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

14 Month 5.40% Deal Gone!! - 2/3/2024

I just browsed through the available CDs on Raisin and the Sally Mae 14 month 5.40% CD is no longer listed. Not good news.

Sallie Mae Bank CD Rates as of 1-19-2024 - 1/19/2024

Sallie Mae Bank lowers the rates of 3 CDs. Sallie Mae CD rates (APY) as of 1-19-2024 include: 6-month @ 5.10% (no change) 9-month @ 5.15% (no change) 11-month @ 5.20% (no change) 12-month @ 5.25% (no change) 13-month @ 5.25% (no change) 15-month @ 5.00% (was 5.30%) 18-month @ 4.90% (was 5.00%) 24-month @ 4.50% (was 4.90%) 30-month @ 4.00% (no change) 36-month @ 4.00% (no change) 60-month @ 4.00% (no change) For more information regarding Sallie Mae Bank CDs see: https://www.salliemae.com/banking/certificates-of-deposit/

Sallie Mae Bank CD Rates as of 1-10-2024 - 1/10/2024

Sallie Mae Bank lowers the rates of 5 CDs. Sallie Mae CD rates (APY) as of 1-10-2024 include: 6-month CD @ 5.10% (no change) 9-month CD @ 5.15% (was 5.25%) 11-month CD @ 5.20% (was 5.30%) 12-month CD @ 5.25% (was 5.35%) 13-month CD @ 5.25% (was 5.35%) 15-month CD @ 5.30% (was 5.40%) 18-month CD @ 5.00% (no change) 24-month CD @ 4.90% (no change) 30-month CD @ 4.00% (no change) 36-month CD @ 4.00% (no change) 60-month CD @ 4.00% (no change) For more information regarding Sallie Mae Bank CDs see: https://www.salliemae.com/banking/certificates-of-deposit/

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6/13/21 - Sallie Mae Bank Makes Two Small Rate Increases On Its Cds
4/5/21 - Sallie Mae CD Renewal
8/28/20 - Sallie Mae Bank Rates Fall Further Below 1%
4/21/20 - Sallie Mae Bank Continues Rate Cutting Process.
3/17/20 - Sallie Mae Bank Drops All Deposit Rates
12/10/19 - Sallie Mae Bank Lowers Money Market & Savings Rates.
11/15/19 - Sallie Mae Drops Rates
11/8/19 - Sallie Mae Pays Interest From Day Of CD Application
11/7/19 - SallieMae Bank 12-Month CD Earns 2.35% APY
10/29/19 - Sallie Mae Bank Cuts Savings Rates
9/24/19 - Sallie Mae Bank Drops Deposit Rates.
7/8/19 - Sallie Mae Bank Cuts Money Market And 12 & 18 Month CD Rates
6/21/19 - Sallie Mae Bank Ups 18-Month CD To 2.80% APY
6/14/19 - Sallie Mae Increases Some CD Rates
6/12/19 - Sallie Mae CD Rate Changes
4/15/19 - Sallie Mae Bank Drops Most CD Rates
3/13/19 - Sallie Mae Bank Increases 24-Month CD Rate To 3.00%
3/5/19 - Sallie Mae Bank Money Market Rate Increases To 2.30% APY
3/4/19 - Sallie Mae Bank Increases Rate On Money Market Account To 2.30%
12/21/18 - Sallie Mae Bank Raises 12 & 24 Month CD Rates
11/17/18 - SallieMae Bank Money Market APY Increased
11/16/18 - Sallie Mae Bank Raises Savings And CD Rates.
10/22/18 - Sallie Mae Bank Rate Increase On Money Market And High Yield Savings
10/6/18 - Sallie Mae Bank Ups Money Market Rate
10/5/18 - Sallie Mae Money Market Reaches 2.00%
7/4/18 - Sallie Mae Bank Money Market Rate Raised
7/2/18 - Sallie Mae Bank Money Market Account Now Yields 1.90%
6/8/18 - Sallie Mae Bank's 24-Month CD APY Raised
6/8/18 - Sallie Mae Bank 24 Month CD 2.75%
6/5/18 - Sallie Mae Bank -- 5-Yr. Brokered CD, 3.30%
5/25/18 - Sallie Mae Bank Ups Money Market Account Rate
5/25/18 - Sallie Mae Bumps Money Market & High Yield Savings Rates
5/2/18 - Sallie Mae Bank Brokered CD: 5 Yrs., 3.20%
4/18/18 - Sallie Mae Bank New Issue Brokered CD: 5Yrs., 3.05%
4/7/18 - Sallie Mae Bank Money Market Rate Raised
4/6/18 - Sallie Mae Bank Rate Increases
3/16/18 - Sallie Mae Bank Ups Money Market Acct Rate
2/9/18 - Sallie Mae Gives Money Market Account A Rate Bump
1/27/18 - Sallie Mae Bank's 24-Month CD Rates Jumps Up
1/26/18 - Big CD Rate Increases At Sallie Mae Bank
1/5/18 - Sallie Mae Bank Boosts Money Market Account
12/22/17 - Small .02% Increase In APY For Their Money Market - Now 1.32%
7/12/17 - SallieMae Bank Raises Money Market And 60-Month CD Rates
7/12/17 - Money Market Account And CD Rate Increases
6/16/17 - SallieMae Bank Ups Money Market Account Rate
6/16/17 - Rate Increase On Money Market And 36 Month CD
6/16/17 - Money Market Account Rate Increase
4/12/17 - Sallie Mae Bank Increases 12-Month CD APY To 1.35%
1/27/17 - SallieMae Bank Adds 15 Basis Points To Money Market Account
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

