Sallie Mae Bank savings and CD rates, reviewed
Sallie Mae Bank advertises 3.75% APY on its High-Yield Savings Account. That is 337 basis points above the national savings average of 0.38% (FDIC, Aug 2026).
Ranked #57 of 337 tracked savings rates. It was #56 three months ago. The bank has cut this rate 2 times in the last 12 months.
Estimate your earnings →·What Sallie Mae Bank actually pays →
Sallie Mae Bank at a glance
| Top savings APY | 3.75% · High-Yield Savings Account |
|---|---|
| Top CD APY | 4.35% · 36 months |
| Top money market APY | 3.50% |
| Minimum deposit | $0 |
| FDIC certificate | 58177 · Salt Lake City, UT |
| Website | www.salliemae.com |
| Branches | 1 branch in UT |
| Availability | Nationally available |
Sallie Mae Bank savings and CD rates
Rates are APY. The national savings average is 0.38% (FDIC, Aug 2026). The top tracked savings rate on Banksparency is 5.00%.
Sallie Mae Bank CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| 6 months | 3.20% | $2,500 | 6-Month Certificates of deposit CDs |
| 9 months | 3.20% | $2,500 | 9-Month Certificates of deposit CDs |
| 11 months | 4.05% | $2,500 | 11-Month Certificates of deposit CDs |
| 12 months | 4.15% | $2,500 | 12-Month Certificates of deposit CDs |
| 13 months | 4.10% | $2,500 | 13-Month Certificates of deposit CDs |
| 15 months | 4.20% | $2,500 | 15-Month Certificates of deposit CDs |
| 18 months | 4.25% | $2,500 | 18-Month Certificates of deposit CDs |
| 24 months | 4.25% | $2,500 | 24-Month Certificates of deposit CDs |
| 30 months | 4.25% | $2,500 | 30-Month Certificates of deposit CDs |
| 36 months | 4.35% | $2,500 | 36-Month Certificates of deposit CDs |
| 60 months | 4.35% | $2,500 | 60-Month Certificates of deposit CDs |
Interactive Tool
Calculate Savings for Sallie Mae Bank
All calculations are based on APY.
Savings Breakdown
- Interest Earned+$1,465.40(9.5%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,465.40
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What Sallie Mae Bank pays on deposits
ℹ️ Sallie Mae Bank deposits are held at SmartyPig; the figures below cover that legal entity's entire deposit base.
In Q1 2026, Sallie Mae Bank paid a higher average rate than 99% of U.S. banks (all-bank median 2.27%).
- Sallie Mae Bank, avg rate paid
- All-bank median
Average annualized rate paid on interest-bearing deposits, quarterly. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated.
So what is the catch?
| Product | Min to open | Min to earn | Monthly fee | Direct deposit | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|
| High-Yield Savings Account | $0 | $0 | $0 | Not required | Variable | |
| Money Market Account | $0 | $0 | not stated | not stated | Variable |
The 12-month trend shows the highest advertised rate observed each day and includes promotional tiers where one applied.
Opening and using the account
| Availability | Nationally available |
|---|---|
| Footprint | 1 branch in UT |
| App ratings | 1.5 iOS · 1.6 Android |
| Eligibility | not stated |
How Sallie Mae Bank behaves over time
Over the last 12 months the advertised High-Yield Savings Account rate ranged from 3.75% to 3.90%; it now sits 15 basis points below that high (observed through Aug 21, 2026). The series includes promotional tiers where one applied.
Banksparency observed 2 cuts to Sallie Mae Bank's advertised savings rate in the last 12 months, a period with 3 Federal Reserve cuts.
Recent rate changes, as observed
- Obs. Jul 31, 202612-Month Certificates of deposit CDs▲ 4.10% → 4.15%
- Obs. Jul 31, 202615-Month Certificates of deposit CDs▲ 4.15% → 4.20%
- Obs. Jul 31, 202618-Month Certificates of deposit CDs▲ 4.15% → 4.25%
- Obs. Jul 31, 202624-Month Certificates of deposit CDs▲ 4.20% → 4.25%
- Obs. Jul 31, 202630-Month Certificates of deposit CDs▲ 3.90% → 4.25%
- High-Yield Savings Account APY
- Effective federal funds rate
- Fed rate cut
Sallie Mae Bank CD rates over time
Who is Sallie Mae Bank?
| Headquarters | Salt Lake City, UT |
|---|---|
| Scale | $29.5B assets · $20.8B deposits (Q1 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 58177 |
| Affiliation | Sallie Mae Bank is a subsidiary of SLM Corporation |
| Affiliated institution | SmartyPig |
Financial detail is in What Sallie Mae Bank pays on deposits above.
Common questions about Sallie Mae Bank
Is Sallie Mae Bank FDIC insured?
Yes. Sallie Mae Bank is FDIC insured under certificate 58177, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at Sallie Mae Bank?
Sallie Mae Bank requires no minimum deposit to open its High-Yield Savings Account, as observed on Aug 21, 2026. Check the bank's current terms before you open an account.
Does Sallie Mae Bank have branches?
Yes. Sallie Mae Bank operates 1 branch according to FDIC branch records, in addition to its website and mobile apps.
Sallie Mae Bank against its closest alternatives
| Bank | Savings APY | Rate paid (Q1 2026) | Min deposit | Branches |
|---|---|---|---|---|
| Sallie Mae Bank | 3.75% | 3.86% | $0 | 1 branch in UT |
| Bask Bank | 3.75% | 3.05% | $0 | not stated |
| BrioDirect | 3.75% | 2.15% | $5,000 | not stated |
| Chime | 3.75% | not stated | $0 | not stated |
Alternatives are the three tracked banks whose best savings APY is closest to Sallie Mae Bank's.
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