Sallie Mae Bank

Online Bank,

Sallie Mae Bank logo
A+ MyBankTracker
MyBankTracker rating based on the following criteria that includes customer reviews, financial health, bank fees and other key factors compared to the other banks.
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About the 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.

Sallie Mae Bank Fees

  • National Average
  • Monthly Inactivity $0 $6
  • Non-Sufficient Fund (Overdraft) $19 $30
  • Stop Payment item $15 $27
  • Return Deposit $5 $13
  • Domestic Wire Transfer (Outbound) $20 $22
  • Domestic Wire Transfer (Inbound) $0 $10
  • Non-Bank ATM N/A $1.0

Latest Customer Reviews

    Reviewed By pharris888 Apr 12, 2017

    all good for 3 years with asavings account. Diving Deeper

    I have had a Savings account linked to my UPromise account for several years with no problems. Other than a problem setting up new savings accounts on my existing online account I have been pleased with the performance Automatic saving plans worked as expected and transfers occurred with in 2 business days. I haven't tried mobile deposits and will experience my first matured CD next month. But the $0 minimum for a money market account earning 1/3 greater yield than my current Capitol 360 account is too good to pass up.

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    Reviewed By chris g. Sep 25, 2016

    Stable and Consistent for 3+ years now

    I came from TIAA Direct Money market only for a year. Their interest rates in a 12 month period were reduced from .85% to .45% at least (3) times in a year.

    Decided to give Sallie Mae Bank in 2013 in hope that their .90% would not move 3 times a year.

    I can say in three years the rate has not budged below .90% with money market. In my three years with setting up ACH transfer, customer service has been great.

    Yes, there are higher rate banks like Dime Savings MM at 1.10% and even Popular Direct, a savings account at 1.26% introductory rate but nothing is guaranteed and when you read all the associated fees and ACH restrictions, Tiered rate surprises, you have to ask yourself, is it worth chasing yield on an annual basis.

    One benefit is if Sallie Mae has a promotional rate for new customers they will honor that with existing accounts, only issue I have is I need to open new account with new 6 months rate boost and wait for new checks and updated external bank transfers.

    Less headaches=more time, Sallie Mae Bank provides the best overall value for your money.

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    Reviewed By hercustom1200 Jun 15, 2015

    NOT Sallie Mae, but Sallie Wont

    This company is so disorganized and not in the digital age! On moving to a new state I updated my address and banking information online, which is what anyone that does all their banking online would do. I understand giving a banking institution one month to update their records, so you would think they would have used my new banking account information to withdraw my next month's loan payment. That wasn't the case, they used my old account which didn't have enough to cover the withdrawal and I received an insufficient funds charge from my bank. Then Sallie Mae charges me another fee to because of the withdrawal. They're blaming me now for their horrible way of doing business. How does a national loan company not have reliable computer updates? I'm now out the fees! Be careful in dealing with these people, they're still living in the dark ages.

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