Sallie Mae Bank

Last Updated: 6/20/2025

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

Quick Views

High-Yield Savings Account: 3.90% APY(Rank 55 out of 74 tracked HYSAs)

Minimum Deposit: $0 | Online Only

National Savings Interest Rate: 0.42% (as of 5/19/2025)

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

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

  • High-Yield Savings Account offers 3.90% APY with no minimum deposit.
  • No maintenance fees for the High-Yield Savings Account.
  • BBB rating of A+ indicates strong trustworthiness.
  • Online-only banking allows for easy access.

Considerations

  • App Store rating is low at 1.5.
  • Google Play rating is also low at 1.6.
  • No branches available for in-person service.
  • Direct deposit is not required, but may limit some users.
Summary: Sallie Mae Bank offers a competitive 3.90% APY on its High-Yield Savings Account with no minimum deposit or maintenance fees. However, it lacks physical branches and has low ratings on both the App Store and Google Play, which may concern potential customers. The bank holds an A+ BBB rating, indicating reliability, but the absence of direct deposit requirements may deter some users from opening an account.

Savings Account

Savings Account Offered by Sallie Mae Bank

FeatureHigh-Yield Savings Account
APY
3.90% (as of 6/20/2025)
APY TrendStable for the last month
Minimum Deposit$0
Minimum Balance for APY$0
FDIC-insured
Yes
Online OnlyYes
Bundled Account
No
Direct Deposit Required
No
Compound Frequency
Daily
Maintenance Fee$0
EligibilityUnited States

No deposit agreement summary available for this bank.

Calculate Savings for Sallie Mae Bank

All calculations are based on APY.

High-Yield Savings Account (APY: 3.90%)

Deposit Frequency:

Total savings breakdown:

  • Interest earned: $4 (3.85%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $100 (96.15%)

Your total balance

$104.00

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

MetricHigh-Yield Savings Account
Latest APY3.90 %
TrendSideways
Slope (bps/mo)-0.7
Rate Changes / Mo0.20
Days Since Last Change142
High (-5 m)4.00 %
Low (-5 m)3.90 %
Draw-down from High-2.5 %
Volatility (CV)0.006
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 5 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 (-5 m)
Highest APY in the last 151 days.
Low (-5 m)
Lowest APY in the last 151 days.
Draw-down from High
How far today sits below the 5-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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FeatureSallie Mae BankSelect a bank...
ProductHigh-Yield Savings AccountN/A
APY
3.90% (as of 6/20/2025)N/A
Bundled Account
NoN/A
FDIC-insured
YesN/A
Online OnlyYesN/A
Compound Frequency
DailyN/A
Minimum Deposit$0N/A
Minimum Balance for APY$0N/A
Maintenance Fee$0N/A
Direct Deposit Required
NoN/A