Sallie Mae Bank overview: Pays high rates on savings and money market accounts with no monthly service fees

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Overall monetary establishment rating

Pros and cons

Sallie Mae SmartyPig Account

The Sallie Mae SmartyPig Account pays high rates on your savings steadiness. The fee of curiosity will enhance as your steadiness will enhance, nevertheless even the underside charge is aggressive. You can establish separate savings targets, equal to “Emergency Savings” or “Travel Fund,” and set deadlines for each objective.

Depositing and receiving your money may very well be a downside with Sallie Mae, though. You’d ought to change money to an exterior checking account, which could take a couple of enterprise days.

Sallie Mae Certificate of Deposit

You’ll need not lower than Sallie Mae Certificate of Deposit to open a CD with Sallie Mae. If you shouldn’t have that rather a lot money, you’ll uncover a monetary establishment that requires a lot much less.

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Sallie Mae pays higher rates than you’d earn at a brick-and-mortar bank. The monetary establishment pays aggressive rates on phrases beneath one 12 months, nevertheless as a result of the phrases get longer, rates flip into a lot much less aggressive.

Sallie Mae Money Market Account

Sallie Mae pays a aggressive charge on its money market account, and not like most banks, it doesn’t require a minimal opening deposit.

The necessary draw of a money market account over a savings account is that the earlier makes it easier to entry your savings. Sallie Mae does this by sending you paper checks, however it doesn’t ship you a debit card as some banks do. You may uncover this inconvenient when you occur to primarily make funds with a debit card.

How Sallie Mae Bank works

Sallie Mae is an online bank that offers savings accounts, a money market account, and CDs. Sallie Mae doesn’t have a checking account, which could make it troublesome to entry your savings quickly.

The Sallie Mae cell app has obtained 4.6 out of 5 stars throughout the Apple retailer and 3.9 out of 5 stars throughout the Google Play retailer.

You can converse with a dwell purchaser service marketing consultant Monday by the use of Friday, from 8 a.m. to eight p.m. ET. Sallie Mae doesn’t present purchaser help on weekends, and there’s no dwell on-line chat operate.

Your deposits are FDIC insured for as a lot as $250,000, or $500,000 for a joint account.

Is Sallie Mae dependable?

The Better Business Bureau gives Sallie Mae an A+ rating. A strong BBB ranking signifies a corporation responds efficiently to purchaser complaints, is obvious about enterprise practices, and is reliable in selling.

Sallie Mae doesn’t have any present public scandals, so that you may resolve you’re comfortable retaining your money with this monetary establishment.

 Sallie Mae vs. Ally

If you’re planning on opening a checking account alongside with a saving account, Ally may be your strongest alternative. Ally is the one one out of the two that offers a checking account. 

You may want Sallie Mae when you occur to prioritize high CD rates, though. Sallie Mae provides higher curiosity rates on CDs than Ally. However, you will have not lower than $2,500 to get a Sallie Mae CD.

 Sallie Mae vs. Marcus

If you’d want to open a money market account, Sallie Mae may be your default choice because of Marcus doesn’t have one. 

For CDs, Sallie Mae pays higher curiosity rates nevertheless Marcus has lower minimal opening deposits.