About Sallie Mae Bank

Sallie Mae Bank makes education loans to students and their families as part of Sallie Mae's overall education loan business. Established in 2005, State-chartered Utah industrial bank.
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Overall Rating

MyBankTracker rated Sallie Mae Bank based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.

A+

MyBankTracker Rating

Customer Rating
Based on 14 Reviews
Financial Health
Based on Texas Ratio: 0.02
Bank Fees
vs. Average
Bank Rates
vs. Average
Mobile Deposits
Mobile Deposits
Mobile Banking
Quality of Mobile Services

Most Helpful Customer Reviews

goodriddance's Profile Image

Reviewed by goodriddance

Jan 1st 2014

5 out of 5 marks

Sallie Mae Bank- A rock solid bank that is competitive

I have been very impressed with Sallie Mae, the board of directors have made a decision to keep rates stable and retain being a market leader instead of a market lager. Most banks have had 3-7 rate decreases during 2013.

Pros: Sallie Mae Bank website works well with Mint.com, no issues with daily downloads

No tiered rates on Money Market, so everyone can be participatory in getting the most for their money, not just high depositors.

Customer service was great in helping me set up ACH as a first time user of this and all my interactions with different CSRs were high quality customer service.

Sallie Mae is the best value, look at other online banks, you may match the rate but you will not have money market check writing privileges, most offer savings account for this high rate, not a money market account.

This bank is well capitalized and that means sleeping better at night.

Is this review helpful? ▲ Yes 1 ▼ No 0

jfinlayson's Profile Image

Reviewed by jfinlayson

Mar 11th 2013

5 out of 5 marks

Good Grocery Store Card, Great Gas Card, And A Better Amazon Card Than Amazon's Own Card

This is our primary card on file at amazon. Com, where transactions are processed with their book store mcc, even when you're not buying books. That means it earns 5% on up to $750/month there. So unless you exceed $1250 at amazon (plus other book stores), this is a better card than amazon's own 3% card or the citi forward card (2. 5% cash or about 3 to 5% in merchant-specific gift cards). The $250 cap on gasoline is plenty for most families, but groceries these days will surpass the $250 cap for all but the most frugal grocery shopper with more than one mouth to feed. We've had this card since before they switched to barclay. Account management through barclay's web site is much more smooth, polished and useful than the previous sallie mae web site.

One really nice feature is that they show the number of points earned for each purchase as they post to the account daily. So you can quickly confirm whether or not each retailer is earning a bonus. I've only seen that service at one other card (us bank cash+). I'd like to see that idea catch on with competing cards. Not only that, but in my experience, the points become available for redemption almost immediately -- no waiting for the statement date (or even longer). That surprised me, and i've never seen that offered elsewhere. We never carry a balance, so i've never paid attention to their fees, charges and interest rates.

Accordingly, my ratings for should not be given any credibility. I would have left those ratings blank here if there were a way to do that.

Is this review helpful? ▲ Yes 1 ▼ No 0

Robert P's Profile Image

Reviewed by Robert P

Mar 4th 2011

5 out of 5 marks

Pretty good savings account & CD rates

Sallie Mae Bank has remained competitive as interest rates continue to dwindle. Their online experience isn't great, but it's pretty good. Pretty easy to open multiple accounts for multiple savings goals. ACH in/out seems reasonably fast.

Is this review helpful? ▲ Yes 3 ▼ No 0

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Bank Rates

NAME RATE (APY) MIN TO EARN APY Min Deposit
High Yield Savings

0.80%

$0

$0

NAME RATE (APY) MIN TO EARN APY Min Deposit
Money Market Account

0.90%

$0

$0

NAME ANNUAL FEE INTRO APR REGULAR APR
Sallie Mae World MasterCard

$0

0.00%

13.99% - 22.99%

NAME ANNUAL FEE INTRO APR REGULAR APR
Sallie Mae World MasterCard

$0

0.00%

13.99% - 22.99%

TERM RATE (APY) Min Deposit
12 Month CD

1.15%

$0

36 Month CD

1.45%

$0

60 Month CD

2.10%

$0

Banking Fees

Type Fee National average
Monthly Inactivity

N/A

$7

Non-Sufficient Fund (Overdraft)

N/A

$30

Stop Payment item

N/A

$27

Return Deposit

$5

$13

Domestic Wire Transfer (Outbound)

N/A

$22

Domestic Wire Transfer (Inbound)

N/A

$9

Non-Bank ATM

N/A

$1