from some coworkers, and as I was new to the area, having to leave my previous local bank behind, and already had Sallie Mae student loans. I decided to give the bank a chance. There were no problems for the first couple of months, but then I discovered that it was because there was an error with the banks systems. My name was not listed anywhere, but a misspelling of it was, and that was the only person that they were open to allowing access to my account. I am unsure how this can happen with all of the information they had and the previous interactions I have had with the Sallie Mae company. The customer service wasn't always bad, but the people willing to help were unable and the people who had access to fix the issues refused. This issue took months to fix, though they continued accepting deposits. The issue was only on paper and did not become a problem in my daily life, but I knew that it needed to be corrected. After months of trying to have it fixed, a manager resolved the issue in about twenty minutes when I was calling one day. This bank isn't bad, but it is definitely a mixed bag. Nobody else I have talked with has had this issue with the Sallie Mae online banking.

Okay Bank, Similar to Others

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Have a money market account with this bank and really like the fact that there is no minimum deposit or monthly fees. This feature was a strong point for me when I first opened the account. I am very happy with the high yield percentage and the fact that I don't have to keep a minimum balance in the account.

Now, onto my student loans, which is an entirely different story when it comes to customer satisfaction. My loans were deferred until I graduated college, but I decided that since I worked as well, I would pay off as much as possible so I wouldn't accumulate an insane amount of interest on some of my loans. Once I did graduate, I was unemployed for about 3 months after, and once I did get a job, it was only on a part-time basis, so I was unable to pay the amount they felt I should pay each month. I spent hours on the phone with customer service, only to be transferred from one customer service representative to the next. When I finally did get in touch with someone, they said I had no choice but to pay the minimum amount due (please note: I had almost $100,000 in student loans), which was about $700 per month. I explained there was no way I could do this and I basically had to go through hell and back, providing expense information, etc. for them to finally work with me a bit. So, my payment was cut by about 1/3...better, but not great. You would think they would work with me more seeing that when I could, even when my loans were deferred, I paid about $300 per month.

Same Old Sallie Mae

Okay. Tough to bring people back to reality. Sallie Mae Bank = Sallie Mae. They're the same old company that send student loan defaulters to collections, even though the student paid them off in full. Sallie Mae was formerly my student loan servicer and bank for the High Yield Savings Account. Interesting right. Sallie Mae's customer service is the same regardless whether it is the bank side or the loan shark side. To them, you're just a number. I highly recommend credit unions. They usually offer great rates and give perks. I have tried AMEX and HSBC and they're okay. I would stay away from Capital One as well.

Service With a Smile

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I would like to start off by saying that I would recommend this bank to anyone. I started a savings account with Sallie Mae a little while ago and it took less than a half an hour. My consultant was very friendly and took the time to make sure I was getting what I wanted. The whole process was very informative about the bank in general. Once I had my account I knew I was in good hands. Any time a problem arose it could and would be taken care of swiftly. It's great having the option to either call or use their online service. Either way will get you the desired outcome. I once had trouble with a deposit not coming through. I gave the customer service number a call and was surprised at how fast I was able to reach a customer representative. My problem took no more than fifteen minutes to correct. I'll end this review how it began, I would definitely recommend Sallie Mae to anyone who is even considering them. They have always been nothing but helpful and an amazing service to go through.

Sallie Mae For My Student Loan Needs

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I went with Sallie Mae when I found myself in need of a student loan. I didn't research much before making my choice, but I'm very happy that I went with Sallie Mae. They were knowledgeable and understanding when it came to needing a deferment. They worked with me on a payment plan and I was very happy with their commitment to their customers. It was easy and very convenient to make payments online and, at any given time, I could go online to see my balance, payment history, etc. It made being a student a great experience. Their customer service was brilliant. I could do most of what I needed to online. When there was something I couldn’t do online, a representative was always just a phone call away.

From Checking account to Student loans...

