Sallie Mae Bank analysis: Pays high rates on savings and money market accounts with no monthly service fees

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Overall monetary establishment rating

Pros and cons

Sallie Mae SmartyPig Account

The Sallie Mae SmartyPig Account pays high rates on your savings stability. The price of curiosity will enhance as your stability will enhance, nevertheless even the underside payment is aggressive. You can establish separate savings goals, paying homage to “Emergency Savings” or “Travel Fund,” and set deadlines for each goal.

Depositing and receiving your money is normally a draw back with Sallie Mae, though. You’d want to change money to an exterior checking account, which can take a couple of enterprise days.

Sallie Mae Certificate of Deposit

You’ll need at least Sallie Mae Certificate of Deposit to open a CD with Sallie Mae. If you do not need that so much money, you’ll uncover a monetary establishment that requires a lot much less.

Sallie Mae pays elevated rates than you’d earn at a brick-and-mortar bank. The monetary establishment pays aggressive rates on phrases beneath one 12 months, nevertheless as a result of the phrases get longer, rates develop to be a lot much less aggressive.

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Sallie Mae Money Market Account

Sallie Mae pays a aggressive payment on its money market account, and in distinction to most banks, it might not require a minimal opening deposit.

The essential draw of a money market account over a savings account is that the earlier makes it less complicated to entry your savings. Sallie Mae does this by sending you paper checks, nevertheless it might not ship you a debit card as some banks do. You might uncover this inconvenient for individuals who primarily make funds with a debit card.

How Sallie Mae Bank works

Sallie Mae is an online bank that gives savings accounts, a money market account, and CDs. Sallie Mae wouldn’t have a checking account, which can make it powerful to entry your savings quickly.

The Sallie Mae cell app has acquired 4.6 out of 5 stars throughout the Apple retailer and 3.9 out of 5 stars throughout the Google Play retailer.

You can converse with a dwell purchaser service guide Monday by means of Friday, from 8 a.m. to eight p.m. ET. Sallie Mae wouldn’t provide purchaser assist on weekends, and there’s no dwell on-line chat attribute.

Your deposits are FDIC insured for as a lot as $250,000, or $500,000 for a joint account.

Is Sallie Mae dependable?

The Better Business Bureau affords Sallie Mae an A+ rating. A robust BBB ranking signifies a company responds efficiently to purchaser complaints, is evident about enterprise practices, and is reliable in selling.

Sallie Mae wouldn’t have any present public scandals, so that you would possibly resolve you’re cozy defending your money with this monetary establishment.

 Sallie Mae vs. Ally

If you’re planning on opening a checking account alongside with a saving account, Ally shall be your strongest risk. Ally is the one one out of the two that gives a checking account. 

You might favor Sallie Mae for individuals who prioritize high CD rates, though. Sallie Mae offers elevated curiosity rates on CDs than Ally. However, you want at least $2,500 to get a Sallie Mae CD.

 Sallie Mae vs. Marcus

If you’d favor to open a money market account, Sallie Mae shall be your default different because of Marcus wouldn’t have one. 

For CDs, Sallie Mae pays elevated curiosity rates nevertheless Marcus has lower minimal opening deposits.