FAQ

Frequently Asked Questions (FAQs) About Retail Deposits

Upromise^®-Related FAQs

General FAQs

Where can I find the legal information about my account?

Just click on the links below:

Are Sallie Mae Bank^® accounts FDIC insured?

Yes, our High-Yield Savings Account (HYSA) and Certificates of Deposit (CDs) are FDIC insured up to the maximum amount allowed. To learn more about FDIC insurance limits, please visit www.fdic.gov.

Also, please note that our HYSAs and CDs are offered through Sallie Mae Bank^®, Member FDIC.

How do you calculate interest on my account and when is it credited to my account?

Interest is calculated the same way for both the High-Yield Savings Account (HYSA) and Certificates of Deposit (CDs). It is compounded daily and credited to your account monthly. Interest credits will appear on the first business day of the month following the month they are earned. (For example, interest earned in April is credited on the first day of May.)

When and how will I receive my statements?

For High-Yield Savings Accounts (HYSAs), the primary account holder will receive a statement for each month there is a deposit or withdrawal on the account (interest disbursements do not trigger statements). Otherwise, statements will be issued quarterly. All statements will be available online at https://banking.salliemae.com. You will be a sent an email notifying you when your statement is available for viewing.

For Certificates of Deposit (CDs), the primary account holder will receive a statement quarterly. If you receive a monthly statement for your HYSA(s), we will also include the current information for your CD account(s). All statements will be available online at https://banking.salliemae.com. You will be a sent an email notifying you when your statement is available for viewing.

How do I contact Customer Care about my High-Yield Savings Account (HYSA) or Certificate of Deposit (CD)?

If you need personal assistance, you can call our Customer Care Center toll free at 877-346-2756, Monday–Friday, 8 AM–8 PM Eastern Time.

Our mailing address is:

Sallie Mae
P. O. Box 30531
Tampa, FL 33630-3531

Are there fees for Sallie Mae Bank accounts?

There are no monthly access fees for these accounts, however there are fees for the additional services listed below.

Excessive Transactions Fee: Federal regulation for savings accounts mandates a maximum of 6 withdrawals per statement cycle. There is a $10 charge per withdrawal transaction for withdrawals beyond the allotted six per statement cycle.
However, you can make an unlimited amount of deposits into your account in any given statement cycle.
Returned Deposit Fee: There is a $5 fee for all deposits that are returned. This includes all deposits, electronic transfers and checks, returned due to insufficient funds or funds that are not collectable.
Statement Copy Fee: There is a $5 charge for us to mail you a copy of your statement.

Hint to help you save money: You can always log on to https://banking.salliemae.com and print yourself a copy of your statement — as many as you’d like — for free.

These fees help us to manage our expenses so that we can continue to deliver great rates to our customers.

Will I receive a tax form?

Yes. All High-Yield Savings Account customers and Certificate of Deposit customers will receive a 1099-INT. Your 1099-INT will be available online in late January. We will also mail you a hard copy of your 1099-INT to ensure you receive this information.

What are “Micro-Deposits” and “Linked” accounts?

Your linked account is your non-Sallie Mae Bank (external) checking account that you “link” to your High-Yield Savings Account (HYSA) and/or Certificates of Deposit (CDs) to transfer money in and out of those accounts. This link enables you to transfer funds electronically, saving you time and money by eliminating trips to your brick-and-mortar bank (external bank).

When you open an account, we will make two Micro-Deposits (small deposits) into your external checking account. We then ask you to log in to your Sallie Mae Bank account and verify these two small deposits (they will be less than $1). This process is in place as a security measure.

It is important to remember that we will not transfer any funds from your linked checking account to your HYSA or CD until you have verified your Micro-Deposits.

Also, each time you add a new linked account, we will send Micro-Deposits that you will need to verify.

What is Sallie Mae Bank's routing/ABA number?

Our routing/ABA Number is 124385119.

How do I make deposits and withdrawals?

There are three ways you can deposit funds into your account:

Set up direct deposits. (See Direct Deposit FAQ.)
Transfer funds electronically via ACH transaction. To transfer funds electronically, all you need to do is log in to your account, click on the “Transfer Funds” tab, enter the amount you’d like to transfer, select which account the funds will come from, select the account where you’d like the funds to go, and select when you’d like the transfer to take place. It's so easy these steps should take you less than a minute to complete.
Please remember: It can take 2-3 business days for the funds to be accepted by the receiving bank.
Deposit a check. You can mail us your check to the address below. (Please remember we do not accept third-party checks.)

Sallie Mae^®
P.O. Box 4534
Carol Stream, IL 60197-4534

We make it very easy to withdraw your money. All you need to do is log in to your account, click the transfer funds tab, and from there transfer the desired amount from your High-Yield Savings Account (HYSA) to your linked checking account. Remember, you are only allowed to withdraw funds from your HYSA six (6) times in any given month.

