Sallie Mae Bank has a lot of different banking options, like excellent CDs.
If you’re looking for a place to invest your money, high APYs are probably at the top of your list. You want your savings to do a lot of work for your long-term financial future, after all. Sallie Mae Bank Review: Pros, Cons,
While Sallie Mae started as a government-sponsored enterprise, it’s been an entirely private company since 2004.
In addition to offering student loans, the bank also offers a wide selection of banking products. Specifically, the online bank offers customers worthwhile high-yield savings and penalty-free CD options. Sallie Mae Bank Review: Pros, Cons,
When it comes to Sallie Mae’s offerings, there’s plenty to choose from. But for the purposes of this review, we’ll focus on the banking products Sallie Mae brings to the table. Sallie Mae Bank Review: Pros, Cons,
SmartyPig
When it comes to personal finance, goal-setting is key. If you can stick to the right goals, you’ll be propelled to the financial future you desire. But sometimes, sticking to your money goals is easier said than done.
The SmartyPig account is specifically designed to help you create, track, and reach your savings goals. In many ways, you can consider this account to be a virtual piggy bank ready to help you meet your savings goals.
Within the account, you can set up multiple savings goals, which are treated like sub-accounts. With that, you can track your progress to multiple goals at once.
As of February 2026, you can earn up to 3.65% APY. And you won’t encounter any fees along the way.
High-Yield Savings Account
The high-yield savings account offered by Sallie Mae offers a straightforward way to put your savings to work. You can accelerate your savings goals with the current high APYs offered.
When using this account, you won’t encounter any monthly fees or minimum balance requirements. Keep in mind there aren’t any goal-setting features. Sallie Mae Bank Review: Pros, Cons,
Certificates Of Deposit
In terms of certificates of deposit (CDs), Sallie Mae offers terms ranging from 6 months to 60 months. To get started, you’ll have to meet a minimum deposit of $2,500. But the rates offered could be worth it.
With an automatic renewal option, you can let your savings continue to grow over time with minimal effort.
Money Market Account
In addition to the high-yield accounts above, Sallie Mae also offers a money market account. A money market account allows you to grow your money with interest rates that are similar to a high-yield savings account. Money markets are excellent for people who prefer to keep their cash easily accessible.
As of February 2026, the account offers a 3.65% APY, which compounds daily and is paid out monthly.
There are no minimum balance requirements or monthly maintenance fees to contend with. Plus, you’ll even have the ability to write checks or make free transfers from your account. Sallie Mae Bank Review: Pros, Cons,
Are There Any Fees?
Neither the high-yield savings account nor the SmartyPig account comes with a monthly fee.
When opting to open a CD with Sallie Mae, be aware of the early withdrawal penalties. If you pull your funds out of the CD before the maturity date, you’ll face a penalty fee. But that’s fairly normal for most institutions that offer CDs.
How Do I Contact Sallie Mae Bank?
If you need to get in touch with Sallie Mae Bank, the live chat feature on their website is a helpful place to start.
But if you prefer a phone call, you still have options. For questions about the CDs or high-yield savings accounts, call 877-346-2756.
Call 877-751-6884 with any enquiries regarding your SmartyPig account. Both of the lines are open from 9 a.m. to 6 p.m. EST on weekdays.
The bank has earned 1.7 out of 5 stars on Trustpilot. But keep in mind the bulk of the reviews are based on the bank’s student loan options. Sallie Mae Bank Review: Pros, Cons,
How Does Sallie Mae Bank Compare?
If you are looking for a painless way to grow your savings, Sallie Mae isn’t alone in providing excellent rates through a high-yield savings account.
For example, Liberty Savings Bank is offering a savings account with a 3.86% APY, while UFB Direct is offering a 3.26% APY on its savings account. Sallie Mae Bank Review: Pros, Cons,
But neither offers the goal-setting features available through the SmartyPig account.
How Do I Open An Account?
Want to work with Sallie Mae? Start by scoping out the account options. When you find the right fit, select open an account. At this point, you’ll be asked to provide an email address and password to start the account creation process.
Additionally, be prepared to provide your Social Security Number, birthday, phone number, address, and current bank information. If approved, you can transfer funds into the account right away. Sallie Mae Bank Review: Pros, Cons,
Is It Safe And Secure?
The deposit accounts offered by Sallie Mae Bank are FDIC-insured. With that, your funds are protected for up to $250,000.
Sallie Mae uses HTTPS encryption for its website to protect your information and offers two-factor authentication and verification checkpoints to prevent fraud.
Why Should You Trust Us?
The College Investor has been actively tracking the best savings account rates since 2018, with a daily updated list that monitors roughly 50 banks and credit unions that have a history of great rates. But we also are always scouting out other banks that may compete on this list.
Unlike other well-known companies that create “best savings account rate lists”, we strive to put out rates in order highest to lowest so that you can know you’re actually getting the best rate. And if you don’t make the cut, too bad. You can find the full list of our bank review here. Sallie Mae Bank Review: Pros, Cons,
Who’s this for, and is it worth it?
It’s clear that Sallie Mae’s online bank offers high APYs to savers. Sallie Mae simplifies the process of utilising your funds, whether you want to invest a significant amount or begin achieving your savings objectives.
As an online bank, you won’t have access to an in-person branch. But more than likely, you won’t have a regular need for a physical branch. You can always call customer service if you need to talk to a human.
While Sallie Mae offers high APYs, it still pays to shop around for the absolute best rates. This is particularly important given that the federal government has been consistently increasing rates in recent months. Sallie Mae Bank Review: Pros, Cons,
