Sallie Mae Bank
Headquarters
175 S West Temple
Salt Lake City, UT 84101
See all branch locations →
Phone 800 472 5543
2021 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 $30.56 billion in assets.
| FDIC Insured | Yes |
| FDIC Certificate | # 58177 |
| Date Established | 2005 |
| Assets | $ 30.56 billion |
| Loans | $ 21.73 billion |
| Deposits | $ 23.25 billion |
| Capital | $ 2.20 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 - February 27, 2021
Your Current Location: Connecticut, CT 06828
| Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
|
Money Market
|
0.45% | $0 | - |
Learn More
|
| CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Month CD
|
0.30% | $2,500 | - |
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|
| 12 Month CD
|
0.50% | $2,500 | - |
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|
| 18 Month CD
|
0.55% | $2,500 | - |
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|
| 24 Month CD
|
0.60% | $2,500 | - |
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|
| 36-Month CD
|
0.60% | $2,500 | - |
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|
| 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.
Sallie Mae Lowers Online Money Market Rate to 0.45% APY
Jan 14, 2021
Sallie has lowered is online money market rate by 10 basis points again.
Bank Online Offers
Sallie Mae Bank raises online money market rates again
Jul 5, 2018
Loan Rates - February 27, 2021
Your Current Location: Connecticut, CT 06828
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 - Connecticut 30 Year Fixed Mortgage Rates 2021
| Lender | APR | Rate (%) | Points | Fees | Monthly Payment |
Learn More |
|---|---|---|---|---|---|---|
NMLS ID: 2890 License#: 13256 |
2.945% | 2.875% | 0.88 | $2,245 | $1,038 | Learn More |
Featured - Connecticut Home Equity Line Of Credit Rates 2021
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Bethpage Federal Credit Union See Table |
Intro APR 2.990 % After Intro: 3.750 % Intro Period: 12 months |
$25,000 |
Learn More
More Info |
Third Federal Savings and Loan See Table |
2.240 %
|
$0 |
Learn More
More Info |
Note to Sallie Mae Bank
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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:
Fairfield,Connecticut
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 |
|---|---|
| 3.39% | 6.14% |
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 September 30, 2020, Sallie Mae Bank had $133,556,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $2,202,891,000 in equity and $1,734,559,000 in loans loss reserves. That gives it a Texas Ratio of 3.39%.
Return on Equity
| Sallie Mae Bank | U.S. Bank Average |
|---|---|
| 26.53% | 9.23% |
Sallie Mae Bank has a Return on Equity of 26.53% versus the BestCashCow average of 9.23%. 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 |
|---|---|
| 7.21% | 12.07% |
Sallie Mae Bank has a Capitalization of 7.21% versus the BestCashCow average of 12.07. 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 September 30, 2020, Sallie Mae Bank had assets of $30,564,341,000, loans of $21,726,171,000, and deposits of $23,251,459,000. 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
September 30, 2020| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 4.51 billion |
| Interest-bearing balances | $ 4.45 billion |
| Total securities | $ 2.09 billion |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 21.73 billion |
| Loan loss allowance | $ 1,734.56 million |
| Trading account assets | $ 14.65 million |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | $ 0.93 million |
| All other assets | $ 2.10 billion |
| Total Assets | $ 28.36 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 23.25 billion |
| Interest-bearing deposits | $ 23.25 billion |
| Deposits held in domestic offices | $ 23.25 billion |
| % insured (estimated) | 96.48% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 4.75 billion |
| Subordinated debt | N.A. |
| All other liabilities | $ 361.11 million |
| Total Liabilities | $ 28.36 billion |
| Shareholders’ Equity | $ 2.20 billion |
Summary Income Statement
September 30, 2020| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 1,548.08 million |
| Total Interest Expense | $ 421.82 million |
| Net interest income | $ 1,126.26 million |
| Provision for loan and lease losses | $ 412.97 million |
| Total non interest income | $ 321.36 million |
| Total non interest expense | $ 404.62 million |
| Pre-tax Net Operating Income | $ 630.02 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 | 0.06 | ✓ | ||
| 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
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 home equity lines of credit and home equity loans?
Compare home equity lines of credit rates here.
EBHYT
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.
Is this review helpful? Yes:0 / No: 0
waltdiz
August 01, 2020 |
terrible website but transfers are instantaneous and service is solid.
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Heronva
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
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Frank H
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.
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JP Thero
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.
Is this review helpful? Yes:0 / No: 0
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