Sallie Mae Bank

175 S West Temple
Salt Lake City, UT 84101

Phone 800 472 5543

Notable Rates APY Vs.Others
Savings N.A. 1.96% →
1-Year CD 1.50% 2.02% →
2-Year CD 1.50% 2.02% →
5-Year CD 1.45% 2.02% →
30-Year Mortgage N.A. 3.14% →
15-Year Mortgage N.A. 2.59% →
HELOC N.A. 2.50% →

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 - April 2, 2020

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Money Market
1.50% $0 - Learn MoreShow Less
CD Rates APY MIN MAX
6 Month CD
1.30% $2,500 - Learn MoreShow Less

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.


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 - April 2, 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

Featured - Virginia Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More

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:
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 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

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 (31)


  • 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.

  • January 16, 2020 |

    Online CDs 12 Month Rates

    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.

  • December 18, 2019 |

    Online CDs 12 Month Rates

    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.

  • October 01, 2019 | | Replies 2

    It is quite a feat, but new website is even worse than the old one!

    Heronva | Apr 02, 2020

    I Agree.

    Heronva | Apr 02, 2020

    I Agree.

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