Sallie Mae Bank Review | NextAdvisor with TIME

Full Sallie Mae Bank Review

You May Know Sallie Mae Best scholarship and products that are refinancing banks also offer several different accounts to increase your savings, such as high-yield savings accounts, money market accounts, and certificates of deposit (CDs). Each of Sallie Mae’s savings accounts is insured by his FDIC and can be accessed through online or banking that is mobile.

savings account

Sallie Mae’s high yield bank account doesn’t have balance that is minimum or monthly fees, competitive interest rates This is comparable to other top online banks today.

You can send money and withdraw by wire transfer, direct deposit, mobile check deposit, or check that is postal.

Outgoing wire ($20 each), returned check, and express check delivery fees can be charged. Also, even though there are not any balance that is minimum, banks may close dormant accounts if the balance is less than $100 for more than 12 months.

In addition to high-yield savings, Sallie Mae’s SmartyPig online account (no balance that is minimum monthly fees) was created to make it easier to work toward specific financial goals. This really is a interest that is tiered where the more you save, the more you save. However, these rates are variable and the tiers may differ. For example, currently all balance tiers earn the amount that is same of.

money market account

Sallie Mae’s money market account is comparable to a savings that are high-yield, but with a slightly higher interest rate and access to checks that can be used to withdraw from the account.

The Check feature that is writing which includes potential fees that you need to know about. $5 for checks ordered following the account is opened, $15 to end payment, and $19 in the event that check should not be processed because of insufficient funds.

Otherwise, the money that is same and withdrawal options apply, as well as no monthly fees or minimum account balance requirements.

certificate of deposit

Sallie Mae offers several high-yielding Certificates of Deposits (CDs) with terms ranging from 6 months to 60 months. A deposit that is minimum of2,500 is needed to open the CD, but there aren’t any fees. She will be able to fund the CD by wire or check transfer.

After your CD reaches maturity, it will be renewed at the end of the term it elsewhere during the 10-day grace period unless you choose to close your account or move. You will have to pay a penalty based on the length of the term if you want to withdraw your money before the CD expires. The Early Withdrawal Penalty is equivalent to 90 days interest on withdrawals for CDs with a term of 12 months or less and 180 days of simple interest on withdrawals with a term greater than 1 year.

Other Products

Sallie Mae offers credit student and card loan products along with savings accounts.

student loanstudent loan refinancingSallie Mae is a student that is private servicer that handles undergraduate, graduate, and professional training or trade certificate course loans.There is also the option of

Loans are capped at 100% of school-approved attendance fees. Sallie Mae has no fees on student loans and four months of Chegg Study for free.

credit cardno annual fee credit cardSally Mae Trio

all cash that is earn on daily purchases and that can be redeemed for rewards on college loans.

customer experience

Depending on the goals, you can find communication and customer support challenges which can be a downside to banking with Sallie Mae.

Sallie Mae is an online-only bank, you experience the option of banking via an on-line account or app that is mobile. You don’t have access to an ATM or branch, and you don’t have a way to deposit cash directly, but you can cash checks Remote that is using Deposit send and receive checks by mail.

Unfortunately, Sallie Mae’s mobile banking app has gotten mixed reviews, including an star that is average of 1.8 out of 5 stars on Google Play and an average star rating of 1.5 stars out of 5 on the App Store. In various reviews of the app, customers complain about the lack of customer support and problems that are constant attempting to sign in their accounts.

Sallie Mae has a number of different options for contacting representatives, including phone lines, mailing addresses, or online chat available during regular business hours Monday through Friday. The web chat feature could be a advantage that is huge to some other online banks.It can be used to get answers to basic banking questions during normal business hours. However, the chat feature requires you to answer a series of questions before chatting with a customer that is live his agent.

accessibility

According to its website, Sallie Mae strives to cultivate and update website content that complies aided by the standard that is international Content Accessibility Guidelines 2.0 Level AA. You can also contact us through our dedicated email address if you have any relevant questions or need assistance.

We Have reached out to Bank for more information on accessibility features, but received no response by the right time of publication. This work will be updated when more information becomes that is available

Is Surrey Mae Bank Right you easy savings options for you?

Sallie Mae Bank offers several different banking products that can offer. Both savings that are high-yield money market accounts will help streamline your savings, but CDs have a $2,500 minimum deposit and may also have a somewhat higher barrier to entry.