Sallie Mae Money Market Account review

Sallie Mae Money Market Account is the strongest pure bank pick for check writers. Sallie Mae posts a 3.60% APY, says you can write checks straight from the account and make free transfers, and charges no monthly maintenance fees, no minimum balance and no minimum deposit. Interest compounds daily and is paid monthly, and deposits are FDIC insured up to $250,000 per depositor, per insured bank, per ownership category, with joint accounts able to reach $500,000. The account opens online, and you fund it by linking an external bank account or by direct deposit from an employer. Two points hold it below Fidelity. The page describes checks and transfers but does not mention a debit card or ATM access, so cash withdrawals take a transfer. And Sallie Mae's own high-yield savings account pays 4.00% APY, so savers who never write checks earn more there. Outgoing wires cost $20.

Who it is for

savers who want an FDIC-insured account with checks and no minimums

Price

$0 monthly maintenance fees, no minimum deposit or balance; 3.60% APY.

There are no monthly maintenance fees, minimum balance, or minimum deposit required with a Sallie Mae money market account.
Quoted from the vendor pricing page on November 13, 2026.

Key features

• 3.60% APY on the money market account
• Write checks straight from the account
• No minimum deposit to open and no minimum balance
• Interest compounded daily and paid monthly
• FDIC insured up to $250,000 per depositor, per insured bank, per ownership category

Strengths and weaknesses

• Strength: No monthly maintenance fees, minimum balance or minimum deposit
• Strength: No transactional fees on the account
• Strength: Joint ownership can raise FDIC coverage to as much as $500,000
• Weakness: The page lists checks and transfers but does not mention a debit card or ATM access
• Weakness: Sallie Mae's own high-yield savings account pays more, at 4.00% APY
• Weakness: $20 fee for outgoing wire transfers

Key facts

• APY: 3.60%
• Monthly fee: $0
• Minimum deposit: $0
• Checks: Yes, write checks from the account

Where it ranks

Sallie Mae Money Market Account is No. 3 in our Best Money Market Accounts verdict.