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.
Your Current Location: Virginia, VA 20146
| Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
|
Money Market
|
1.50% | $0 | - | Learn More |
| CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Month CD
|
1.30% | $2,500 | - | Learn More |
| 12 Month CD
|
1.50% | $2,500 | - | Learn More |
| Compare with 1.92% APY 12 MONTH from Gateway First Bank | Advertiser Disclosure | ||||
| Compare with 1.92% APY 12 MONTH from Gateway First Bank | Advertiser Disclosure | ||||
| Compare with 2.02% APY 12 MONTH from Gateway First Bank | Advertiser Disclosure | ||||
| Compare with 2.02% APY 12 MONTH from Gateway First Bank | Advertiser Disclosure | ||||
| 18 Month CD
|
1.50% | $2,500 | - | Learn More |
| 24 Month CD
|
1.50% | $2,500 | - | Learn More |
| 36-Month CD
|
1.45% | $2,500 | - | Learn More |
| 60 Month CD
|
1.45% | $2,500 | - | Learn More |
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 has raised its online money market rate from 2.20% to 2.30%.
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 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.
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.
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:
| Lender | APR | Rate (%) | Points | Fees | Monthly Payment |
Learn More |
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| Lender | APR (%)? | Monthly Payment? | Learn More |
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Note to Sallie Mae Bank
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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
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.
| 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 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%.
| 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.
| 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.
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.
| 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 |
| 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 |
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 | ✓ | ||
Yes. It is covered under FDIC Certificate #58177.
See the best online savings rates here. See the best local savings rates here.
See the best online CD rates here. See the best local CD rates here.
Yes
Compare home equity lines of credit rates here.
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.
Is this review helpful? Yes:0 / No: 0
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
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 | Apr 02, 2020
I Agree.
Heronva | Apr 02, 2020
I Agree.
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