Sallie Mae Bank
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 $31.02 billion in assets.
| FDIC Insured | Yes |
| FDIC Certificate | # 58177 |
| Date Established | 2005 |
| Assets | $31.02 billion |
| Loans | $24.72 billion |
| Deposits | $22.94 billion |
| Capital | $3.10 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 - January 25, 2020
Your Current Location: Virginia, VA 20146
| Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
|
Money Market
|
1.75% | $0 | - | Learn More |
| CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Month CD
|
1.75% | $2,500 | - | Learn More |
| 12 Month CD
|
2.10% | $2,500 | - | Learn More |
| 18 Month CD
|
2.10% | $2,500 | - | Learn More |
| 24 Month CD
|
2.15% | $2,500 | - | Learn More |
| 36-Month CD
|
2.15% | $2,500 | - | Learn More |
| 60 Month CD
|
2.20% | $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.
Bank Online Offers
Sallie Mae Bank raises online money market rates again
Jul 5, 2018
Loan Rates - January 25, 2020
Your Current Location: Virginia, VA 20146
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 - Virginia 30 Year Fixed Mortgage Rates 2020
| Lender | APR | Rate (%) | Points | Fees | Monthly Payment |
Learn More |
|---|---|---|---|---|---|---|
NMLS ID: 3030 |
4.793% | 4.750% | 0.00 | $1,250 | $1,305 | Learn More |
NMLS ID: 2890 License#: MC-3098 |
3.384% | 3.375% | 0.13 | $285 | $1,106 | Learn More |
Featured - Virginia Home Equity Line Of Credit Rates 2020
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Figure Home Equity Line |
0.000 %
|
$0 |
Learn More
More Info |
Third Federal Savings and Loans |
3.740 %
|
$0 |
Learn More
More Info |
Note to Sallie Mae Bank
To upload and update your bank's rates please register.
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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:
Ashburn,Virginia
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 |
|---|---|
| 4.12% | 6.70% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its the bank’s 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, 2019, Sallie Mae Bank had $144,838,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $3,103,079,000 in equity and $414,406,000 in loans loss reserves. That gives it a Texas Ratio of 4.12%.
Return on Equity
| Sallie Mae Bank | U.S. Bank Average |
|---|---|
| 20% | 9.72% |
Sallie Mae Bank has a Return on Equity of 20% versus the BestCashCow average of 9.72%. 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 |
|---|---|
| 10% | 12.89% |
Sallie Mae Bank has a Capitalization of 10% versus the BestCashCow average of 12.89. 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, 2019, Sallie Mae Bank had assets of $31,019,820,000, loans of $24,724,621,000, and deposits of $22,940,441,000. 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, 2019| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $3.93 billion |
| Interest-bearing balances | $3.90 billion |
| Total securities | $0.46 billion |
| Federal funds sold and reverse repurchase | $0.00 billion |
| Net loans and leases | $24.72 billion |
| Loan loss allowance | $0.41 billion |
| Trading account assets | $0.00 billion |
| Bank premises and fixed assets | $0.00 billion |
| Other real estate owned | $0.00 billion |
| Goodwill and other intangibles | $0.00 billion |
| All other assets | $1.80 billion |
| Total Assets | $27.92 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $22.94 billion |
| Interest-bearing deposits | $22.93 billion |
| Deposits held in domestic offices | $22.94 billion |
| % insured (estimated) | 96.23% |
| Federal funds purchased and repurchase agreements | $0.00 billion |
| Trading liabilities | $0.00 billion |
| Other borrowed funds | $4.70 billion |
| Subordinated debt | $0.00 billion |
| All other liabilities | $0.27 billion |
| Total Liabilities | $27.92 billion |
| Shareholders’ Equity | $3.10 billion |
Summary Income Statement
September 30, 2019| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $1.74 billion |
| Total Interest Expense | $0.52 billion |
| Net interest income | $1.21 billion |
| Provision for loan and lease losses | $0.26 billion |
| Total non interest income | $0.04 billion |
| Total non interest expense | $0.40 billion |
| Pre-tax Net Operating Income | $0.59 billion |
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 | 0.00 | ✓ | ||
| 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.
James C Fournier
January 16, 2020 |
Sallie Mae's website is awful. Plus, I opened myself up to a lifetime's worth of spam and garbage email. Who knows who they sold my email to as well. I cannot wait for my CD to mature so I can be done with this. Not worth the additional few pennies.
Is this review helpful? Yes:0 / No: 0
Jayson
December 18, 2019 |
Impossible to have a CD with this bank because they will harass you with mail and emails trying to get you to have a worthless credit card or borrow from this. It is fine otherwise. Website still not good after redesign.
Is this review helpful? Yes:0 / No: 0
Laura Y
October 01, 2019 | | Replies 2
It is quite a feat, but new website is even worse than the old one!
Is this review helpful? Yes:2 / No: 0
Heronva | Jan 25, 2020
I Agree.
Heronva | Jan 25, 2020
I Agree.
Rucksizer
December 06, 2018 |
I have been pretty happy with Sallie for many years. The MM account is now paying 2.20%. They have been bombarding me with emails to get me to open a Smartypig account with them that pays 1.75%. Why would they send me these emails and why would I do that?
Is this review helpful? Yes:0 / No: 0
Just OK
November 25, 2018 |
I have a money market account with Sallie Mae. I enjoy consistently making one of the highest rates here. There are three things I really do not like. First, you need to transfer money in or out on a Tuesday. They don't do transfers on Monday, and any transfer later in the week won't be credited until the following week. Second, the hold times are odd. Deposits over $5,000 are on hold for 2 weeks. Third, they are always trying to convince me to switch my money to something stupid called Smarty Pig which pays a lower rate. If you cannot put up with these three odd things, this one is not for you.
Is this review helpful? Yes:2 / No: 0
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