Sallie Mae VS Fidelity Bank

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
4.65%APY
Savings/MMA
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Pros:

  • Cash rewards on savings accounts
  • No account fees or required amounts
  • Personal and student loans if you qualify
  • Five year CDs have amazing interest rates

Cons:

  • High opening amount for CDs
  • CDs require large sum to earn interest
  • No checking accounts offered
  • High-interest rates on personal loans
  • Financial Rates: 1.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.5 Star Icon
No Rate Information
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Pros:

  • Wide variety of accounts available
  • Low opening amounts for most accounts
  • Waived ATM fees for some accounts
  • HSA earns good rates

Cons:

  • Tiered interest rates on account
  • Cannot open accounts online
  • MMAs have high opening amounts
  • Accounts interest rates are low
Sallie Mae Review

To get the cash back rewards you have to meet requirements. You must link a UPromise Goal Saver Account with the UPromise Rewards Account. You must also either have $5,000 in the account or make ten deposits within the first 90 days. You earn 10% of the amount of money transferred from your Rewards account to your Goal Saver account. If you meet the requirements, you earn an annual bonus of $10 the first two years and a loyalty bonus of $100 the third year.

The high yield savings account and money market accounts do not have any monthly fees. There is no required amount to open these accounts. They offer competitive interest rates, and there is no required monthly balance.

Sallie Mae is a college funding bank. They offer student and personal loans. Some of the different loans include undergraduate loans, parent loans, MBA loans, dental or medical school loans, medical residency loans, bar study loans, or graduate student loans. Sallie Mae offers a personal loan to help consolidate your debt, pay for major expenses, or life events.

The interest rates on Sallie Mae CDs are exceedingly higher than other banks. CDs range in term from six months to five years. The five year CD offers the best interest rate, but the other terms are still better than other banks.

To open a CD with Sallie Mae bank, the required opening balance is $2,500. The interest rates on the CDs are much higher than other banks.

To earn interest on Sallie Mae CDs, you must keep at least $2,500 in the CDs at all time. If your account balance drops below that amount, you will not earn interest. Sallie Mae CDs offer interest rates that are considerably higher than other banks and even other online banks.

Sallie Mae does not offer a checking account. This is a college savings bank. They do offer different savings accounts to help you prepare for college. Sallie Mae also has different loans to help pay for college, but no checking accounts.

As with any loan, the interest rates are high. Know the different repayment plans, interest rates, and if there is a fee for paying your loan off early. High-interest rates mean you could end up paying almost $9,000 in interest on a $10,000 loan.

Read the full Sallie Mae review.

Fidelity Bank Review

Fidelity Bank offers a good selection of personal accounts. Those include:

  • Free checking
  • Relationship checking
  • Legacy checking
  • Statement savings
  • Looney Tunes Children's savings
  • High Interest savings
  • Health Savings Account
  • Personal money market account
  • Superior money market
  • CDs from 12 to 60-months

The opening required amounts for Fidelity Bank accounts are low. The checking accounts and children's savings account require $25 to open. The statement savings account requires $100 to open. The CD terms require $500 to open.

ATM transactions made at Fidelity Bank ATMs are free of fees. Transactions made at other ATMs may have a fee. The Relationship and Legacy checking accounts waive the fees of foreign ATM transactions. You must meet the requirements to open these accounts.

The Health Savings Account offers good rates. It offers the highest interest rate out of the Fidelity Bank savings accounts. To earn the highest interest rate for the HSA, you must have $15,000 in the account.

The Superior MMA has tiered interest rates. To earn the highest rate, you must have at least $250,000 in the account. Balances below that amount earn interest, just not the highest rate. Even the highest interest rate is not competitive with other online accounts.

To open an account with Fidelity Bank, you must visit a branch location. They do not offer online account applications. They have branch locations in Kansas.

The money market accounts have high opening required amounts. The Personal MMA requires $2,500 to open. The High Interest savings account also requires $2,500 to open. The Superior MMA requires $10,000 to open.

The interest rates for Fidelity Bank accounts are low. They are not competitive with other online-only accounts. Some accounts offer rates slightly higher than typical banks. Most account rates are competitive with typical bank rates.

Read the full Fidelity Bank review.

Sponsored Offers

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Jenius Bank
Savings (Rate as of 3/29/2024)
APY 5.25%
Rate 5.25%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC. No fees. Easy deposits and quick withdrawals.
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Barclays
Savings (Rate as of 3/29/2024)
APY 4.35%
Rate 4.35%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC
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