Savings Products

Q: What do I need to open a high-yield savings account?

To open a Sallie Mae® High-Yield Savings Account, you’ll need to start an application online. From there, you’ll provide some personal information, like your name, date of birth, address, and Social Security number (SSN). Then, you link an external bank account, and start funding your new high-yield savings account.

Q: What do I need to qualify for a high-yield savings account?

All you need to do is submit valid personal information, like your name, date of birth, and Social Security number (SSN) to qualify for a Sallie Mae High-Yield Savings Account. There is no minimum balance or deposit required to open an account.

Q: How can I earn interest on my savings account?

You can earn interest by maintaining funds in your savings account, where your balance grows automatically over time. The interest rate you receive depends on factors like market conditions and our current rate offerings. To make the most of your savings, keep your balance above the minimum requirement.

Q: How do I open a CD account?

To open a Sallie Mae CD Account, you’ll need to apply online. Provide some general identity information like your name, date of birth, and Social Security number (SSN). Then, you’ll link an external bank account and add a minimum deposit $2,500 into your new CD account. The minimum balance required is $2,500.

Q: What is a SmartyPig® Account?

SmartyPig is an online savings tool to help you save for all your short- and long-term goals. With SmartyPig, you can easily track your goals, make scheduled or manual deposits and withdrawals, and reach your savings goals faster with a competitive APY.

Grow your money with competitive interest rates designed to help you reach your goals.

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Start here to save more

Choose from four products—all designed to help you maximize your savings.

Sallie Mae^® High-Yield Savings Account

3.85% 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

Learn more

Sallie Mae^® Certificates of Deposit

Up to 4.00% APY^{footnote 2}

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

Learn more

*Rate is determined by the term length you choose

Sallie Mae^® Money Market Account

3.65% APY^{footnote 3}

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

Learn more

SmartyPig^® Savings Account

Up to 3.60% APY^{footnote 4}

Track goals and save for them with a higher interest rate than a traditional savings account.

Stay on top of saving with goal trackers
No monthly maintenance fees

Open an account

Learn more

Savings product features designed for you

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.

Compare savings product rates


Savings & money market accounts	Balance required to obtain APY	Annual Percentage Yield (APY)
Sallie Mae^®High-Yield Savings Account Open an account	$0	3.85% APY^{footnote 1}
Sallie Mae^® Money Market Account Open an account	$0	3.65% APY^{footnote 3}
SmartyPig^® Savings Account Open an account	$0.01 - $2,500	3.60% APY^{footnote 4}
SmartyPig® Savings Account	$2,500.01 - $10,000	3.60% APY^{footnote 4}
SmartyPig® Savings Account	$10,000.01 - $50,000	3.60% APY^{footnote 4}
SmartyPig® Savings Account	$50,000.01+	3.60% APY^{footnote 4}

Sallie Mae^® Certificates of Deposit (CDs)

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Term	Minimum balance	Annual Percentage Yield (APY)
6 months	$2,500	3.80% APY^{footnote 1}
9 months	$2,500	3.70% APY^{footnote 1}
11 months	$2,500	4.00% APY^{footnote 1}
12 months	$2,500	3.80% APY^{footnote 1}
13 months	$2,500	3.95% APY^{footnote 1}
15 months	$2,500	3.95% APY^{footnote 1}
18 months	$2,500	3.70% APY^{footnote 1}
24 months	$2,500	3.75% APY^{footnote 1}
30 months	$2,500	3.90% APY^{footnote 1}
36 months	$2,500	3.95% APY^{footnote 1}
60 months	$2,500	4.00% APY^{footnote 1}

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.
FDIC insurance covers up to $250,000 per co‑owner for qualifying joint accounts at the same bank. Adding a joint owner can increase total coverage to as much as $500,000, provided the account meets FDIC joint‑ownership requirements.

How to
get started

1. Tell us about yourself

2. Link your funding source

3. Watch your savings grow!

Open an account

Resources that put your savings first

FAQs

Have other questions? We’re here to help.
1-877-346-2756

What do I need to open a high-yield savings account?

What do I need to qualify for a high-yield savings account?

How can I earn interest on my savings account?

Is Sallie Mae FDIC-insured?

Yes! All Sallie Mae savings accounts are FDIC-insured. Funds deposited in an Account—and any other account(s) you hold at Sallie Mae Bank—are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to the applicable coverage limit. The amount of insurance coverage available to you depends on the number of Accounts you have with us and the ownership of those Accounts. For additional information, click here.

How do I open a Money Market Account?

To open a Sallie Mae Money Market Account, you’ll need to start an online application and provide personal information like your name, date of birth, and Social Security number (SSN). From there, you’ll link an external bank account and start funding your new money market account. There is no minimum balance or deposit required.

How do I open a CD account?

What is a SmartyPig® Account?

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 03/24/2026. Fees could reduce earnings. Please refer to the Account Terms and Conditions Agreement for details.

footnote 2. 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 03/24/2026. A penalty may be charged for early withdrawal. Fees could reduce earnings. Please refer to the Account Terms and Conditions Agreement for details.

footnote 3. 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 03/24/2026. Fees could reduce earnings. Please refer to the Account Terms and Conditions Agreement for details.

footnote 4. Advertised Interest Rates and Annual Percentage Yields (APY) for the SmartyPig Account are variable and may change after account opening, are based on your aggregate account balance on all your SmartyPig goals (including your Primary Account) plus your month to date accrued interest which may not have yet posted to your account, apply to personal accounts only, and are accurate as of 03/24/2026. The ongoing APYs and Interest Rates associated with different account balances are: If your daily balance is more than $0 but $2,500 or less the interest rate paid on the entire balance in your account will be 3.54% with an annual percentage yield of 3.60%. If your daily balance is more than $2,500 but $10,000 or less the interest rate paid on the entire balance in your account will be 3.54% with an annual percentage yield of 3.60%. If your daily balance is more than $10,000 but $50,000 or less the interest rate paid on the entire balance in your account will be 3.54% with an annual percentage yield of 3.60%. If your daily balance is more than $50,000 the interest rate paid on the entire balance in your account will be 3.54% with an annual percentage yield of 3.60%. Please refer to the SmartyPig Account Terms and Conditions Agreement for details.

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

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.