Sallie Mae Bank Review 2022
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Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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The SmartyPig account earns a very competitive APY on balances of $10,000 or less. On balances of more than $10,000, a competitive yield is offered, but the APY is significantly lower than the yield on lesser balances.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
An ATM or debit card isn’t provided, but the bank doesn’t limit the number of transactions that can be made, and there’s no fee for making too many withdrawals.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.Editorial disclosure
All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. Sallie Mae BankSallie Mae Bank Review 2022
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Updated November 10, 2022 Bankrate logoThe Bankrate promise
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At a glance
4.5 Bankrate Score CDs Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.Overview
Sallie Mae Bank is a good option for consumers looking for an online savings account that earns competitive yields.Highlights
High APY Compare offers Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.20 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsSallie Mae
Member FDIC Savings Account Details 3.20 % APY Min balance for APY No minimum balance and no monthly maintenance fees Member FDIC Savings Account 3.60 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY. Member FDIC Savings Account 3.52 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsVio Bank
Member FDIC Savings Account Details 3.52 % APY Min balance for APY Save Smart. Earn More. FDIC Insured. Bankrate 5-Star Rated.Overall
Sallie Mae Bank offers competitive APYs on its savings accounts, but it doesn’t offer a checking account.Pros
Sallie Mae offers competitive yields on savings accounts. The SmartyPig account allows customers to stash away money for specific goals. Sallie Mae offers a variety of CD terms.Cons
Sallie Mae doesn’t offer checking accounts. The bank’s mobile app has received very low ratings.Sallie Mae Bank bank products
Savings CD Money Market 5.0 Bankrate ScoreSallie Mae Bank savings overview
The High-Yield Savings account earns a competitive yield and only requires a penny to open, making it easily accessible for savers who are just starting out. The account also has no maintenance fee.The SmartyPig account earns a very competitive APY on balances of $10,000 or less. On balances of more than $10,000, a competitive yield is offered, but the APY is significantly lower than the yield on lesser balances.
Pros
The High-Yield Savings Account offers a competitive APY. There are no maintenance fees. The SmartyPig account earns a very competitive APY for balances of $10,000 or less.Cons
The SmartyPig account earns a significantly lower APY on balances over $10,000. Current Savings Rate Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.20 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min balance for APY Offer details Offer detailsSallie Mae
Member FDIC Savings Account Details 3.20 % APY Min balance for APY No minimum balance and no monthly maintenance fees 4.7 Bankrate ScoreSallie Mae Bank CD overview
Sallie Mae offers 11 terms of CDs, including some lengths that aren’t available at other banks. A minimum opening deposit of at least $2,500 is required, but savers with that much to invest will be rewarded with some of the best rates available anywhere.Pros
The bank’s yields are competitive and much higher than average. Sallie Mae offers a variety of terms.Cons
Lower minimum deposit requirements can be found at other banks. CDs with features like the ability to automatically raise rates aren't offered. Current CD Rate Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.40 % APY Info Bankrate CD rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. deposit Term Offer details Offer detailsSallie Mae
Member FDIC CD Details 4.40 % APY Min. deposit Term Guaranteed Returns. FDIC-insured peace of mind. 5.0 Bankrate ScoreSallie Mae Bank money market overview
The Sallie Mae Money Market account offers a top-tier APY on any account balance. There are no monthly maintenance fees, and the account also offers check-writing privileges.An ATM or debit card isn’t provided, but the bank doesn’t limit the number of transactions that can be made, and there’s no fee for making too many withdrawals.
Pros
The Sallie Mae Money Market account offers a top-tier APY. There are no monthly maintenance fees. It has check-writing privileges.Cons
Bank experience
Sallie Mae Bank is an FDIC-insured bank that stands out for its goal-setting functionality, allowing customers with SmartyPig accounts to stash away money in different buckets for specific goals. It also offers competitive yields on its savings products. But it does fall down on some features. The bank’s app receives low ratings from users, it offers no checking account and customer service hours are limited to weekdays — 9 a.m. to 6 p.m. Eastern time.About Sallie Mae Bank
Sallie Mae Bank is a FDIC-insured bank headquartered in Salt Lake City. It offers savings and money market accounts, as well as certificates of deposits. It is a subsidiary of SLM Corp., the Newark, Delaware, provider and servicer of government-backed and private student loans, better known as Sallie Mae.Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .