Sallie Mae Bank


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 Drops Rates - 11/15/2019

Rates for 1 year CDs dropped from 2.35% to 2.1% and 18 month CDs from 2.3% to 2.1%

Sallie Mae Pays Interest From Day Of CD Application - 11/8/2019

Tuesday, 10/29/19 - I applied for 3 - 1 year CDs at Sallie Mae could not open immediately due to not having set up an ACH with Synchrony. Friday, 11/1/19 - I had set up the ACH with test deposits & called Sallie Mae to arrange amounts, routing, & account #s. Tuesday, 11/5/19 - Money debited from Synchrony. Wednesday, 11/6/19 - CDs show up at Sallie Mae website. Thursday, 11/7/19 - Notices posted for CDs at Sallie Mae & maturity is on Tuesday, 10/29/20. I am getting interest from the day that I APPLIED even though the funding was a WEEK LATER! Hope this is not mistake or anomaly. BTW - If you apply for CD & choose funding later, you have 10 days to fund and it must be done by phone with a Sallie Mae representative. I called a few times (for info before and after my CD applications) & got different Reps but they all seemed efficient. Friday, 11/8/19 - As of today Sallie Mae is still paying 2.35% for 12 month CD & 2.3% for 13-24 month CDs. There is no penalty for not funding.

SallieMae Bank 12-Month CD Earns 2.35% APY - 11/7/2019

SallieMae Bank (internet bank) is currently offering 2.35% APY on its 12-month CD. The minimum opening deposit is $2.5k, with no stated balance cap.

View all posts from:

6/21/16 - SallieMae Bank Adds New Upromise GoalSaver Account
5/2/16 - Sallie Mae Bank Offers Money Market Promo Rate
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 Bank with Great Service

Posted by: clinton | Apr 28, 2019

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

Have Had No Issues

Posted by: PL | Jun 22, 2019

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

New Website Issues

Posted by: Sunny75 | Nov 13, 2019

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!

Do Not Trust Them With Your Money

Posted by: lindl8199 | Mar 21, 2019

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.

VIEW MORE REVIEWS

Health
A+

Health Grade Components

Overall
FDIC Certificate #58177
Year Established2005
Employees1952
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.29%
Return on Equity - YTD21.57%
Annual Interest Income$1.14B
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$29.49B$24.05B
LoansQ2 2019vs Q2 2018$23.28B$20.31B
DepositsQ2 2019vs Q2 2018$21.56B$17.18B
Equity CapitalQ2 2019vs Q2 2018$2.99B$2.64B
Loan Loss AllowanceQ2 2019vs Q2 2018$384.0MM$295.3MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$72.9MM$41.6MM
Real Estate OwnedQ2 2019vs Q2 2018$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 Drops Rates

MikeG   |  
Rates for 1 year CDs dropped from 2.35% to 2.1% and 18 month CDs from 2.3% to 2.1%

Sallie Mae Pays Interest From Day Of CD Application

MikeG   |  
Tuesday, 10/29/19 - I applied for 3 - 1 year CDs at Sallie Mae could not open immediately due to not having set up an ACH with Synchrony.

Friday, 11/1/19 - I had set up the ACH with test deposits & called Sallie Mae to arrange amounts, routing, & account #s.

Tuesday, 11/5/19 - Money debited from Synchrony.

Wednesday, 11/6/19 - CDs show up at Sallie Mae website.

Thursday, 11/7/19 - Notices posted for CDs at Sallie Mae & maturity is on Tuesday, 10/29/20. I am getting interest from the day that I APPLIED even though the funding was a WEEK LATER! Hope this is not mistake or anomaly.

BTW - If you apply for CD & choose funding later, you have 10 days to fund and it must be done by phone with a Sallie Mae representative. I called a few times (for info before and after my CD applications) & got different Reps but they all seemed efficient.

Friday, 11/8/19 - As of today Sallie Mae is still paying 2.35% for 12 month CD & 2.3% for 13-24 month CDs. There is no penalty for not funding.

Sallie Mae Bank Cuts Savings Rates

buckeye61   |  
Money Market Account Now 1.85%(Was 2.00%)
High Yield Savings Now 1.75%

Sallie Mae Bank Drops Deposit Rates.

buckeye61   |  
Money Market Account 2.00%(Was 2.15%)
High Yield Savings 1.90%(Was 2.10%)

All CD terms drop 10 or 15 basis points.

Rates
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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
1.85%--Money Market

Sallie Mae Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$2.5k-60 Month CD
2.15%$2.5k-36 Month CD
2.15%$2.5k-24 Month CD
2.15%$2.5k-30 Month CD
2.10%$2.5k-12 Month CD
2.10%$2.5k-13 Month CD
2.10%$2.5k-15 Month CD
2.10%$2.5k-18 Month CD
1.90%$2.5k-11 Month CD
1.80%$2.5k-9 Month CD
1.75%$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 [email protected] 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.