Questions? Please call our Customer Care Center toll free at 877-346-2756, Monday–Friday, 8 AM–8 PM Eastern Time, to find out what types of checks we accept.

Can I download past transactions?

Yes. You can log in to your account and click on the “Download Transactions” link under the “My Accounts” tab. From there you can choose the format in which you would like to download your transactions. Transactions can be downloaded to Microsoft Money^® or Excel.

High-Yield Savings Account by Sallie Mae^® (HYSA) FAQs

When do deposits start accruing interest and how long are they on hold?

Interest accrual: Deposits start to accrue interest as soon as they post to the account. For electronic deposits, this is approximately 2-3 business days after the transaction was initiated. For check deposits, this will happen as soon as we receive the check and process it.

Hold on deposits: For your initial deposit — whether made by check or electronically — funds will be held for 10 business days, unless a longer hold is required per the verification process. For all subsequent deposits made by check or electronically, in the amount of $5,000 or less, funds will be held for 5 business days from the effective date for those funds, which is the day your account is credited for that deposit. For all subsequent deposits, made by check or electronically, in excess of $5,000, funds will be held for 10 business days from the effective date of the deposit.

The effective date of the deposit is the day that your account is credited for that deposit. To the extent permitted by law, Sallie Mae Bank reserves the right to extend these timeframes for certain reasons, including suspicion of fraud. In addition, funds in an account that is being closed may be subject to a brief temporary hold in order to allow outstanding transactions to clear and for any necessary processing procedures to be performed.

How long does it take for a withdrawal from my High-Yield Savings Account (HYSA) to arrive in my linked account?

Approximately 2-3 business days

Can I set up Direct Deposit?

You sure can, and it’s a great way to save! Since Direct Deposits come from different sources, we do not have a standard form to set this up. Please reach out to the institution from which you would like your funds to be direct deposited and ask them for their procedure. They will probably need the following information to set it up:

Your High-Yield Savings Account number
Our Routing or ABA number: 124385119

Certificate of Deposit by Sallie Mae^® (CD) FAQs

What happens to my account when my Certificate of Deposit (CD) matures?

Your CD will automatically renew at maturity. Upon maturity, you will have a ten calendar day grace period during which you can withdraw funds from your account without penalty. This grace period begins on the date of maturity.

You may choose to withdraw the funds in your CD at maturity or within the grace period. Notice may be given to us by telephone toll free at 877-346-2756 8 AM–8 PM Eastern Time.

If you choose not to renew your CD, interest will accrue until the day within the grace period that you withdraw your funds or that we receive notice. Each renewal term will be the same as the original term, beginning on the maturity date. We will set the interest rate on your renewing CD at our discretion. To determine your rate on renewal, please check our rate schedule available online at https://banking.salliemae.com.

Will Sallie Mae remind me of the maturity date on my Certificate of Deposit (CD)?

Yes, you will receive an email notice from us approximately 30 days before your CD matures.

Can I receive interest disbursements from my Certificate of Deposit (CD)?

Yes, you can receive interest disbursements monthly, quarterly, yearly or at maturity. To set up interest disbursements, please call our Customer Care Center toll free at 877-346-2756, Monday–Friday, 8 AM–8 PM Eastern Time. Disbursements will be sent electronically to your linked checking account.

Does the Certificate of Deposit (CD) have early termination penalties?

Yes. Our early termination penalties are as follows:

If your CD has a maturity of 12 months or less, the penalty we will impose will be equal to 3-months’ simple interest on the amount withdrawn.
If your CD has an original maturity greater than 12 months, the penalty we will impose will be equal to 6-months’ simple interest on the amount withdrawn.

In certain circumstances, such as the death or incompetence of an account owner, the law permits, and in some cases requires, the waiver of the early withdrawal penalty.

Upromise-Related FAQs

What is the Upromise monthly transfer for High-Yield Savings Accounts (HYSA)?

Upromise Monthly Transfer is a free service that lets members automatically transfer $10 or more in Upromise earnings from their Upromise account directly to their eligible HYSA. Earnings are transferred on a monthly basis.

When do Upromise monthly transfers occur for High Yield Savings Accounts (HYSA)?

The monthly transfer is available for HYSAs and occurs during the third week of every month. The first Upromise monthly transfer will occur in March 2010 for eligible HYSAs. To verify that your HYSA is linked with your Upromise account, log in to your Upromise account and visit the “View Linked HYSA” section in “My Account.”

What is the minimum amount of Upromise earnings that can be transferred into my High-Yield Savings Account (HYSA) at one time?

The minimum amount of Upromise earnings that can be transferred into your HYSA is $10.00. In order for the Upromise earnings to be transferred to your HYSA, this amount must be allocated to your HYSA in your Upromise account.

What is the maximum amount of Upromise earnings than can be transferred into my High-Yield Savings Account (HYSA) per year?

There is currently no maximum.

