Overview / Commentary
877-346-2756
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 Money Market Rate Raised - 7/4/2018

Sallie Mae Bank (internet bank) has raised the rates on its Money Market account (1.90% APY), High-Yield Savings (1.75% APY), and 24-month CD (2.80% APY).

Sallie Mae Bank Money Market Account Now Yields 1.90% - 7/2/2018

Rate Increases today: Money Market: 1.90%(Was 1.75%) High Yield Savings: 1.75%(Was 1.65%) No CD rate changes today.

Sallie Mae Bank's 24-Month CD APY Raised - 6/8/2018

Sallie Mae Bank has raised its CD rates, with the 24-month CD (2.75% APY) being the competitive. Minimum deposit is $2.5k, with no stated balance cap.

View all posts from:

10/14/15 - Sallie Mae Bank Has Money Market Promotional Rate
10/11/15 - 1.24% Interest Rate For The First 6 Months
7/4/15 - Sallie Mae Bank Raises Rates On 12-month and 36-month CDs
11/3/14 - Sallie Mae Bank's 12-month CD Rate Raised To Attractive Level - National
5/13/14 - FDIC Announces Settlement With Sallie Mae For Unfair And Deceptive Practices And Violations of the Servicemembers Civil Relief Act
5/9/14 - New Longer Term CD Rates At Sallie Mae Bank
3/22/13 - Sallie Mae CD Requirement Change
8/31/12 - Another Money Market Rate Increase at Sallie Mae Bank
7/20/12 - Sallie Mae Bank Raises Yield On Money Market And Savings Accounts.
9/30/11 - Sallie Mae Rate Drop On Online Savings And Money Market Accounts
9/7/11 - Sallie Mae Bank Adds Mobile Banking With Remote Deposit Capture
3/26/11 - Sallie Mae To Launch Student Checking Accounts
3/8/11 - Sallie Mae Bank Cuts Savings Account Rate To 1.10%
2/1/11 - Sallie Mae Bank Cuts Savings Account Yield To 1.25%
11/5/10 - CD Rates Fall At Sallie Mae Bank
11/5/10 - Sallie Mae Bank Cuts Savings Account Yield To 1.30%
9/15/10 - Sallie Mae Bank Lowers CD Rates
9/3/10 - Update on Sallie Mae Bank's Internet Savings Account and CDs
7/5/10 - Sallie Mae Bank's Internet CD Rates - Available Nationwide
5/11/10 - Update on Sallie Mae Bank
5/1/10 - Sallie Mae Bank Raises Its Online Savings Account Rate
3/9/10 - Sallie Mae Online Savings Account Yield Falls to 1.25% APY
3/2/10 - Review of the New Sallie Mae Internet Bank and Its Link to Upromise Rewards
2/15/10 - Anyone Know Anything About Sallie Mae's Online High Yield Savings Account With An Interest Rate Of 1

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.

Terrible Website

Posted by: RandRose | Aug 5, 2018

Decent rates, terrible and outdated website.

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.

Non Functioning Account Set Up Page

Posted by: annelee | Aug 2, 2018

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.

VIEW MORE REVIEWS

Health
A+

Health Grade Components

Overall
FDIC Certificate #58177
Year Established2005
Employees1528
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.45%
Return on Equity - YTD22.62%
Annual Interest Income$438.4MM
Assets and Liabilities
AssetsQ1 2018vs Q1 2017$23.27B$19.03B
LoansQ1 2018vs Q1 2017$20.17B$16.56B
DepositsQ1 2018vs Q1 2017$16.96B$13.88B
Equity CapitalQ1 2018vs Q1 2017$2.51B$2.11B
Loan Loss AllowanceQ1 2018vs Q1 2017$272.1MM$187.1MM
Unbacked Noncurrent LoansQ1 2018vs Q1 2017$47.7MM$32.6MM
Real Estate OwnedQ1 2018vs Q1 2017$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 Money Market Account Now Yields 1.90%

buckeye61   |  
Rate Increases today:

Money Market: 1.90%(Was 1.75%)
High Yield Savings: 1.75%(Was 1.65%)

No CD rate changes today.

Sallie Mae Bank 24 Month CD 2.75%

buckeye61   |  
Some CD Rate increases today at Sallie Mae Bank:

12 Month 2.30%
24 Month 2.75%
36 Month 2.55%
60 Month 2.85%

Sallie Mae Bank -- 5-Yr. Brokered CD, 3.30%

alan1   |  
New issue, maturing 6/13/2023. Listed at Vanguard; $10,000 minimum

Sallie Mae Bumps Money Market & High Yield Savings Rates

buckeye61   |  
Money Market : 1.75%(1.65%)
High-Yield Savings : 1.65%(1.55%)

Also CD rate increases:

12 M: 2.25%(2.15%)
24 M: 2.35%(2.30%)
36 M: 2.40%(2.30%)

Rates
Skip to rates for:
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Always verify rates and promotions with the bank or credit union. We are not Sallie Mae Bank; we are a rate comparison website and cannot provide official rates or promotions.

Sallie Mae Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.75%--High-Yield Savings

Sallie Mae Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.90%--Money Market

Sallie Mae Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.90%$2.5k-60 Month CD
2.85%$2.5k-36 Month CD
2.85%$2.5k-30 Month CD
2.80%$2.5k-24 Month CD
2.60%$2.5k-18 Month CD
2.50%$2.5k-12 Month CD
2.50%$2.5k-15 Month CD
2.45%$2.5k-13 Month CD
2.20%$2.5k-11 Month CD
1.85%$2.5k-9 Month CD
1.30%$2.5k-6 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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.