Sallie Mae Bank
Analysis
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Edited by General
Sallie Mae Bank, a division of the student lender, has historically offered competitive online savings and CD rates, although it has been less compeititve in recent years.
Advantages
- Sallie's online savings and money market accounts offer competitive rates (although they alternate between offering higher rates between the two) and no minimum balance requirements.
- Sallie's online CDs are ordinarily competitive, and it offers some unique terms. Early withdrawal penalties are reasonable.
Disadvantages
- Sallie doesn't offer an online checking account.
- The bank's mobile app is poor. Customer service is generally viewed as below par.
- Sallie acquired SmartPig, which is effectively a budget tool, and will constantly pitch this to customers but it really offers little of value.
Savings Fees
| Fee Type | |
|---|---|
| Non Sufficient Funds | $0.00 |
| Maintenance | $0.00 |
| Out-of-network ATM | $0.00 |
| Excessive Transaction | $0.00 |
| Incoming Wires | $0.00 |
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