A+ MyBankTracker Rating

Sallie Mae Bank

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.

Sallie Mae Bank logo

MyBankTracker rated 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. See how it’s rated.

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Customer Reviews

Most Helpful Sallie Mae Bank Bank Customer Reviews

  • J
    Reviewed By Joshua Aug 8, 2013

    Biggest Waste of Time, Be ready to give up hours of your life on phone calls with customer support

    This Bank is a nightmare. I have all my student loans with them, biggest mistake of my life. I have no problems paying my loans and my minimum payments but they make it so hard to pay. First of all once you sign up, you are going to be spammed, 2 emails a day at least, saying nothing but "Sallie Mae has something important and urgent to tell you please visit the website but due to security reasons we won't tell you anything in this email." Then you go to the website and nothing happens no notifications or anything telling you were to go or why they emailed you with this urgent document you needed to see. So once you get frustrated enough with the spam everyday and going to the slow nightmare of a website, you will probably do what I did just reroute those emails to spam. Which worked for the day to day. However, automatic debit does not work on the website for some reason I do not even know why they offer it. I have signed up for automatic debit from my account the first time a logged on the website then resigned up for auto debit every month after that because it never worked, finally on the 4th time I called into customer support to have them walk me through it, and once we were done doing exactly what I had done before to set up automatic debit they promised "yes all your loans are automatic debit" so I hung up and thought the nightmare was over, well its been 3 months and every month at least one of the auto debit loans does not debit my account so I get more spam from them and a phone call of a recording saying please salle mae at "1-800-Talk To A Robot For An Hour Even Though We Called You" I call then finally get to a customer service representative and ask why did you call, and they say I don't know sir what do you want? As if it is weird, and completely foreign to them that they are sending out automated calls telling people to call them for urgent account information. Anyways to add salt into the wound, to make a minimum payment it goes through immediately how

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  • CG
    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.

    Thank you for your feedback Is this review helpful?
  • M
    Reviewed By Monica Aug 10, 2013

    Sallie Mae will steal your money if you don't pay attention and apply it where they want!

    My sons student loan went delinquent, because I cosigned one of his loans, when I make a payment to that account, the payment is applied to the entire loan. I have my own student loan I am trying to keep up with and can't afford to pay on his full student loans along with my own. I am disabled so I can't afford to pay on my $50k loan as well as his 85k loan. So every time this happens, I spend hours on the phone. They require me to supply my bank statement showing the money was removed from my account and electronically submitted to sallie mae, oh and by the way, it will take them 5-10 days to get it straightened out. I am now waiting for them to investigate 2 payments to the cosigned loan that got applied to the full loan.
    Don't bother trying to contact online, it doesn't work. You would think with the profits this company rakes in they would have top of the line technology for their customers.

    Thank you for your feedback Is this review helpful?

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