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Sallie Mae Bank Reviews

Average Rating:
Based on 49 reviews

Great Experience So Far

Posted by: rec567 | Oct 26, 2017

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

Posted by: heathrivas | Aug 1, 2017

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

Posted by: pattiyu17 | Mar 28, 2017

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

Posted by: Nia Lorre | Jan 18, 2017

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.

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

Posted by: chris5038 | Jun 30, 2016

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

Posted by: analog670 | Mar 7, 2016

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

Posted by: WVBOARDER | Feb 22, 2015

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

Posted by: Lis79 | Jan 28, 2015

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

Posted by: Anaiya | Jan 8, 2015

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

Posted by: TNAJackson | Jan 3, 2015

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

Posted by: ressex | Dec 22, 2014

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

Posted by: Michelle2 | Oct 27, 2014

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

Posted by: Dave | Sep 2, 2014

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

Posted by: kemiker | Feb 18, 2013

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

Posted by: tangible | Jan 26, 2013

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.

Posted by: nonename | Dec 12, 2012

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

Posted by: Joel1909 | Dec 11, 2012

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!!!

Posted by: dfdfff | Dec 11, 2012

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

Posted by: ryanstar | Sep 26, 2012

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

Linked Bank Accounts

Posted by: Anonymous | Jul 5, 2012

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!!

Posted by: ala747 | Jun 14, 2012

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

Posted by: devilwolf | Jun 7, 2012

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

Posted by: Anonymous | Feb 14, 2012

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!

Posted by: Anonymous | Oct 28, 2011

#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

Posted by: MDBill | Feb 3, 2011

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.


Posted by: MY4ever | Oct 27, 2010

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

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