Sallie Mae Bank

Headquarters

175 S West Temple
Salt Lake City, UT 84101
See all branch locations →

Phone 800 472 5543

Notable Rates APY Vs.Others
Savings N.A. 0.95% →
1-Year CD 0.60% 1.01% →
2-Year CD 0.60% 0.95% →
5-Year CD 0.60% 1.30% →
30-Year Mortgage N.A. 2.80% →
15-Year Mortgage N.A. 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Sallie Mae Bank is an FDIC insured institution located in Salt Lake City, UT. It was founded in 2005 and has approximately $31.78 billion in assets.

FDIC Insured Yes
FDIC Certificate # 58177
Date Established 2005
Assets $ 31.78 billion
Loans $ 21.71 billion
Deposits $ 24.72 billion
Capital $ 2.12 billion
 

For a more detailed analysis of Sallie Mae Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - October 27, 2020

Your Current Location: Washington, WA 98101

Savings and Money Market Rates APY MIN MAX
Money Market
0.60% $0 - Learn More
CD Rates APY MIN MAX
6 Month CD
0.50% $2,500 - Learn More
12 Month CD
0.60% $2,500 - Learn More
18 Month CD
0.60% $2,500 - Learn More
24 Month CD
0.60% $2,500 - Learn More
36-Month CD
0.60% $2,500 - Learn More
60 Month CD
0.60% $2,500 - Learn More

Bank Offers

Sallie Mae Raises its Online 1-Year CD Rate to 2.85%
Dec 26, 2018

Sallie Mae Bank has raised its 1-year online CD rate to 2.85%.   Their CDs have a $2,500 minimum and have a 3-month early withdrawal penalty should you need to withdraw your money before maturity.


Sallie Mae raises Online Money Market Rate from 2.20% to 2.30%
Mar 4, 2019

Sallie Mae has raised its online money market rate from 2.20% to 2.30%.   


Sallie Mae Bank Drops Money Market and CD Rates
Jul 9, 2019

Sallie Mae has dropped its money market rate from 2.30% to 2.20%.   Its 1-Year CD had been attractive at 2.75%, but is now 2.65%.    


Sallie Mae Lowers All Of Its CD Rates Dramatically
Sep 25, 2019

Sallie Mae lowered all of its CD rates dramatically today.   Their 6 month CD had been at 2.20% and now stands at 1.90%.   All longer rates are now either 2.30% ro 2.35%.   This marks a dramatic decline for a bank which had aimed to keep its rates competitive.   We'd be very cautious about going out beyond 15 months at this point as it is unlikely Sallie can survive should Elizabeth Warren be elected President.


Sallie Mae Bank Drops All of Its Rates
Mar 17, 2020

If you want a CD from Sallie, the rate is now 1.70% APY no matter what duration you choose.

The money market rate is now 1.50% APY.


Sallie Mae Bank Drops Money Market and CD Rates
Jun 30, 2020

Sallie Mae Bank has dropped its money market rate to 0.99% APY today.   All of its CD rates for terms between 1-year and 5-year is now 0.95% APY.


Bank Online Offers

Sallie Mae Bank raises online money market rates again
Jul 5, 2018

Sallie has raised it online money market rate to 1.90% from 1.75%.   For the complete list of Sallie's online rates, please visit this page.   The most comprehensive list of the best online savings and money market rates is here.



Loan Rates - October 27, 2020

Your Current Location: Washington, WA 98101

There are currently no loan rates available for Sallie Mae Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Washington 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Rocket Mortgage
NMLS ID: 3030
3.746% 3.625% 1.00 $3,750 $1,141 Learn More
Cascadia Mortgage
NMLS ID: 1505422
License#: NMLS #1505422
2.728% 2.625% 0.88 $3,385 $1,005 Learn More
AimLoan.com
NMLS ID: 2890
License#: 520-CL-25944
2.674% 2.625% 0.63 $1,595 $1,005 Learn More

Featured - Washington Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More

Note to Sallie Mae Bank
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

Sallie Mae Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Seattle,Washington


Sallie Mae Bank Locations


Financial Details

Sallie Mae Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Sallie Mae Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Sallie Mae Bank U.S. Bank Average
3.47% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2020, Sallie Mae Bank had $131,589,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $2,116,892,000 in equity and $1,673,324,000 in loans loss reserves. That gives it a Texas Ratio of 3.47%.

