Sallie Mae Bank was established in 2005 as a way to provide deposit account services to customers. The bank is connected to the nation’s No. 1 financial services company, Sallie Mae, which serves 23 million customers through educational loans and college savings plans.
Company Headquarters:
Sallie Mae Bank
5217 S State St Suite 210
Murray, UT 84107
Website: www.salliemae.com/content/salliemaebank
Customer service: 1-877-346-2746
Types of Accounts Available
Currently, Sallie Mae Bank offers high-yield savings, money market and CD options:
Savings Accounts
Sallie Mae Bank offers the Online High-Yield Savings Account, which comes with the following features and requirements.
- No minimum balance
- No monthly fees
- Competitive interest rate
- No hard credit inquiry
- No limit on ACH transfer size
- 6 withdrawals permitted per month
- Interest rate higher than competitors (as noted on the bank’s website)
Customers are able to make deposits via Direct Deposit, electronic transfer or checked sent via mail. Interest compounds daily and credited monthly.
Money Market Account
The Money Market Account is very similar to the savings account:
- No minimum balance
- No monthly fees
- No hard credit inquiry
- No limit on ACH transfer size
- 6 withdrawals permitted per month
- Higher interest rate than savings account
The main difference is between the Savings and Money Market Account is that the latter allows customers to write checks.
CD
Sallie Mae offers a CD with the following requirements and features include:
- No monthly maintenance fees
- No minimum balance requirements
- Guaranteed return
- FDIC insured
- Interest disbursements monthly, quarterly, yearly or at maturity
- Penalties for early withdrawal
- Automatic renewal
Sallie Mae’s CD terms are as follows:
- 12 month
- 36 month
- 60 month
This bank does not advertise jumbo CDs.
How to Open Account
Sallie Mae Bank accounts can be opened via the website by clicking “Open an Account Today.” You will then need the following to get started:
- Social Security number
- Current address
- E-mail address
- Routing and account if the account will be funded from another bank
If you can’t fund the chosen account through an electronic transfer, the bank allows you to send a check.
FDIC Insurance and Coverage
Sallie Mae Bank is FDIC insured up to the maximum amount allowed, which means all deposit accounts (savings, money market, CDs) are protected by the government. Currently, the law requires banks to insure money for up to $250,000 per depositor.
Customer Service
In addition to calling Sallie Mae Bank’s customer service number, customers can mail inquiries to the bank’s customer service address:
Sallie Mae
P.O. Box 30531
Tampa, FL 33630-3531
Also, customers can visit the bank’s Contact Us page then take select from a drop down menu a number of options that may be addressed online.
Security
Sallie Mae provides details on ways to avoid phishing scams through password protection, avoiding suspicious emails and asking that customers make sure the page is secure (https) before entering personal information.
It’s good to note that the Sallie Mae accounts can link to the Upromise program, which allows customers to make extra cash back on purchase on top of what is received through the bank’s credit or debit cards. Also, Sallie Mae offers educational loans and other investment opportunities.
