Sallie Mae Bank Review: Competitive Rates and Low Fees
Review
Updated
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Sallie Mae Bank is an online bank with a range of interesting products. Its savings accounts have competitive APYs, with no deposit requirements or monthly maintenance fees.
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This bank may be a good option for you if:
| Sallie Mae Bank Fee | Charge |
|---|---|
| Monthly service fee | $0 |
| Non-bank ATM fee | N/A |
| Overdraft fee | N/A |
| Stop payment request | $15 |
| Incoming wire transfer fee | $0 for domestic wires; international wires not available |
| Outgoing wire transfer fee | $20 for domestic wires; international wires not available |
If you're trying to build an emergency fund or save for another goal, both of Sallie Mae's savings products are a great place to start.
The Sallie Mae High-Yield Savings Account offers 4.00% APY with no monthly fees or minimum balance requirements. This savings account APY is competitive with some of the best savings accounts, and you won't have to maintain a monthly balance to get it. Customers can manage their Sallie Mae savings account online or through the bank's mobile app.
Sallie Mae High-Yield Savings Account
This is a competitive high-yield savings account with no minimum balance requirement. If you're comfortable with 100% online banking, Sallie Mae's savings account could be a good choice.
Think of SmartyPig as an online piggy bank for adults. It works like a traditional savings account, but allows customers to set and track savings goals. SmartyPig offers an APY on all balances that is the same as the Sallie Mae High-Yield Savings Account. One downside of SmartyPig is that there's a $250,000 maximum balance allowed -- people with larger amounts of cash might not want to consider SmartyPig.
This savings account has no monthly fees and no minimum balance requirements. The SmartyPig Account's goal-oriented structure makes it a great way to save for multiple financial goals.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
CDs typically offer higher rates than traditional savings accounts. If you're looking for guaranteed returns, a CD is a good way to go. Sallie Mae CDs come with flexible terms and high rates. Sallie Mae CD rates are highly competitive and beat many top online banks.
Terms range from six months to five years and require a $2,500 minimum deposit. Because of this high deposit requirement, you'll need a substantial amount of money to build a Sallie Mae CD ladder. Like most CDs, Sallie Mae CDs charge no monthly fees.
APY = Annual Percentage Yield
Sallie Mae may not be well-known for its banking services, but it offers CDs with competitive rates and the typically available terms. But the $2,500 required minimum deposit to open one will make them out of reach for many savers.
| 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|
| 3.95% | 4.00% | 4.15% | 3.80% | 3.75% | 3.40% | 3.80% |
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.50%
|
Term:
10 Months
|
Min. Deposit:
$2,500
|
Open Account for
On Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
The Sallie Mae Money Market account offers competitive APY and easier access to your money than most savings accounts. That's because this account gives you check-writing capabilities, as well as a 4.00% APY. If you want the same kind of yield on your cash that you'd get from a Sallie Mae High-Yield Savings Account, but with extra flexibility to use your money to pay bills or make big purchases, this money market account can be a good choice.
Sallie Mae Money Market
Sallie Mae Bank's money market account can grow your money at a competitive rate with no minimum deposits or fees. You can access savings through checks and electronically deposit funds into your account.
Sallie Mae is perhaps best known as a student loan provider, and so most of Sallie Mae's customer ratings focus on its loans, not its bank accounts. Customer support is almost nonexistent beyond its phone center, which has limited business hours on weekdays only.
Since Sallie Mae doesn't have bank branches or ATM cards, the easiest way for customers to access their money is via Sallie Mae's mobile banking app. Unfortunately, the mobile app has an average of 1.5 stars between both the App Store and Google Play. You probably shouldn't get too excited about banking on your phone if you're interested in Sallie Mae.
Like most banks and financial institutions, Sallie Mae gets a mixed bag of customer reviews online. Although Sallie Mae has an A+ rating from the Better Business Bureau and is BBB accredited, its customer reviews show that many people have had a negative experience.
However, most of the BBB complaints about Sallie Mae are related to student loans, so it's possible that the Sallie Mae online banking experience for savings accounts and CDs is better than the typical experience of loan customers. Sallie Mae also gets low ratings on Trustpilot for similar reasons.
Sallie Mae Bank has separate customer service lines for different types of bank accounts. For High-Yield Savings, CDs, and Money Market Accounts, call 877-346-2756, Monday to Friday from 9 a.m. to 6 p.m. ET. SmartyPig customer service is available at 877-751-6884, Monday to Friday from 9 a.m. to 6 p.m. ET.
The Sallie Mae Banking mobile app includes some standard features like mobile check deposit and viewing account balances, but compared to other mobile banking apps, it generally gets poor reviews. Recent customer comments include "totally unusable after the last update" and "functionality and interface feels about 30 years old." (Keep in mind that this banking app is a separate app from the Sallie Mae app for managing loans -- that one gets much higher ratings.)
Sallie Mae Bank is an online-only bank with no physical locations. It also does not provide ATM access, so if you want to withdraw cash from your Sallie Mae account, you'll need to transfer money to an external bank account.
If Sallie Mae doesn't fit the bill for your next bank, check out a couple alternatives you may like better.
Ally offers comprehensive personal banking online. It has a variety of deposit accounts with high APYs. Even its checking account is interest-bearing, which is a rare perk. None of its accounts come with monthly maintenance fees. If you're open to online banking, and you'd like a competitve APY, Ally may be a good match for you.
Discover® Bank isn't just a credit card issuer. It also offers several banking products that earn high APYs. Additionally, unlike Sallie Mae, Discover® Bank offers checking accounts. Its checking account even earns cash back on debit card purchases. To keep your money more accessible, take a look at Discover® Bank's current product range.
Yes, all depositors at Sallie Mae Bank are FDIC insured up to $250,000.
No, Sallie Mae is no longer a government entity but rather a publicly traded consumer bank that offers online bank accounts and loans.
Not anymore. Credit cards are no longer offered according to the Sallie Mae website.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
