What is the minimum deposit required to open a money market account?

There is no minimum deposit required to open a Sallie Mae Money Market Account.

A money market account for flexible savings

Q: What is a money market account and how does it work?

A Sallie Mae® Money Market Account is a savings account that gives you the flexibility of earning a competitive APY on your savings, while letting you have easy access to your money and check-writing when you need it. To get started, you’ll apply online to open your account. Then, you’ll link an external bank account to deposit funds, and your money will immediately begin earning interest. Your savings will compound interest daily and get paid out monthly.

Q: Am I required to maintain a minimum balance?

There is no minimum balance required for a Sallie Mae Money Market Account.

Q: Are there any monthly maintenance fees on this savings account?

There are no monthly maintenance fees, minimum balance, or minimum deposit required with a Sallie Mae High-Yield Savings Account. There are no transactional fees; however, there is a $20 wire fee for outgoing transfers for all accounts. For other fees that apply, click here.

Q: How do I fund my money market account?

To fund your Money Market Account, you can link an external bank account and make deposits manually or set up scheduled, recurring deposits. You can also set up a direct deposit with your employer and have a percentage of your paycheck deposited into your account.

Q: What is the difference between a traditional savings account and a high-yield savings account?

The biggest difference between a traditional savings account and a high-yield savings account is the interest rate. A high-yield savings account typically offers a higher interest rate than a traditional savings account, helping your savings earn more interest quicker..

Q: Where can I learn more about money market accounts?

Learn more about Sallie Mae Money Market Accounts here.

Earn 4X the national average on your savings with total access to your money along the way.^{footnote 1}

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Sallie Mae^® Money Market Account

3.65% ^{APY^{footnote 2}}

What is a money market account?

A Sallie Mae^® Money Market Account helps your savings grow faster over time due to the competitive Annual Percentage Yield (APY). There’s no minimum balance required, you’ll have full access to your funds, and you can write checks from the account. Your interest is compounded daily and paid monthly.

Feel good about your savings

Flexible ways to access your money

You can make free transfers and write checks straight from your account.

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.

Sallie Mae named one of the best money market accounts and CDs for 2025.

GOBankingRates named Sallie Mae as one of the top online banks, recognizing its products’ high interest rates and no monthly fees.

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

FAQs

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

What is a money market account and how does it work?

A Sallie Mae^® Money Market Account is a savings account that gives you the flexibility of earning a competitive APY on your savings, while letting you have easy access to your money and check-writing when you need it. To get started, you’ll apply online to open your account. Then, you’ll link an external bank account to deposit funds, and your money will immediately begin earning interest. Your savings will compound interest daily and get paid out monthly.

What is the minimum deposit amount to open a money market account?

Am I required to maintain a minimum balance?

Are there any monthly maintenance fees on this savings account?

How do I fund my money market account?

Is my money safe with a Sallie Mae Money Market Account?

Yes! All Sallie Mae savings accounts, including Money Market 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.

What is the difference between a traditional savings account and a high-yield savings account?

Where can I learn more about money market accounts?

Check out more ways to save

Sallie Mae^® High-Yield Savings Account

3.85% APY^{footnote 3}

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 4}

Lock in a fixed rate and APY for guaranteed returns.

*Rate is determined by the term length you choose.

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

Open an account

Learn more

SmartyPig^® Savings Account

Up to 3.60% APY^{footnote 5}

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

Rewards for every friend who open an account and starts saving
No monthly maintenance fees

Open an account

Learn more

footnote 1. National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Curinos LLC through 07/01/2025. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Curinos data is obtained from public sources; accuracy and completeness is not guaranteed. Curinos is not liable for reliance on the data.

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

footnote 3. 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 4. 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 5. 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 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.