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888-272-5543
175 S West Temple
Salt Lake City, UT 84101

Sallie Mae Bank is a financial institution affiliated with Sallie Mae, the company widely known for its student loan business. The SLM Corporation (the formal name for Sallie Mae) is a publicly traded (NASDAQ: SLM) education finance corporation with a plethora of divisions and subsidiaries that offer an array of debt management services and business products. Sallie Mae Bank is a recent venture by the company into the retail banking space.

The bank offers three different types of savings products on its personal banking side, including Money Market and savings accounts, and Certificates of Deposit (CDs). DepositAccounts.com has featured Sallie Mae’s Money Market account in the past for its competitive rate offering, and it is still usually one of the top offerings in the country. The MMA comes with check writing capabilities and has no minimum balance requirement, no monthly fees, and no tiered interest rates. The savings account offering is very similar, having no monthly fees or minimum balance requirements, as well as a comparable interest rate. The main difference between Sallie Mae’s Money Market and savings account is that the savings account offers a 10% annual match on Upromise rewards, whereas the Money Market account comes with check writing but no rewards. The bank’s CDs are available in 12-, 36-, and 60-month term lengths and come with fixed rates and minimum initial deposit requirements. Sallie Mae Bank also makes undergraduate and graduate student loans available, as well as family loans for kids in K-12 grades.

Sallie Mae Bank online banking provides the only way for customers to access their deposit accounts, as the bank has no physical branches. The web-based platform gives account holders the ability to perform functions like direct deposit, bill pay, and funds transfers, but because the bank doesn’t offer a checking account to the public, customers should be careful to avoid going over the six transactions per month limit.

Sallie Mae Bank is a subsidiary of the SLM Corporation, which was created in 1972 as a government-partnered mutual loan entity. In 2004, the company permanent severed ties with the U.S. government and became a private sector company. A year later, in 2005, the bank was started in order to complement its loan business. In the summer of 2013, Sallie Mae announced that it was going to divide its education loan management business from its banking business in order to offer more consumer lending products on its banking side. Sallie Mae Bank is currently headquartered in Murray, Utah, and maintains it customers’ deposit accounts through its online banking system.

Related Posts

Sallie Mae Bank Increases 12-Month CD APY To 1.35% - 4/12/2017

Last week Sallie Mae Bank increased the APY of its 12-month CD from 1.25% to 1.35%. This isn’t a rate leader for 12-month CDs. Nevertheless, it’s nice to see another major internet bank raising its CD rates.

SallieMae Bank Adds 15 Basis Points To Money Market Account - 1/27/2017

SallieMae Bank (internet bank) raised the rate on its Money Market Account (1.05% APY) by 15 basis points. No minimum or maximum deposits requirements.

SallieMae Bank Adds New Upromise GoalSaver Account - 6/21/2016

SallieMae Bank has added a Upromise GoalSaver (0.85% APY), as part of its Upromise Rewards program. Available to all U.S. citizens and residents of legal age.

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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!

 

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.

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.

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.

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Health
A+

Health Grade Components

Overall
FDIC Certificate #58177
Year Established2005
Employees1300
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.12%
Return on Equity - YTD19.28%
Annual Interest Income$329.8MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$19.03B$15.17B
LoansQ1 2017vs Q1 2016$16.56B$13.11B
DepositsQ1 2017vs Q1 2016$13.88B$12.00B
Equity CapitalQ1 2017vs Q1 2016$2.11B$1.77B
Loan Loss AllowanceQ1 2017vs Q1 2016$187.1MM$126.2MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$32.6MM$29.5MM
Real Estate OwnedQ1 2017vs Q1 2016$0$0
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Sallie Mae Bank Increases 12-Month CD APY To 1.35%

Ken Tumin   |  
Last week Sallie Mae Bank increased the APY of its 12-month CD from 1.25% to 1.35%. This isn’t a rate leader for 12-month CDs. Nevertheless, it’s nice to see another major internet bank raising its CD rates.

Rates
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Sallie Mae Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%--High-Yield Savings
0.85%--Upromise GoalSaver Account

Sallie Mae Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.05%--Money Market

Sallie Mae Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.80%$2,500-60 Month CD
1.60%$2,500-36 Month CD
1.40%$2,500-12 Month CD
Locations

Sallie Mae Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 175 S West Temple - Salt Lake City, UT 84101