What are the requirements to link a Upromise Account to a High-Yield Savings Account (HYSA)?

A Upromise account can be linked to a HYSA only when

the HYSA is by Sallie Mae;
the Upromise account and the HYSA are both in good standing, and
the primary accountholder information for the HYSA and the Upromise account match.

Can I link more than one financial product (such as a student loan) to my Upromise account?

You can have multiple financial products (Upromise-administered 529 plans, Sallie Mae-serviced loans, and HYSAs) linked to your Upromise account. You just need to remember to allocate the percentage you want to transfer to each financial product. Every product that can be linked is eligible for a Upromise earnings transfer.

How do I know if my High-Yield Savings Account (HYSA) is successfully linked to my Upromise account?

Visit the “View Linked Savings Accounts” page in the “My Account” section of Upromise. If your confirmation states that the account is “Linked” then the account linked successfully. If not, then the account is in the process of being linked or the account failed to link.

Please note: HYSAs opened during February 2010 through early March 2010 will require additional time for the linking process to occur. The linking process for these new accounts will start to occur by the second week in March 2010.

Can I have multiple High-Yield Savings Accounts (HYSAs) linked to my Upromise account?

Yes, you can have multiple HYSAs by Sallie Mae linked to your Upromise account. Just remember to identify what percentage of your Upromise earnings you would like allocated for the monthly Upromise transfers.

Can any High-Yield Savings Account (HYSA) be linked to my Upromise account?

No, only the HYSAs by Sallie Mae can be linked to an Upromise account.

Is my Certificate of Deposit (CD) eligible for the Upromise Monthly Transfer benefit?

No, however, there are multiple financial products (Upromise-administered 529 plans, Sallie Mae-serviced loans, and HYSAs) that can be linked to your Upromise account. You just need to remember to allocate the percentage you want to transfer to each financial product. Every product that can be linked is eligible for a Upromise earnings transfer.

What is the 10% Upromise annual match benefit for High-Yield Savings Account (HYSA) customers?

The Upromise annual match benefit is a unique way to help Upromise members invest more toward their future.

The Upromise annual match will be 10% of your total annual Upromise earnings and identified as “funded” in your Upromise account during a given calendar year of January 1 through December 31. For example, if in 2010, you earned $100 in your Upromise account and this amount is identified as “funded,” you are eligible for a $10 Upromise earnings match. The Upromise annual match benefit may be cancelled or changed at any time without notice. Upromise earnings will post directly into your Upromise account each February following the calendar year's activity provided that both accounts are in good standing. The Upromise annual match will occur once per year.

Who is eligible for the 10% Upromise annual match benefit?

This benefit is only available to Upromise members who have met the following eligibility requirements:

The High-Yield Savings Account (HYSA) is linked to their Upromise account,
The HYSA and Upromise account are both in good standing, and
The High-Yield Savings accountholder set up an Automatic Savings Plan with at least $25 monthly deposit or funded the HYSA account with $5,000 within 90 days of opening the High-Yield Savings Account.

If you are not already a Upromise member, visit upromise.com to join this free service.

What is the maximum amount that I can earn in a calendar year from the Upromise annual match benefit?

Currently, there is no maximum for what you can earn from the 10% Upromise annual match.

Where will the 10% Upromise annual match be deposited?

The 10% Upromise annual match will be deposited into your Upromise account.

When will the 10% Upromise annual match post to my Upromise account?

The 10% Upromise annual match will post to your Upromise account during the month of February for the qualifying match of the previous calendar year provided that both accounts are in good standing. The first match will occur February 2011, and every February thereafter.

Can I earn the 10% Upromise annual match for my Certificate of Deposit (CD) account?

No, CD accounts are not eligible for the Upromise annual match.

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Sallie Mae Bank, Member FDIC. Sallie Mae and Sallie Mae Bank are registered service marks of Sallie Mae, Inc. In addition, Upromise is a registered service mark of Upromise, Inc. SLM Corporation and its subsidiaries including Sallie Mae, Inc. and Upromise, Inc. are not sponsored by or agencies of the United States of America.
Savings Account and Certificates of Deposit offered by Sallie Mae Bank

Frequently Asked Questions (FAQs) About Retail Deposits

General FAQs

High-Yield Savings Account by Sallie Mae® (HYSA) FAQs

Certificate of Deposit by Sallie Mae® (CD) FAQs

Upromise®-Related FAQs

General FAQs

High-Yield Savings Account by Sallie Mae® (HYSA) FAQs

Certificate of Deposit by Sallie Mae® (CD) FAQs

Upromise-Related FAQs

High-Yield Savings Account by Sallie Mae^® (HYSA) FAQs

Certificate of Deposit by Sallie Mae^® (CD) FAQs

Upromise^®-Related FAQs

High-Yield Savings Account by Sallie Mae^® (HYSA) FAQs

Certificate of Deposit by Sallie Mae^® (CD) FAQs