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Sallie Mae Money Market Account Review: High Interest Rates, No Monthly Fees

Review Updated
Steven Porrello
Steven Porrello
| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

A Sallie Mae Money Market account is the perfect combination of high APY and easy access to your money. These accounts are perfectly suited for those who want to earn more interest than your run-of-the-mill savings account but don't want to lock money in a certificate of deposit. Below we'll take a closer look at Sallie Mae Money Market accounts and see if it's the best place to park your savings.

Ratings Methodology
Rates as of Jun 04, 2025

Sallie Mae Money Market

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Monthly Fee
$0
Min. Balance
$0
APY
4.00%
Min. To Earn APY
$0
  • Competitive APY
  • No minimum balance
  • Check-writing capabilities
  • FDIC insured
  • No debit card

Sallie Mae Bank's money market account can grow your money at a competitive rate with no minimum deposits or fees. You can access savings through checks and electronically deposit funds into your account.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.60%
Rate info Circle with letter I in it. 3.60% annual percentage yield as of June 4, 2025. Terms apply.
Min. to earn: $0
N/A
up to 3.80%
Rate info Circle with letter I in it. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.00%
Rate info Circle with letter I in it. Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
N/A
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Full Sallie Mae Money Market account review

Money market accounts offer great interest rates, check-writing abilities, and low or no fees. With that in mind, here are some of the top strengths and weaknesses of the Sallie Mae Money Market account.

Top perks

High APY: The 4.00% annual percentage yield (APY) on the Sallie Mae Money Market account is competitively high.

No account minimums, no fees: Unlike some money market accounts, you don't need a minimum initial deposit, nor pay monthly maintenance fees. That makes it ideal for those who don't have enormous savings.

Flexible access to money: Like other money market accounts, you can access funds by writing checks.

Free checks: Your first book of checks is free and will come to you after you open your account. After that, you'll pay $5 per book (plus $10 if you want expedited delivery).

FDIC insurance: Your account balance is FDIC insured up to $250,000 per depositor.

Electronic deposit capability: You can electronically deposit checks into your account. Sallie Mae Bank will let you electronically deposit five times for a total of $5,000 per week and 10 deposits at a maximum of $20,000 per month.

What could be improved

No debit ATM cards: Unlike some money market accounts, Sallie Mae's version doesn't come with a debit or ATM card. Only checks.

Limited in-person banking support. If you like to do your banking in person, Sallie Mae may not be the best choice for you. Right now, Salle Mae has a grand total of one branch in Salt Lake City and does most of its communication over the phone or online.

No cash deposits. Sallie Mae doesn't accept cash, only electronic transfers or check deposits.

How to access your money

As a mostly online bank, Sallie Mae doesn't have as many withdrawal or deposit choices as other brick-and-mortar financial institutions. Even so, it offers numerous ways to deposit and withdraw funds.

Deposit options

Your deposits will be limited to the following:

  • Mobile check deposit
  • Electronic transfer
  • Mail a check
  • Wire transfers

As stated above, Sallie Mae doesn't accept cash deposits. If you want to deposit cash, you'll have to deposit it into an external bank account, then transfer it into your money market account later.

Withdrawal options

Like other money market accounts, Sallie Mae's version gives you flexible options to withdraw, such as the following:

  • Checks
  • Electronic transfer
  • Wire transfer ($20 fee applied)
  • Telephone transfers

Sallie Mae Money Market account is right for you if:

The Sallie Mae Money Market account is perfect for those who want a competitively high APY with some access to your savings. It's also ideal if you prefer electronic withdrawals and deposits and don't care to access savings with a debit card or at an ATM. The fact that you don't pay monthly maintenance fees (or need to maintain a balance) also makes this account perfect for savers who don't have a large balance but want to earn the most interest possible.

Keep reading about Sallie Mae

Our money market account methodology

At Motley Fool Money, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

  • APY: 40%
  • Brand and Reputation: 20%
  • Fees and Minimums: 10%
  • Perks: 30%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • Yes, the interest rate for the Sallie Mae Money Market account is very competitive. Keep in mind rates can fluctuate depending on economic factors and market conditions. Check Sallie Mae's product page for current details.

  • Yes, the Sallie Mae Money Market account is FDIC insured. Each depositor is insured for up to $250,000.