Salliemae Bank / Savebetter Experience

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If you ’trust the process' everything works great! Not being the trusting type I tried to understand the relationship between Savebetter and its listed banks. Apparently SaveBetter's custodian bank 'Lewis and Clark' maintains an account at their client banks (like SallieMae) and Savebetter deposits are aggregated to this account. So the client banks don't need to deal with many retail accounts. Savebetter then does all the customer facing work like showing account balances and processing retail transactions. They claim (taking them at their word) that the FDIC insurance passes-through if a client bank fails. I guess SaveBetter gets some money from their client banks for marketing and recordkeeping.

Overall, the process seems to work remarkably well so far given its complexity (haven't taken money out though).

Only gottcha's so far is that their is no option to collect accrued interest from CDs prior to maturity and their ChatBot while not ChatGPT quality is reasonably complete. It answered how to set a beneficiary for example. Also SaveBetter was a bit sketchy about how (the one) external bank account allowed is set or displayed. I tried getting someone with a pulse to answer a question but got music-on-hold. Be advised.

5% 27 Mo CD

Posted by: |

I had a little trouble finding this CD as it's only open on the Savebetter platform, not the Sallie Mae web page. Once I got there, it was very easy to set up a platform wide account and then to open the CD. Also an easy process to link and pull funds from an external account. The transfer was complete in a day or two. You have the option to renew the maturing CD or have the funds transferred back to your linked account. Glad I got to lock in 5% for a 27 month period.

Sallie Mae Chexsystems

Does Sallie Mae Bank do a Chexsysyems inquiry for a new customer? (My report is fine. I am just try to keep down the number of inquiries). Thanks

Beware Sallie Mae Application

Posted by: |

I tried to apply online for a Sallie Mae CD. After completing 95% of application, it asked for my bank username and password in order to "verify" the routing and acct. numbers. I chose instead to verify later and received an Application pending screen. Next day, did not receive any notification through email so called. Customer service could see all my personal data (ss#, dob, security answer) but said the application failed and I would have to reapply. When questioned why she could see all my information if the app failed, she said she cannot delete it and it would leave their system in 30 days. I think this is bad practice and don't want them handling my money.

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Health

Health Grade Components

Overall
FDIC Certificate #58177
Year Established2005
Employees1719
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.25%
Return on Equity - YTD26.66%
Annual Interest Income$1.93B
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$29.15B$28.96B
LoansQ3 2023vs Q3 2022$20.94B$19.68B
DepositsQ3 2023vs Q3 2022$21.75B$21.58B
Equity CapitalQ3 2023vs Q3 2022$2.42B$2.38B
Loan Loss AllowanceQ3 2023vs Q3 2022$1.42B$1.19B
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$130.1MM$137.7MM
Real Estate OwnedQ3 2023vs Q3 2022$0$0
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.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Sallie Mae Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.50%--High-Yield Savings
4.25%--SmartyPig Account

Sallie Mae Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.75%--Money Market

Sallie Mae Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.25%$2.5k-12 Month CD
5.25%$2.5k-13 Month CD
5.20%$2.5k-11 Month CD
5.15%$2.5k-9 Month CD
5.10%$2.5k-6 Month CD
5.05%$1-14 Month High Yield CD Via Raisin
5.00%$2.5k-15 Month CD
5.00%$1-10 Month High Yield CD Via Raisin
4.90%$2.5k-18 Month CD
4.75%$1-14 Month No Penalty CD Via Raisin
4.70%$1-10 Month No Penalty CD Via Raisin
4.50%$2.5k-24 Month CD
4.00%$2.5k-36 Month CD
4.00%$2.5k-60 Month CD
4.00%$2.5k-30 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.