I have both savings account and student loan account with Sallie Mae and I have to say that, so far I am very pleased with customer service I am getting. There have been couple of times where my student loan was overdue and a quick phone call to them made me avoid late charges.The customer service was very friendly and understanding. Moreover, their statements are very easy to read and explains each and every detail, such as the interest you paid yearly, current APR, balance and other information regarding your loan. As far as products go, I think without any monthly fees, %.90 APY savings is pretty good for a saving account that does not require and minimum deposit. Their website is clear and easily accessible. As far as mobile goes, I do not have much experience but their mobile application works just fine for me to manage my accounts on the go. Overall I would recommend this financial institution.

grreat for saving but slow to transfer

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I've set up two accounts with Sallie Mae Bank. One of which was a money market and the second was a high yield savings account. Every two weeks, I deposited $50 into the money market account which I would save to pay student fees with, and $10 into the high yield savings account which I used as a personal savings account. Interest was paid monthly for the accounts. While I loved that I could set up the automatic withdraws so that the desired amount was taken from my personal checking account. Their customer service was also very helpful. After going several months without logging into my account, I had forgotten which username I had used, but I was able to call a Sallie Mae representative who was able to help me retrieve the information. I believe that the biggest downfall of this bank was the time it took to transfer my funds to my checking account. It normally takes at least two days, and during this time, neither account shows that they contain the funds. This is too long of a time when a person needs his/her money. I also believe that their website is not always easy to navigate. I often have to look through multiple pull down menus to find what I am looking for.

Diagnosed With Cancer

I went through a really trying time when I was diagnosed with a genetic cancer at the age of 32. I was very ill and my income went from over $100,000 dollars per year to disability income. Sallie Mae was awesome! The customer service representatives did everything they could to help me straighten out my financial situation. They helped me figure out how to take care of my hospital bills, automatic debits, and I even got assistance with my student loan. They made it easy for me to work out my financial issues and continue online banking with them. I expected to reach a rude rep who didn't care what I was going through and instead I got someone who went out of their way for me. So, I won't be changing online banks anytime soon.

Live long relationship

I began with Sallie Mae Bank a several years after I paid off my student loan with them. I was so grateful with how they treated me through the ups and downs of my repayment period and I miss that relation ship. Now I use their bank to help with my retirement plan since I feel like they are family. My daughter will be starting college in 8 years and I am also using them to help save up for her tuition as well consider them for student loans and parent loans if that becomes necessary. They have been there for me for so long that I have much loyalty to them and I would not be surprised if my daughter developed a long term relation ship with them as well. The have been around for as long as I can remember and the deserve the loyalty the receive.

Great Experience

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I worked with Sallie Mae banking for my student loans that I had take out for college. They were the bank that my loan came from to pay for college. The experience that I had with them was great! I mostly used their online features, but paying for the loans was extremely easy. Whenever I knew my loans were due, I would simply log on to the website and go through the steps to make an online payment. I believe that the payments took a couple of days to process, so sometimes I would be a tad late paying the loan, but as long as they saw the payment was going through, I never got charged a late fee. It was a great bank to work with and I would strongly recommend! The whole process working with them was incredibly easy and I'm glad that out of all banks, my student loans were with them.

Sallie Mae Overview

Sallie Mae's biggest item in favor of their business is some of the loans they offer, particularly for education; this is also a problem however, in that the consumer is stuck with them when they'd rather have other options. My biggest complaint over all with Sallie Mae is communication. You don't get an instant response on their site even as their client; often it can even come down to guess work. You want to know if your repayment reschedule went through? It will NEVER say if it did on their site. You must personally email them, with all the information they require, and then get a response in your email in about 7 days. If you don't submit all the info they require in order to get the answer you need, again, good luck; because they won't tell you. They will simply sit silently until you present everything in the proper order. What I will say positively on their behalf though, is they do offer a lot of help to veterans and low income people, and their interest isn't always too bad.

