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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 Boosts Money Market Account To 1.45% APY - 1/5/2018

Sallie Mae Bank has increased the rate on its Money Market Account (1.45% APY, no minimum, no fees) and 12-month CD (1.80% APY, $2.5k minimum).

Small .02% Increase In APY For Their Money Market - Now 1.32% - 12/22/2017

https://www.salliemae.com/save-for-college/savings-products/money-market-account/

SallieMae Bank Raises Money Market And 60-Month CD Rates - 7/12/2017

SallieMae Bank has upped the rate on its Money Market (1.30% APY, no minimum or maximum) and 60-month CD (2.35% APY, $2.5k minimum deposit).

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.

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.

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
Employees1428
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.77%
Return on Equity - YTD16.01%
Annual Interest Income$1.04B
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$20.86B$17.51B
LoansQ3 2017vs Q3 2016$18.04B$14.76B
DepositsQ3 2017vs Q3 2016$15.55B$13.51B
Equity CapitalQ3 2017vs Q3 2016$2.28B$1.90B
Loan Loss AllowanceQ3 2017vs Q3 2016$229.9MM$164.8MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$48.2MM$31.6MM
Real Estate OwnedQ3 2017vs Q3 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.

Small .02% Increase In APY For Their Money Market - Now 1.32%

Sperry8   |  
https://www.salliemae.com/save-for-college/savings-products/money-market-account/

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
1.00%--High-Yield Savings
0.85%--Upromise GoalSaver Account

Sallie Mae Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.45%--Money Market

Sallie Mae Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.35%$2,500-60 Month CD
1.95%$2,500-36 Month CD
1.80%$2,500-12 Month CD
1.75%$2,500-24 Month CD
1.68%$2,500-30 Month CD
1.43%$2,500-18 Month CD
1.36%$2,500-15 Month CD
1.32%$2,500-13 Month CD
1.30%$2,500-6 Month CD
1.18%$2,500-11 Month CD
0.95%$2,500-9 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