Sallie Mae Banking Accounts
Our Sallie Mae Bank review revealed that it’s affiliated with Sallie Mae, the student loan provider. As of 2013, Sallie Mae Bank is focused on providing top interest rates to savers, and encouraging people to learn the value of saving money. The bank provides three main savings products, money market accounts, online savings accounts and CDs.
Our Sallie Mae Bank review has found a variety of benefits to their services. While Sallie Mae is widely known as the top bank for student loans, their savings accounts are starting to grow in popularity. Millions of people are combining their savings account with their loan accounts in an easy-to-use interface. Other perks of the banking accounts include:
- High interest rates on all the different accounts offered.
- Automatic renewal on CD accounts, which makes it easier to keep your money earning interest.
- No monthly fees or minimum balance to maintain the account.
- No minimum amount to open money market and savings account.
If you have student loans with Sallie Mae, having a savings account or other account with them can be very beneficial. Their savings accounts offers to match 10% of the money you earn back from their Upromise rewards program. This money can help you pay down your student loans or use the money for other purposes.
As in all of our bank reviews this Sallie Mae Bank review is no different. There are indeed a few drawbacks to banking with them.
- Sallie Mae doesn’t provide excellent online customer service. You can only reach agents through telephone or email.
- While offering CDs, they are only available in 12 month, 36 month or 60 month terms.
- The opening balance required to open any of their CDs is $2,500.
- You must keep at least $2,500 in the CD.
- Sallie Mae accounts have a paper statement fee of $5 per statement. Review your statements online to avoid paying that fee.
Is Sallie Mae a Good Choice for Online Banking?
In conclusion of our short but succinct Sallie Mae Bank review, they are best known for offering excellent rates and products to students. The new savings accounts are no different as they are easy to manage and provide competitive rates. The negative aspects of banking with Sallie Mae are minimal and not something that should deter you from choosing to open accounts with Sallie Mae Bank. Sallie Mae has continued to stay in our list of the top 10 banks to use for online savings accounts.
P.O. Box 3319
Wilmington, DE 19804-4319
Customer Service Number