Sallie Mae High Yield Savings Account Review
The Select editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.
Editor’s Note: The APYs listed in this article are current at the time of publication. They can fluctuate (up or down) based on changes in the Fed’s rate. CNBC will update as changes are made public.
Consumers who are constantly on the go may prefer online-only banking, as they tend to have the latest and greatest features for mobile banking. But older, more established large financial institutions are catching up with consumer trends as demand for in-app banking features increases.
When examining the deposit accounts of large banks and / or credit unions CNBC Select has found that one of the best mobile access accounts is actually offered by famous student loan manager, Sallie Mae.
Sallie Mae may have started as a student loan company, but it has since grown to offer a variety of banking products, including high yield savings products, certificates of deposit, and a money market account. .
More precisely, the Sallie Mae High Yield Savings Account stands out for those looking to save with a major bank while still having easy mobile access to their money. It offers features like mobile SMS banking, mobile SMS alerts, and e-filing to deposit checks from your phone (which not all accounts have).
Combined, these features allow Sallie Mae High Yield Savings to rank as the best for on-the-go access in the physical category of our Best High Yield Savings Accounts by the Big Banks list.
Before, we review the Sallie Mae High Yield Savings Account and give you all the details of its features.
Information about the Sallie Mae High Yield Savings Account was independently collected by CNBC and was not reviewed or provided by the bank prior to publication. Sallie Mae is a member of the FDIC.
Annual percentage return (APY)
The minimum balance
Maximum number of transactions
Up to 6 free withdrawals or transfers per statement cycle * The withdrawal limit of 6 cycles of instructions is removed during the coronavirus outbreak under Regulation D
Excessive transaction fees
Any transfer over the limit will be charged an excessive transaction fee of $ 10 per transfer. Repeatedly exceeding this limit may result in the account being closed.
Offer a checking account?
Offer an ATM card?
The current APY is 0.50%. Users of Sallie Mae High Yield Savings Account can start earning interest immediately, with no minimum balance required on their account.
Sallie Mae earns interest on your savings daily and pays it into your account monthly. This means that you earn interest on interest every day and that income is credited to your account every month.
Sallie Mae High Yield Savings Account users can link their external bank account to their Sallie Mae account to transfer funds electronically or set up direct deposit. They can also use Sallie Mae e-filing, which allows users to make check deposits remotely through their iPhone.® or AndroidMT devices.
By law, account holders with Sallie Mae can withdraw or transfer money up to six times per calendar month without penalty (limit lifted during the coronavirus outbreak under Regulation D). There is no limit to the number of transfers you can make from your high yield savings to repay Sallie Mae loans, and there is no limit to the number of deposits clients can make. .
Not all major banks have a user-friendly mobile component. Sallie Mae, however, does this in several ways.
First of all, the bank offers electronic deposit so that you can deposit a check remotely with just a photo. Other established financial institutions do not offer this with their high yield savings account, as with the American Express® High Yield Savings Account. *
Second, Sallie Mae High Yield Savings Account users can use SMS banking to request certain account information whenever they need it. Not all banks offer this, and it’s a free service (although your wireless carrier may charge normal charges for using text or data). This feature allows customers to retrieve information about their bank accounts from their mobile devices by simple text message. They can request their account balances, their last five transactions, or make transfers between two accounts.
Third, account holders also have access to mobile SMS alerts, which are automatic notifications that they will receive about their account. Customers can choose which mobile text alerts they want to activate, such as reminder alerts, balance alerts, and transaction alerts.
In addition to having no minimum balance requirement, the Sallie Mae High Yield Savings Account offers no monthly maintenance fees.
Any transfer over the six-per-month limit (which is currently canceled during the pandemic) will be subject to an excessive transaction fee of $ 10 per transfer.
To determine which high yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of US savings accounts offered by online and traditional banks, including major credit unions. We’ve refined our ranking by only considering savings accounts that offer around 1% APY, no monthly maintenance fees, and low (or no) minimum balance requirements.
While the accounts we’ve chosen in this article consistently rank among the highest APY rates, we’ve also compared each savings account on a range of features, including account usability and accessibility. , as well as factors such as insurance policies and customer reviews. when available. We also took into account the users’ deposit options and the compound frequency of each account.
All accounts included on this list are insured by the FDIC up to $ 250,000. Note that the rates and fee structures for high yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate with the Fed rate. Your income depends on the associated fees and the balance in your high yield savings account. To open an account, most banks and institutions require a deposit of new money, which means that you cannot transfer money that you already had in an account at that bank.
*American Express National Bank is a member of the FDIC.
Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.