Is Sallie Mae Bank Legit? Safety, Rates and What to Know
Sallie Mae Bank is an FDIC insured bank in Salt Lake City, Utah, run by the student loan company. Here is how deposits are insured, what its savings and CDs pay, and what to watch for.
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Yes. Sallie Mae Bank is an FDIC insured bank based in Salt Lake City, Utah (FDIC certificate 58177) with about $28.5 billion in assets. It is the bank behind Sallie Mae, best known for student loans. Deposits are insured up to $250,000 per depositor, per ownership category. Its High Yield Savings account pays 4.00% APY with no minimum, and its 5 year CD pays 5.00% APY with a $2,500 minimum (rates as of Oct 23, 2026).
Most people know Sallie Mae from student loans, so it can be a surprise to see it near the top of savings and CD rate tables. The bank side is real, federally insured and has been open for two decades. Here is what to know before you send money.
What is Sallie Mae Bank?
Sallie Mae Bank holds the deposits for Sallie Mae’s savings accounts, money market accounts and CDs; Sallie Mae’s rate table says its deposit products are offered through Sallie Mae Bank, Member FDIC. FDIC records show the bank was established on Nov 28, 2005 and is supervised by the FDIC.
| Fact | Sallie Mae Bank |
|---|---|
| FDIC certificate | 58177 (active) |
| Headquarters | Salt Lake City, Utah |
| Established | November 28, 2005 |
| Total assets | About $28.5 billion (Jun 30, 2026) |
| Deposits | About $20.3 billion (Jun 30, 2026) |
| Primary federal regulator | FDIC |
From the FDIC BankFind database, checked Oct 23, 2026.
Is my money FDIC insured at Sallie Mae?
Yes, up to $250,000 per depositor, per ownership category. Savings, money market accounts and CDs at Sallie Mae Bank all count toward the same limit in each ownership category. If you hold more, see how to insure more than $250,000. For what happens in the rare case a bank closes, see what happens if your bank fails.
What does Sallie Mae pay?
| Account | APY | Minimum to open |
|---|---|---|
| High Yield Savings | 4.00% | $0 |
| Money Market | 3.60% | $0 |
| SmartyPig goal savings | 3.40% | $0 |
| 12 to 30 month CDs | 4.50% | $2,500 |
| 36 month CD | 4.60% | $2,500 |
| 60 month CD | 5.00% | $2,500 |
From Sallie Mae’s rate table; APYs accurate as of Oct 23, 2026. Savings and money market rates are variable. See every CD term in our Sallie Mae CD review.
The 5 year CD went from 4.75% to 5.00% APY this week, which ties it with Popular Direct for the highest 5 year rate we track, with a far lower minimum ($2,500 versus $10,000). On $10,000, 5.00% for 5 years earns about $2,763. The FDIC national average 5 year CD pays 1.41% (as of Oct 19, 2026).
What to watch for
- The $2,500 CD minimum. You need $2,500 to open a CD and to earn the stated APY. If you have less, see CDs with no minimum deposit.
- Early withdrawal penalty. Sallie Mae says a penalty may be charged for early withdrawal, but its rate table does not list the amount, so ask before you open a long term CD.
- Short CDs pay much less. 6 and 9 month CDs pay 3.20%, below its own 4.00% savings rate.
- Savings rates are variable. The 4.00% can change after you open the account.
How to check you are dealing with the real Sallie Mae Bank
- Type salliemae.com into your browser rather than following links in texts or emails.
- Search FDIC BankFind for certificate 58177 and confirm the name Sallie Mae Bank.
- Never share a password or one time code with someone who contacts you first.
How it compares
Sallie Mae’s 4.00% savings rate is solid but below the best savings account we track with no monthly rules, Pibank Savings at 4.40% APY. Its CDs are the stronger draw: the 5 year rate is tied for the top spot we track, and 4.50% across 12 to 30 months is close to the best mid length rates. Compare the best 5 year CD rates or every term on our best CD rates page.
CD rates change often for new deposits. Once you open a CD, your rate is fixed for the term.
Frequently asked questions
Is Sallie Mae Bank a real bank?
Yes. Sallie Mae Bank is an FDIC insured bank in Salt Lake City, Utah (FDIC certificate 58177), established in 2005. It holds the deposits for Sallie Mae’s savings accounts and CDs.
Is Sallie Mae savings FDIC insured?
Yes, through Sallie Mae Bank, up to $250,000 per depositor, per ownership category.
What does Sallie Mae High Yield Savings pay?
4.00% APY with no minimum to open and no monthly fees, as of Oct 23, 2026. The rate is variable.
What is the Sallie Mae 5 year CD rate?
5.00% APY with a $2,500 minimum, as of Oct 23, 2026, up from 4.75% earlier in the week.
Do I need a student loan to bank with Sallie Mae?
No. Sallie Mae’s savings accounts and CDs are separate from its student loans, and you do not need a loan to open one.
Compare today’s top savings rates
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