Sallie Mae Bank Review 2026: Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Sallie Mae Bank offers competitive savings rates, and it won’t drain your account with fees. Its website is easy to navigate, and making a phone call is the main way to get in touch.
No monthly fees.
Competitive rate on savings and CDs.
No minimum opening deposits on some savings accounts.
No checking account offered.
Must already have another bank account to fund your account.
Product reviews
Savings
Sallie Mae Bank offers multiple savings options, including a high-yield savings account, a money market account and an interest-paying account with goal tracking. The High-Yield Savings Account earns a competitive interest rate on all balances. There’s no minimum balance required to open an account and there are no monthly fees.
Note that to fund this account, you'll need to make an electronic transfer or deposit a check so that means you need to have an account at a different institution.
Sallie Mae Bank High-Yield Savings Account
Savings
SmartyPig is an interest-paying account with goal tracking. You don’t need a minimum deposit to open a SmartyPig account, but you’ll have to make some kind of deposit to earn interest.
You can move money into your savings account with an electronic transfer or a check only, so you need at least one additional account at another institution to fund it. SmartyPig is not factored into the overall institution’s rating (the high-yield savings account is).
Sallie Mae® SmartyPig Account
Certificates of deposit
Sallie Mae Bank offers CDs in a variety of term lengths, from six months to five years.
You’ll have to deposit at least $2,500 to get a CD directly from Sallie Mae Bank. This is on the high end, considering you can find online banks with lower or even no minimum deposit requirements.
Sallie Mae also offers several CDs in partnership with the third-party online marketplace called Raisin. The opening minimum is only $1, though the selection of terms is more limited.
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 6 months | 3.20% | $2,500 |
| 9 months | 3.20% | $2,500 |
| 11 months | 3.70% | $2,500 |
| 1 year | 3.80% | $2,500 |
| 13 months | 4.00% | $2,500 |
| 15 months | 3.70% | $2,500 |
| 1.5 years | 4.00% | $2,500 |
| 2 years | 3.85% | $2,500 |
| 2.5 years | 3.90% | $2,500 |
| 3 years | 3.95% | $2,500 |
| 5 years | 4.00% | $2,500 |
Sallie Mae Bank CD
Money market
The Sallie Mae Money Market Account is not factored into the overall institution’s rating because its savings accounts are strong options for the average consumer, but if you are in the market for an MMA — say you want a savings account that also has check-writing privileges, for example — it is worth a look. It has no minimum balance and no monthly fees, and earns a strong APY. You can read more about this type of account in our primer on money market accounts and our comparison between MMAs and savings accounts.
» Want more MMA options? See NerdWallet’s list of top money market accounts
Sallie Mae Money Market Account
Customer experience & overdraft fees
Customer experience
As with most online banks, you shouldn’t expect to do your banking at a branch with Sallie Mae — it just has one, in Salt Lake City.
Sallie Mae’s products are all easy to find on its website and rates are clearly spelled out. But to get in touch with the bank, you’ll likely have to make a call, and customer service hours are limited to weekdays.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
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