Deal Summary: Money Market Account (1.05% APY); no minimum or maximum deposit requirements.
SallieMae Bank has ended the week by increasing the rate on its Money Market Account (1.05% APY) by 15 basis points.
There is no minimum or maximum balance on SallieMae Bank’s MMA and there are no monthly fees associated with the account. However,
if you open an Account that remains dormant, with a balance of $100 or lessComplete details (including information about POD accounts) about the MMA are available on Deposit Account Terms and Conditions Agreement page.
with no activity for the past 12 months, we reserve the right to close the Account.
Good news - SallieMae Bank still continues to have a "no limit" policy on the dollar amount of electronic transfers. Not so good news – there is a long hold period for deposits.
- $5k or less – New account 10 business days; Existing account 5 business days
- $5k+ – New and existing accounts 10 business days
SallieMae Bank is an internet-only bank that is headquartered in Salt Lake City, Utah. Accounts are available to individuals who have a Taxpayer Identification Number (usually a Social Security Number) and a physical address in the United States. Opening any account, including CDs, MMAs, Savings, must be done online.
SallieMae Bank (FDIC Certificate # 58177) has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 1.53% (excellent) as of September 30, 2016 data. In the past year, SallieMae Bank has increased its total non-brokered deposits by $1.32 billion, an excellent annual growth rate of 11.83%. Please refer to our financial overview of SallieMae Bank for more details.
The "SallieMae" brand is most commonly associated with private student loans. The Student Loan Marketing Association (aka "SallieMae") opens its doors as a Government-Sponsored Enterprise (GSE), designed to support the guaranteed student loan program created by the Higher Education Act of 1965. Chartered in 2005, the internet-only SallieMae Bank has expanded its product line beyond student loans to include CDs, Savings Accounts, Money Market Accounts, Insurance, and Credit Cards, and today has assets in excess of $17 billion.
How the Money Market Account Compares
When compared to the 172 Money Market Accounts tracked by DepositAccounts.com that are available nationally, Sallie Mae Bank’s Money Market’s APY currently ranks fourth, but the no balance cap feature only adds to its competitiveness.
|Interest Rate||Account Name||Credit Union/Bank|
|1.25% APY||Mega Money Market ($35k max)||All America Bank|
|1.11% APY||Yield Pledge Money Market 1st year ($250k max)||Ever Bank|
|1.05% APY||Money Market (no max)||SallieMae Bank|
The above rates are accurate as of 1/27/2017.