You’ve probably heard of Sallie Mae, a 100% digital financial institution that has long specialized in helping students fund their education—and providing guidance along the way.
Sallie Mae’s bread and butter is still student loans. But it also discreetly offers some excellent rates on high-yield savings accounts (HYSAs) and certificates of deposit (CDs) right now. It even features a valuable money market account (MMA) for those that want the flexibility to spend money directly from their savings when needed.
Here’s everything you need to know about banking with Sallie Mae.
All rates and fees are current as of Nov. 18, 2025, and are subject to change.
Sallie Mae at a glance
Sallie Mae Bank
| Savings account | No monthly maintenance fees |
| Money market accounts | No minimum deposit amount to open a savings account or MMA |
| CDs | Earn up to 4.45% annual percentage yield (APY) |
at Bankrate
- Year Founded: 1972
- Company Headquarters: Newark, DE
- CEO: Jonathan W. Witter
at Bankrate
Pros
- No minimum amount to open a savings account
- Excellent APY with CDs, HYSAs, and MMAs
- No monthly fees
Cons
- Limited account types (no checking account options, credit cards, personal loans, etc.)
- CDs require a $2,500 minimum balance to earn interest
Who is Sallie Mae good for?
Sallie Mae is good for those seeking an impressive return from their reserve funds. The bank offers multiple certificates of deposit and savings account options, as well as a generous money market account for those who want a bit more freedom when it comes to spending their savings.
Sallie Mae is also for those who don’t need a full-service banking experience. You won’t find any checking account options, nor can you finance your car or home purchases through the financial institution. If you’re happy with your current bank but you’re looking for a lucrative destination for your savings, Sallie Mae is a good choice.
Who shouldn’t use Sallie Mae?
Sallie Mae doesn’t have any brick-and-mortar locations. It’s an online bank, meaning anyone who prefers to bank in-person won’t be well served by Sallie Mae.
Sallie Mae also isn’t for anyone who wants quick and easy access to their savings. None of its accounts come with a debit card (though its MMA provides check-writing privileges), so liquidating your money will involve transferring to an external bank instead of a quick ATM withdrawal or a trip to a physical branch.
Sallie Mae rates and products
Sallie Mae’s CDs, savings, and money market accounts all offer a more-than-respectable return for your spare funds. You’ll get a minimum of 3.50% APY no matter where you stash your money—the highest potential return from (as you’d expect), its certificates of deposit.
Bank details checked Nov. 18, 2025.
Savings accounts
Sallie Mae offers two savings accounts, both with a 3.90% APY. They are free to open with no minimum opening deposit or account balance.
Its standard High Yield Savings Account offering is a no-frills vessel to hold your savings. Its “SmartyPig” account comes with a few more features meant to help you to save with a combination of automation and goal-setting features. For example, you can create savings goals for which SmartyPig will assist you in visualizing your progress. You can also schedule recurring deposits from a linked bank account to help you save with less effort.
Bank details checked Nov. 18, 2025.
Money market accounts
A money market account is effectively a hybrid savings/checking account of sorts. You’ll get much of the same perks of a savings account (namely, high APY) paired with the ability to spend your money directly from your account.
Typically, money from a savings account must be first transferred to a checking account before it’s spent. But with a Sallie Mae MMA, you can write checks linked directly to your account.
Bank details checked Nov. 18, 2025.
Certificates of deposit
You’ll find the highest rates with Sallie Mae’s certificates of deposit—some of which top 4.00%, depending on the term you choose.
Sallie Mae offers 11 term lengths, from six months to five years. This makes it a great bank for building a high-yielding CD ladder. Just remember that you’ll incur a fee that could negate much (or all) of the interest you’ve earned if you decide to pull your money out of the account before it matures.
Sallie Mae CD rates
Bank details checked Nov. 18, 2025
Other services Sallie Mae offers
Sallie Mae isn’t a full-service bank. You won’t find personal or business loans, a portfolio of credit cards, or mortgage options. Sallie Mae specializes in one other feature: student loans.
Sallie Mae advertises private student loans, undergrad and graduate student loans, and career training loans. Whether you’re trying to earn an associate degree or you’re pursuing post-graduate studies—or even if you’re simply after a professional certificate to bolster your expertise, Sallie Mae likely has a loan option for you.