Return on Equity
Sallie Mae Bank U.S. Bank Average
56.8% 7.80%

Sallie Mae Bank has a Return on Equity of 56.8% versus the BestCashCow average of 7.80%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Sallie Mae Bank U.S. Bank Average
6.66% 12.68%

Sallie Mae Bank has a Capitalization of 6.66% versus the BestCashCow average of 12.68. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Sallie Mae Bank Balance Sheet Analysis

As of March 31, 2020, Sallie Mae Bank had assets of $31,775,269,000, loans of $21,707,092,000, and deposits of $24,721,691,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2020
ASSETS
Cash & Balances due from depository institutions $ 7.43 billion
Interest-bearing balances $ 7.37 billion
Total securities $ 614.58 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 21.71 billion
Loan loss allowance $ 1,673.32 million
Trading account assets $ 11.36 million
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 1,897.70 million
     Total Assets $ 29.66 billion
LIABILITIES
Total deposits $ 24.72 billion
      Interest-bearing deposits $ 24.71 billion
      Deposits held in domestic offices $ 24.72 billion
      % insured (estimated) 94.60%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 4.51 billion
Subordinated debt N.A.
All other liabilities $ 427.01 million
      Total Liabilities $ 29.66 billion
      Shareholders’ Equity $ 2.12 billion

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 577.35 million
Total Interest Expense $ 173.22 million
Net interest income $ 404.13 million
Provision for loan and lease losses $ 149.79 million
Total non interest income $ 291.73 million
Total non interest expense $ 40.61 million
Pre-tax Net Operating Income $ 505.46 million

Bank Loan Profile?

The top three loan types in Sallie Mae Bank’s loan portfolio are Credit Card Loans, 1-4 Family Residential Loans, and Multifamily Mortgages.

Compared to other banks, Sallie Mae Bank’s loan portfolio does not show any specific loan specialty.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 0.00
Multifamily
Mortgages
0.00
Credit Card Loans 0.04
Consumer Auto Loans 0.00
Small Business Loans 0.00
Construction and Development Loans 0.00
Commercial Real Estate 0.00
Commercial and Industrial Loans 0.00
Farm Loans 0.00

Frequently Asked Questions About Sallie Mae Bank

Branches and Savings

Is Sallie Mae Bank FDIC insured?

Yes. It is covered under FDIC Certificate #58177.

Why does Sallie Mae Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Sallie Mae Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Sallie Mae Bank a commercial bank?

Yes

Where are Sallie Mae Bank locations?

See branch locations nearby.

Is Sallie Mae Bank open on Saturdays?

Is Sallie Mae Bank open on Sundays?

What time does Sallie Mae Bank open?

What time does Sallie Mae Bank close?

Are Sallie Mae Bank ATMs Open 24/7?

Do Sallie Mae Bank ATMs accept cash deposits?

Can Sallie Mae Bank customers use other ATMs?

Do Sallie Mae Bank branches have notaries?

Will Sallie Mae Bank notarize my document?

What address for Sallie Mae Bank should I put for incoming ACH transfers?

Will the Sallie Mae Bank branch print checks?

Do Sallie Mae Bank checks expire?

Does Sallie Mae Bank require US citizenship to open account?

Can Sallie Mae Bank close my account?

Does Sallie Mae Bank Report to credit bureaus?

Does Sallie Mae Bank Use Equifax?

What is Sallie Mae Bank's ACH Routing Number?

What is Sallie Mae Bank's SWIFT code?

Products

Does Sallie Mae Bank offer mortgages?

Compare mortgage rates here.

Does Sallie Mae Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Sallie Mae Bank offer personal loans?

Compare personal loan rates here.

Does Sallie Mae Bank offer student loans?

Will Sallie Mae Bank cash a check?

Will Sallie Mae Bank redeem a savings bond?

Does Sallie Mae Bank cash savings bonds?

Will Sallie Mae Bank cash money orders?

Can Sallie Mae Bank issue a money order?

Does Sallie Mae Bank do currency exchange?

Background on The Bank

Who owns Sallie Mae Bank?

How long has Sallie Mae Bank been around?

Can Sallie Mae Bank transfer to other banks?

Does Sallie Mae Bank have quick pay?

Does Sallie Mae Bank accept rolled coins?

Will Sallie Mae Bank accept loose change?

Where is Sallie Mae Bank headquarters?

Customer Reviews for Sallie Mae Bank (34)


  • August 04, 2020 |

    Sallie Mae is going to absolutely be the right bank for you if you enjoy calling during normal business hours and speaking with a automated voice response system that gives you no information and refuses to pass you to a human.

  • August 01, 2020 |

    terrible website but transfers are instantaneous and service is solid.

  • April 13, 2020 |

    I've been with Sallie since 2013. I've had as much as $210,000 in their MM. They have always floated your deposit/withdrawals to their advantage (late deposits to the SM account, but early withdrawals from SM but several days before transfers show up to the nonSM account.) Recently though, the dividend rates have nose dived without notice (from 2.25% (Jan) down to 1.35% today). So much so, that even this site can't keep track of the current untimely rate change. Makes you wonder if they are going under too. The website is a mess. Recent changes makes it difficult for you to find your transaction history. Whoever deisigned it should have consulted a user/layman before deploying the new design. I am steadily moving funds out, so do your due diligence before jumping on board. As is, this is not the account to open. Five thumbs down

  • March 04, 2020 |

    Competitive rate, poor transfer time to and from account, and the worst online access screen. Difficult to find your history transactions. However, Sallie Mae clutters the initial screen with fund transfer screens that never displays incoming or outgoing transactions.

  • February 14, 2020 |

    I've been an account holder since 2011. The original website was ok, but it worked. The current one does not. Now they have gone from immediate external transfers to five days. I will wrap this up when my CDs mature.

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