Review
Updated
Fact Checked
Nathan Alderman
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.
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Ratings Methodology
Rates as
of Apr 26, 2024
Sallie Mae Money Market
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
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.
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Rating image, 5.00 out of 5 stars.
5.00/5
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.
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= Best
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= Excellent
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= Good
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= Fair
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Monthly Fee
$0
Min. Balance
$0
APY
4.75%
Min. To Earn APY
$0
- FDIC insured
- Competitive APY
- No minimum balance
- 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.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
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 |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
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 |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
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 |
4.35%
Min. to earn: $0
|
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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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 4.75% 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 The Motley Fool Ascent, 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: 60%
- Brand and Reputation: 15%
- Fees and Minimums: 15%
- Perks: 10%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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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.
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Yes, the Sallie Mae Money Market account is FDIC insured. Each depositor is insured for up to $250,000.
Our Banking Experts
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool 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 The Ascent'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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