Savings Products

Earn interest at a higher rate compared to a traditional savings account.

Open an account

Smarter saving starts here

Three product options, one goal: to help you maximize your savings.

High-Yield Savings Account

3.90%

APY^{footnote 1}

Save more with a competitive interest rate and no monthly maintenance fees. (Compounded daily, paid monthly)

Access your money anytime
No minimum deposit & free transfers

Open an account

Money Market Account

3.70%

APY^{footnote 2}

Save faster with a higher interest rate and no monthly maintenance fees. (Compounded daily, paid monthly)

Access your money & write checks
No minimum deposit & free transfers

Open an account

Certificates of Deposit

^{Up to} 4.10%

APY^{footnote 3}*

Lock in a fixed rate and APY for guaranteed returns. See table below for a complete list of rates.

Multiple CD terms to choose from
$2,500 minimum deposit

Open an account

*Rate is determined by the term length you choose.

Watch your money grow with these CD rates

Choose a term, secure a competitive rate, and watch your money grow.

Open an account

Terms	APY^{footnote 3}
6 months	3.90% APY
9 months	3.80% APY
11 months	4.10% APY
12 months	4.00% APY
13 months	3.95% APY
15 months	4.10% APY
18 months	3.95% APY
24 months	3.50% APY
30 months	3.90% APY
36 months	3.95% APY
60 months	4.00% APY
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Features of our savings products

Earn at higher rates

Watch the interest on your money grow over time.

FDIC-insured

Relax knowing that your deposits are protected by the FDIC up to the legal coverage limit.

No monthly fees

There are no monthly maintenance fees, helping you save more.

Access anytime, anywhere

Manage your accounts online & in the Sallie Mae® mobile app.

Member FDIC logo

Save stress free. You’re FDIC-insured.

Your deposits are protected—up to $250,000 in coverage for each depositor, insured bank, and ownership category.
You’re covered automatically—no action needed.
All our savings products are FDIC-insured.

Open an
account in
minutes

1. Tell us about yourself

2. Link your funding source

3. Watch your savings grow!

Open an account

FAQs

Have other questions? We’re here to help.
1-833-608-7608

Are there fees or charges for Sallie Mae Money Market and High-Yield Savings Accounts?

There are no monthly maintenance fees for these accounts, but there are fees for additional services.

If you have a Money Market Account, additional check services have the following charges:

Check order, standard delivery: Free if ordered at account opening; $5 if ordered after account opening.
Check order, expedited delivery: Free if ordered at account opening; $15 if ordered after account opening.
Stop payment: $15

There are no transactional fees; however, there is a $20 wire fee for outgoing transfers for all accounts.

How do I make deposits and withdrawals?

There are four ways you can deposit funds into your Money Market or High-Yield Savings Account:

Sallie Mae e-deposit (also known as remote deposit) lets you conveniently make deposits electronically with your iPhone^® or Android™ device. We can't accept some checks via e-deposit, including money orders, third-party checks, foreign checks, and starter checks.
Set up direct deposits.
Transfer funds electronically via ACH transaction. To transfer funds electronically, all you need to do is log in to your account. Transfers set to be processed immediately can't be canceled, but recurring and future-dated transfers can be canceled.
Deposit a check via mail. You can mail your check to us at Sallie Mae Bank, 6855 Pacific St., Attn: Item Processing 3rd Floor, Omaha, NE 68106. (Please remember we don't accept some checks, including third-party checks.)

To withdraw your money, all you need to do is log in to your account and transfer the desired amount to your linked account. Transfers set to be processed immediately can't be canceled, but recurring and future-dated transfers can be canceled. Transfers to your linked account will normally arrive two to three business days after you schedule your withdrawal.

What happens to my account when my certificate of deposit (CD) matures?

Your CD will automatically renew at maturity. We will send you an email notice about 30 days before your CD matures. Upon maturity, you'll have a grace period of 10 calendar days during which you can withdraw funds without penalty. This grace period begins on the date of maturity. Interest disbursements can be requested monthly or at maturity. They'll be sent electronically to the linked account you specify. To set up interest disbursements, log in to your account.

You may choose to withdraw the funds in your CD at maturity or within the grace period. If you wish to do so, call us to provide us with notice.

If you choose not to renew your CD, interest will accrue until the day within the grace period when you withdraw your funds or we receive notice. Each renewal term will be the same as the original term, beginning on the maturity date. We'll set the interest rate on your renewing CD at our discretion. To determine your rate on renewal, please check our rate schedule at salliemae.com/banking/rate-table.

Does the certificate of deposit (CD) have early termination penalties?

Yes, our early termination penalties are as follows:

If your CD has a term of 12 months or less, the penalty will be equal to 90 days' simple interest.
If your CD has a maturity term greater than 12 months, the penalty will be equal to 180 days' simple interest.
In certain circumstances, such as the death or incompetence of an account owner, we may waive the early withdrawal penalty.

footnote 1. Advertised Annual Percentage Yield (APY) for the Sallie Mae High-Yield Savings Account is variable and may change after account opening, applies to personal accounts only, and is accurate as of 01/05/2026. Fees could reduce earnings. Please refer to the Account Terms and Conditions Agreement for details.

footnote 2. Annual Percentage Yield (APY) for the Sallie Mae Money Market Account is variable and may change after account opening, applies to personal accounts only, and is accurate as of 01/05/2026. Fees could reduce earnings. Please refer to the Account Terms and Conditions Agreement for details.

footnote 3. Advertised Interest Rate and Annual Percentage Yield (APY) for Certificates of Deposit may change after maturity, applies to personal accounts only, and are accurate as of 01/05/2026. A penalty may be charged for early withdrawal. Fees could reduce earnings. Please refer to the Account Terms and Conditions Agreement for details.

footnote Deposit products are offered through Sallie Mae Bank, Member FDIC.

footnote Sallie Mae compensates partners for their referral of banking customers.

footnote SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Grow your money with our savings products

Smarter saving starts here

Watch your money grow with these CD rates

Features of our savings products

Save stress free. You’re FDIC-insured.

FAQs

Are there fees or charges for Sallie Mae Money Market and High-Yield Savings Accounts?

How do I make deposits and withdrawals?

What happens to my account when my certificate of deposit (CD) matures?

Does the certificate of deposit (CD) have early termination penalties?