Sallie Mae Money Market Account Review (September 2026): 3.60% APY, Check Writing
Written & reviewed by Hans Goldstein, EA, independent licensed insurance producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Rates checked against salliemae.com on September 24, 2026 · Updated
The Sallie Mae Money Market Account pays 3.60% APY, with no minimum balance, no monthly fees and check writing (accurate as of September 24, 2026, per Sallie Mae). Sallie Mae's own High-Yield Savings pays more, 3.85% APY, but has no checks. Its CDs pay up to 4.40%.
Savings account vs MYGA, after tax
What $100,000 earns in 5 years: savings account vs MYGA, after tax
Rates used: Savings account 4.00%, the top online savings rate we tracked (bank sites, September 24, 2026); savings rates can change any day; change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| Savings account, interest taxed every year | $116,604 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the savings account, after tax | $9,531 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Sallie Mae Money Market at a glance
| Feature | Sallie Mae Money Market |
|---|---|
| APY | 3.60% (variable) |
| Minimum deposit | None |
| Monthly fees | None |
| Access | Free transfers and check writing |
| FDIC | Sallie Mae Bank, Salt Lake City, cert 58177 |
Sallie Mae Bank rates side by side
| Account | APY | Minimum |
|---|---|---|
| Money Market | 3.60% | None |
| High-Yield Savings | 3.85% | None |
| SmartyPig goal savings | Up to 3.40% | None |
| CDs, 6 months to 5 years | 3.20%-4.40% | $2,500 |
How 3.60% compares
| Option | Rate | Source / as of |
|---|---|---|
| Sallie Mae Money Market | 3.60% APY, variable | salliemae.com, as of 09/24/2026 |
| Sallie Mae High-Yield Savings | 3.85% APY, variable | salliemae.com, as of 09/24/2026 |
| Sallie Mae 60-month CD | 4.40% APY, fixed | salliemae.com, as of 09/24/2026 |
| Marcus by Goldman Sachs Online Savings | 3.50% APY, variable | marcus.com, as of Sept 24, 2026 |
| Synchrony High Yield Savings | 3.30% APY, variable | synchrony.com, as of 9/24/2026 |
| American Express High Yield Savings | 3.10% APY, variable | americanexpress.com, as of 9/24/2026 |
| Capital One 360 Performance Savings | 3.10% APY, variable | capitalone.com, effective 9/24/2026 |
| Ally Bank Savings | 3.00% APY, variable | ally.com, as of 09/24/2026 |
| A-rated-or-better 5-year MYGAs | ~5.50%-6.05%, fixed for the term | public carrier rate sheets, October 14, 2026 |
Rates expire like milk.
The best MYGA, CD and savings rates change every few weeks. Get a short email when a rate on this page changes.
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What we like
- Check writing on a money market that still pays 3.60%.
- No minimum and no monthly fees.
- Same bank offers a 3.85% savings account and CDs up to 4.40%.
What to watch
- Sallie Mae's own HYSA pays 0.25 points more. If you do not write checks, the savings account earns more.
- A bank money market account is not a money market fund. This is an FDIC-insured deposit, not a mutual fund.
- The rate is variable and interest is taxed every year.
Sallie Mae Money Market vs. a 5-year MYGA
A savings account is the right home for emergency money. For money you will not need for three to five years, a multi-year guaranteed annuity fixes the rate for the term and defers the tax.
| $250,000 for 5 years | Sallie Mae Money Market | 5-yr MYGA at 5.50% |
|---|---|---|
| Rate | 3.60% APY, variable (assumed to hold all 5 years) | 5.50% fixed for the term |
| Tax on interest | Every year (1099-INT) | Deferred until withdrawn |
| Value after 5 years, after 24% federal tax | ~$286,100 | ~$308,300 (tax paid at the end) |
| Protection | FDIC, $250K per ownership category | Insurer claims-paying ability + state guaranty association (limits vary by state) |
| Getting money out | No penalty; the rate can change any day | Surrender charge above the free-withdrawal amount; IRS 10% penalty before 59½ |
About $25,700 more after tax on the MYGA if the savings rate never moved (24% federal bracket, state tax ignored). Savings rates are variable, so the real gap depends on where the rate goes. Emergency money belongs in savings; a MYGA is for money you will not need for the full term. Fixed annuity benchmark: carriers rated A or better topped out around 5.50% to 6.05% on 5-year compound-interest MYGAs, per public carrier rate sheets, October 14, 2026. Rates vary by state, premium and carrier.
Annuity vs CD · Current MYGA rates · HYSA or MYGA for 3-year money
Related: Sallie Mae CD rates · HYSA vs money market fund
Sallie Mae Money Market: FAQ
What is the Sallie Mae Money Market rate?
3.60% APY, accurate as of September 24, 2026, per Sallie Mae. The rate is variable.
What is the difference between Sallie Mae's money market and its high-yield savings?
The money market pays 3.60% APY and lets you write checks. The High-Yield Savings pays 3.85% APY and has no checks. Both have no monthly fees (rates as of 09/24/2026).
Is Sallie Mae Bank FDIC insured?
Yes. Sallie Mae Bank (Salt Lake City) is FDIC cert 58177, FDIC-insured up to $250,000 per depositor, per insured bank, per ownership category.
Is there a minimum to open?
No. Sallie Mae lists no minimum deposit for the Money Market Account. CDs require $2,500.
What do Sallie Mae CDs pay?
Up to 4.40% APY on 15-, 36- and 60-month terms, as of September 24, 2026.
Money market or a MYGA for money I won't touch for years?
For 3-to-5-year money a MYGA fixes the rate and defers tax: A-rated-or-better insurers paid about 5.50%-6.05% on 5-year MYGAs on October 14, 2026.
My take
Sallie Mae's Money Market pays 3.60% APY with check writing and no fees. If you do not need checks, the bank's High-Yield Savings pays 3.85%. For money you will not touch for three to five years, compare its 4.40% CDs and a MYGA.
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) and is not affiliated with Sallie Mae Bank. He does not sell or earn anything on bank accounts. Rates are copied from the sources named, with the as-of date each source prints; savings rates are variable, so confirm the current rate before opening. MYGA figures are illustrations, not quotes.
Run the MYGA vs savings math for your situation
Talk to Hans Goldstein, a licensed independent insurance producer.
Sallie Mae Money Market pays 3.60% APY, variable (accurate as of September 24, 2026). A-rated 5-year MYGAs were paying about 5.50%-6.05% on October 14, 2026, fixed for the term and tax-deferred.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review reflects publicly available product materials and rates as of the dates stated above. HYSA APYs are variable and change frequently. Confirm current values directly with the bank before opening an account. FDIC insurance covers up to $250,000 per depositor, per insured bank, per ownership category. MYGA rates referenced are illustrations dated September 24, 2026 and depend on state, carrier appointment, and product approval; not all MYGAs are available in every state. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) appointed with multiple A-rated carriers across the annuity market; Hans is not a banking representative and does not earn compensation on HYSA or CD products. Tax discussion reflects federal law as of 2026 and is subject to change. State tax treatment varies. Always read the actual bank disclosure and consult a licensed advisor or CPA before reallocating retirement-bound funds.