Grow your money with our savings products
Earn interest at a higher rate compared to a traditional savings account.
Smarter saving starts here
Three product options, one goal: to help you maximize your savings.
3.90%
APYfootnote 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
3.85%
APYfootnote 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
Up to
4.10%
APYfootnote 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
Watch your money grow with these CD rates
Choose a term, secure a competitive rate, and watch your money grow.
Features of our savings products
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.
account in
minutes
1. Tell us about yourself
2. Link your funding source
3. Watch your savings grow!
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.
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