Offer value details
Sallie Mae lists its High-Yield Savings Account with a 3.75% APY, daily compounding, monthly interest crediting, no minimum balance, no monthly fees, free transfers, FDIC-insured positioning, and online account management.
Qualification requirements
The official terms say there is no minimum deposit required to open a High-Yield Savings Account, while dormant accounts with a balance of $100 or less and no activity for the past 12 months may be closed.
Fees and costs
The product page lists no monthly maintenance fees. The terms still list possible service costs, including a $20 outgoing domestic wire fee and a $15 expedited-delivery charge, and the APY footnote says fees could reduce earnings.
Availability
The APY footnote says the advertised APY applies to personal accounts only. Deposit products are offered through Sallie Mae Bank, Member FDIC, and account opening is handled through Sallie Mae's online application flow.
What to verify
- The advertised APY is variable and may change after account opening.
- The official rate table rechecked on 2026-07-13 listed the APY as accurate as of 2026-07-09, so confirm the current variable APY before opening.
- The product FAQ says users can make up to six free withdrawals or transfers each month.
- Outgoing domestic wires and expedited delivery can create fees even though the monthly maintenance fee is listed as $0.
- Dormant accounts with a balance of $100 or less and no activity for 12 months may be closed.
Confirm current provider terms
Rates, rewards, fees, qualification rules, eligibility, and deadlines can change. Review the provider terms before applying.