Compound Interest Calculator
Money Market Account from Sallie Mae Bank with 4.65% APY and $0 minimum deposit



Use or Change These Amounts and Rates

The product Money Market Account from Sallie Mae Bank with 4.65% APY and $0 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $31,508. The interest earned would be $11,508 and the tax amount on the interest earned would be approximately $3,452.

Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for Sallie Mae Bank

Savings Boost of
$7,745 over 10 years
Cash Savings $20,000
Average Interest Earned $311

 
Sallie Mae Bank Interest Earned $8,056

 

 

See comparison detail table

This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.

Comparison Detail Table Close X

Average Rate Scenario

Rate:
0.22%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 44 31
2 20,044 44 31
3 20,088 44 31
4 20,132 44 31
5 20,177 44 31
6 20,221 44 31
7 20,265 45 31
8 20,310 45 31
9 20,355 45 31
10 20,400 45 31
TOTAL: $444 $311

Sallie Mae Bank Scenario

Rate:
4.65%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 930 651
2 20,930 973 681
3 21,903 1,019 713
4 22,922 1,066 746
5 23,988 1,115 781
6 25,103 1,167 817
7 26,270 1,222 855
8 27,492 1,278 895
9 28,770 1,338 936
10 30,108 1,400 980
TOTAL: $11,508 $8,056

Take Action

The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.


Recent Rate Changes



Date APY
March 19, 2024 4.65%
August 20, 2023 4.75%


Featured CD Rates

Advertiser Disclosure
ONLINE BANKS APY? MIN?

13-Month Online CD - Save for the things you want later. Easy online application.

12-Month

Save for the things you want later. Easy online application.

13-Month

Save for the things you want later. Easy online application.

7-Month

7-Month CD Special - Save for the things you want later. Easy online application.

6-Month

5 Month CD Special. Must be linked to a standard consumer or business checking account in which 12.6% of the total combined balance is maintained. Otherwise APY is 5.25%.



Customer Reviews for Sallie Mae Bank (45)


  • August 2, 2023 |

    Online CDs 18 Month Rates

    Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.

  • February 28, 2023 |

    How often do people agree? When the overall rating is two stars, then this bank has to be terrible. Try finding multiple deposit accounts; try waiting on your deposit to post due to them floating your funds to and from an external account; the website is geared for transfers and loans, not you tracking your funds. The web designer was clueless in developing this system for users. If you are shaky in your computer knowledge or timid on transferring funds, this is not the bank for you. For peace of mind, you can do much better elsewhere. Again, check the star rating. Are they listening to their customers?

  • February 10, 2023 |

    They will now lock you out of your account until you contact them personally whenever you add an external bank that is not in their system. If it's a big name bank there's no problem but if it's not then prepare to be inconvenienced big time. To top it off you can't have more than 3 external banks. I closed my accounts due to this ridiculous new hoop to jump through.

  • November 30, 2022 |

    Sallie Mae managed to lose our $500,000 account and all the goodwill that had been built over 10 years plus as customers in one simple phone call. Their CSR began screaming at me when I inquired about a product that I saw advertised by something called Save Better. She said "We don't match Save Better. They set their own rates" and went on fuming over the inquiry. My husband and I were both aghast and now we're gone. You should be too.

  • September 11, 2022 |

    If I could leave a -10 star review I would do it in a. This is a classic example of a ridiculously unmanaged government program with zero oversight and zero sensibility.

    In April 2022 I applied for a student loan for my sons flight school. I had a few credit cards and a couple of car notes on my credit report and had about a 740 credit rating.

    I requested a loan in the amount of $113,000 and they wanted 8.75% interest rate on a 15 year loan. That was ridiculous as I haven’t had an interest rate that high since I was in college. I am now 54 I’ve had my home since 2006 never a late payment I have been employed by the same company for 21 years as a professional pilot. There are no negatives whatsoever on my credit report. I had to call them five different times because it took ten days when I reapplied for $100,000 loan and every single time I was on hold for a solid hour or more to get a human being that not once offered any sensible assistance.

    I reapplied for a lesser amount given the horrific interest rate. I had since paid off three cars, all credit cards and I have zero short-term debt. I have a primary mortgage that is well within my means and a second mortgage on a rented rental home. I also have a boat payment that is more than half paid off . Those are the only three line items on my credit report and I have well over $150,000 available credit in credit cards. They all have a zero balance. I also show an 820+ credit rating on all three bureaus.

    During one of my five phone calls the person on the telephone attempted to educate me on how credit scores are calculated. I really wish I had said, do you think with my credit rating that I don’t know how to use credit properly? I did not say that, I did ask her why on earth with my credit rating and my credit file how they now have come back with a 14.75% interest rate, the highest one they can charge.

    She had no answer, only to try and educate me on credit scores and informed me that it was automatically done by the computer and there was nothing she could do, needless to say this is a broken system with zero oversight no accountability and no common sense.

    They have you over a barrel when it comes to flight school training they are literally one of the only ones that will offer a student loan for this type of school.

    If anyone out there thinks that Sallie Mae is a good option for any financing I would think again I would look long and hard to avoid dealing with these morons at any cost.


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