Online banking
Again, online banking is the only option that Sallie Mae offers. It’s a fully digital bank, so you can’t pop into a local branch to service your accounts.
And because Sallie Mae doesn’t offer a checking account, you’ll need to transfer your money to an external bank to be able to use it. All to say, you probably won’t be tinkering too often with your money via Sallie Mae, as savings accounts and CDs are built to largely set and forget.
The Sallie Mae platform and customer support
You can access your Sallie Mae accounts via the bank’s website or through its mobile app. As of this writing, the Sallie Mae Banking app averages a paltry 1.6 stars in the Google Play store, and 1.5 stars in Apple’s App store. That’s less than ideal for a bank that operates solely online.
If you need personalized help with your bank account, you can also call Sallie Mae at 877-346-2756 between 9:00 a.m. to 6:00 p.m. Eastern Time Monday through Friday.
Is Sallie Mae secure?
Sallie Mae says that it protects your personal information with computer safeguarded and secured files. It also implements data encryption that keeps all your sensitive information with Sallie Mae and off of your phone. You can expect Sallie Mae to be as secure as any other prominent financial institution.
Still, there have been hiccups potential customers should be aware of. In 2023, Sallie Mae experienced a data breach that exposed the sensitive information of some customers. Sallie Mae responded by offering free credit monitoring services.
Sallie Mae user reviews
Keep in mind that those who leave reviews are generally motivated by a frustrating experience. Users that have a pleasant experience don’t typically rush to the computer to write a glowing review.
That said, Sallie Mae averages a rating of 1.3 stars on Trustpilot. While the vast majority of reviews are concerning student loans, some critiques carry over to personal banking. For example, users are quick to point out the shortcomings of the bank’s mobile app, as well as unpalatable customer service experience.
Reddit users commend the bank for its high APY and helpful features of its SmartyPig savings account. They also warn that savings may take a while to withdraw, since you won’t receive a debit or ATM card.
Compare Sallie Mae alternatives
If you’re not quite certain Sallie Mae offers what you need, two popular online banks that might be worth consideration instead are Ally and Discover.
Sallie Mae Bank |  Ally Bank |  Discover Bank |
|---|---|---|
| High-yield savings account top APY | High-yield savings account top APY | High-yield savings account top APY |
| 3.90% | 3.30% | 3.40% |
| CD top APY | CD top APY | CD top APY |
| 4.00% | 3.50% | Up to 3.90% |
| MMA top APY | MMA top APY | MMA top APY |
| 3.85% | 3.30% | N/A |
| Savings account monthly fee | Savings account monthly fee | Savings account monthly fee |
| $0 | $0 | $0 |
| Learn more | Learn more | Learn more |
| View offer at Bankrate | View offer at MoneyLion | View offer at Discover Bank |
Bank details checked Nov. 18, 2025
Is Sallie Mae right for you?
Sallie Mae may be right for you if you’re not expecting a full-service banking experience but you’re looking for somewhere to place your money to benefit from high APY. Don’t necessarily count on stellar customer service or immediate access to your funds.
You may consider opening a money market account, as it offers a similar APY to Sallie Mae’s savings accounts with the added benefit of check-writing privileges—a boon to those who may need to utilize savings in an emergency.
Frequently asked questions
Is Sallie Mae Bank FDIC insured?
Yes, Sallie Mae is FDIC insured up to $250,000 per account holder.
Does Sallie Mae Bank offer checking accounts?
Sallie Mae does not offer checking accounts. However, you can open a money market account (MMA), which is essentially like a savings account with checking account elements—such as the ability to write checks.
What is the minimum deposit for Sallie Mae Bank CDs?
The minimum deposit for Sallie Mae CDs is $2,500.
Does Sallie Mae Bank Provide ATM or debit card access?
Sallie Mae Bank does not provide ATM or debit card access. In most cases, you’ll need to transfer your money to an external bank in order to use it.
What are the customer service hours for Sallie Mae Bank?
Sallie Mae Bank is available by phone between 9 a.m. to 6 p.m. Eastern Time Monday through Friday. You can reach customer service by calling 877-346-2756.
