Sallie Mae Bank: Savings Accounts & Rates

Savings rates updated: 10/1/2025

Mission statement: Banksparency aims to make Sallie Mae Bank's savings accounts transparent and comparable to those of other banks. Learn more about Banksparency.

Note: Interest rates below are reported as APY, or Annual Percentage Yield

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Savings Overview

High-Yield Savings Account: 3.90% APY(Rank 48 out of 83 tracked HYSAs)

Minimum Deposit: $0 | Online Only

Offered by the affiliated SmartyPig:

SmartyPig Account: 3.90% APY(Rank 49 out of 83 tracked HYSAs)

Minimum Deposit: $0 | Online Only

National Savings Interest Rate: 0.4% (as of 9/15/2025)

Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.

(Source: FDIC)

Bank Overview

Location: Newark, Delaware

Founded: 2005

Affiliation: Sallie Mae Bank is a subsidiary of SLM Corporation

Deposit Insurance: FDIC Cert # 58177

BBB Rating: A+ (BBB Accredited)

App Store Rating: 1.5/5

Google Play Rating: 1.6/5

Website: Visit Sallie Mae Bank

Our Take on Sallie Mae Bank

Highlights

Current APY is 3.90%, unchanged from 30 days ago.
No minimum deposit or balance requirements.
No maintenance fees associated with the account.
A+ BBB rating with accreditation indicates trustworthiness.

Considerations

App Store rating is low at 1.5.
Google Play rating is also low at 1.6.
Online-only account may not suit everyone.
Direct deposit is not required, but may limit options.

Summary: Sallie Mae Bank offers a High-Yield Savings Account with a competitive APY of 3.90%, which has remained stable over the past month. There are no minimum deposit or balance requirements, and no maintenance fees, making it accessible for savers. However, the bank's low app ratings (1.5 on App Store and 1.6 on Google Play) may raise concerns about user experience. Additionally, being an online-only bank may not appeal to all customers.

Savings Account: In-Depth View

Savings Account Offered by Sallie Mae Bank

Feature	High-Yield Savings Account
APY	3.90% (as of 10/1/2025)
APY Trend	Stable for the last quarter
Minimum Deposit	$0
Minimum Balance for APY	$0
FDIC-insured	Yes
Online Only	Yes
Bundled Account	No
Direct Deposit Required	No
Compound Frequency	Daily
Maintenance Fee	$0
Eligibility	United States
Sponsored Link
No deposit agreement summary available for this bank.

Calculate Savings for Sallie Mae Bank

All calculations are based on APY.

Savings Product:

High-Yield Savings Account (APY: 3.90%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $1,526.9 (9.83%)
Total contributions: $13,000 (83.73%)
Initial deposit: $1,000 (6.44%)

Your total balance

$15,526.90

Effective APY: 3.90% (based on your deposit and contributions)

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Sallie Mae Bank Savings Rates Over Time

Historical APY Insights

Metric	High-Yield Savings Account
Latest APY	3.90 %
Trend	Sideways
Slope (bps/mo)	-0.3
Rate Changes / Mo	0.12
Days Since Last Change	243
High (-8 m)	4.00 %
Low (-8 m)	3.90 %
Draw-down from High	-2.5 %
Volatility (CV)	0.005

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 8 months (regression slope).
Slope (bps/mo): Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo: Typical number of APY moves per month.
Days Since Last Change: Recency of the latest APY adjustment.
High (-8 m): Highest APY in the last 252 days.
Low (-8 m): Lowest APY in the last 252 days.
Draw-down from High: How far today sits below the 8-month peak.
Volatility (CV): Coefficient of variation = stdev ÷ mean.

Why Track Savings-Account APYs?

See how quickly a bank reacts to Fed moves or competition.
Gauge “twitchiness” - frequent moves can annoy savers.
Spot if you're buying near a peak (draw-down) or riding a rise.
Slope (bps/mo) shows speed of change.
Volatility (CV) scales jumps by average level.

Compare Sallie Mae Bank's Savings Account

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Feature	Sallie Mae Bank	Select a bank...
Product	High-Yield Savings Account	N/A
APY	3.90% (as of 10/1/2025)	N/A
Bundled Account	No	N/A
FDIC-insured	Yes	N/A
Online Only	Yes	N/A
Compound Frequency	Daily	N/A
Minimum Deposit	$0	N/A
Minimum Balance for APY	$0	N/A
Maintenance Fee	$0	N/A
Direct Deposit Required	No	N/A