Reliable services

I have used many services Sallie Mae offers such as banking, savings, and Student loans. A few times i've had issues regarding my account such as unauthorized usage on my card but they quickly detected it. I find their customer service top-notch! I also find their online page, bill pay, account transfers very handy during my everyday banking needs.

Sallie Mae-Solid Across the Board

I opened a saving account with Sallie Mae a couple of years back. I was thinking of getting a college loan but i wanted a simpler relationship first to test things. So I opened an account. Their internet banking is superb! The interface is well designed and easy to use. The functions are simple and processed quickly. No bugs or unnecessary account clearing processes. The only issue would be the lack of variety with respect to financial product. But beyond that this is extremely solid bank. That has knows about quality online banking. They've really shown they're an online presence.

Great Bank

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I have been in school for some time now and have always been able to count on the nice folks at Sallie Mae Bank to be able to help me when I have ever had any questions about my school loans. Sometimes I may be confused as to how much I may be expected to payout when this is all said and done and Sallie Mae banks representatives that I have spoken with are always very professional and helpful with any questions that I may have. They do not ever seem annoyed when I ask them to explain or clarify something. They actually seem glad to do so, but not in a fake a rehearsed way. Overall, this is a great bank in my opinion.

Dying Of Old Age Waiting For My Money

I did a ACH transfer to Sallie Mae Bank and they put a hold on it. It's been 13 days and I still can't get my money. Don't they realize that ACH is not like getting a check, they have the money when it goes through. Won't make this mistake again. Next time I'll ACH it to Ally Bank, they have a better policy. No holding ACH monies.

Saving To Pay Back My Student Loans

I use my money market and high yield savings as deposit accounts for the cash back I get when using UPromise for online shopping. Then, once I've accumulated cash back over $10.00, the next cycle all that I've made is swept into my HY savings.

Six months after I graduate, my loan repayment requirement will kick in, and hopefully by then I will have enough to start making payments from my money market account. I do get paper checks. And the interest I earned will be tax free as long as the money in the account goes to paying down my student loans. It's a win-win deal.

Nothing Wrong With Sallie Mae Bank

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I 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. 

Bank Rating

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Several 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.

On Line Access May Not Be Secure

In 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!

The Holding Time Is Absurdly Long.

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The 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.



Bank Put 10 Days Holds On Deposits

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Salle 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!!!!


Worst Bank Ever!!!

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They put 10 business day holds on every deposit watch out!!!

Sallie Mae Bank - No Problems / No Worries

I 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!


This Is The Most Corrupt And Dis Honest Company Ever

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This bank has screwed me out of 1200 on a 10000 dollar loan.  That is over 10% of the total loan.  

Linked Bank Accounts

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I've had this account for a while and have linked 5 other bank accounts to it. Today, I attempted to add a 6th, got a message to called Customer Service only to learn that their new limit is 3 linked accounts :-(

Their interest rates used to be pretty competitive, but have sagged lately and it may be time to consider moving on.

Technicals Issues With Online Banking - Closed Accounts!!

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I 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.

Deceptive Rates On Student Loans

i 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.  

Sinking Interests And 5 Day Holds On Bank To Bank Transfer - Avoid

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Their 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..
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

Its Really NOT A Bank

Don'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

Sallie Mae Bank Review

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It is very basic and simple to use. I set up a savings account and just left it there. Then put my money in there monthly. And that was that. Simple. Easy.

This Bank SUCKS

This 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!  Screw you, keep the 5 bucks, my account is closed!

Sallie Mae Money Market Acct Avoid At All Cost!

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#1, do not ever use this bank to hold your money in a savings or Money market account! Worst bank ever!!!! It takes forever to transfer money in or out! They hold on to your money until the last possible moment when they have to credit your account. I grade this bank a F- Avoid at all cost!!!!!! Stay away!

Sallie Mae Bank 2010 IRS 1099

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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.


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You can contact directly the Sallie Bank Customer Service @ -1-877-346-2756.

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