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. 0.85% →
1-Year CD 0.60% 0.67% →
2-Year CD 0.60% 0.80% →
5-Year CD 0.80% 1.25% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

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 $28.84 billion in assets.

FDIC Insured Yes
FDIC Certificate # 58177
Date Established 2005
Assets $ 28.84 billion
Loans $ 20.14 billion
Deposits $ 21.69 billion
Capital $ 2.34 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 - November 29, 2021

Your Current Location: Washington, WA 98109

Savings and Money Market Rates APY MIN MAX
Money Market
0.50% $0 - Learn More
CD Rates APY MIN MAX
6 Month CD
0.30% $2,500 - Learn More
12 Month CD
0.60% $2,500 - Learn More
18 Month CD
0.65% $2,500 - Learn More
24 Month CD
0.60% $2,500 - Learn More
36-Month CD
0.70% $2,500 - Learn More
60 Month CD
0.80% $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

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 - November 29, 2021

Your Current Location: Washington, WA 98109

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 2021

Lender APR Rate (%) Monthly
Payment
Learn More
AmeriSave Mortgage Corporation
NMLS ID: 1168
2.823% 2.750%
1.00 points
$2,385 fees
$1,021 Learn More

Featured - Washington Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
Flagstar Bank-Heloc
Flagstar Bank-Heloc
See Table
4.990 %
$0 Learn More
More Info
Bethpage Federal Credit Union
Bethpage Federal Credit Union
See Table
Intro APR 2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
More Info
BMO Harris Bank
BMO Harris Bank
See Table
Intro APR 1.790 %
After Intro: 4.840 %
Intro Period: 6 months
$0 Learn More
More Info

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



Climate Initiatives

Sallie Mae Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.

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
2.66% 4.78%

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 June 30, 2021, Sallie Mae Bank had $93,096,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $2,335,524,000 in equity and $1,160,244,000 in loans loss reserves. That gives it a Texas Ratio of 2.66%.

Return on Equity
Sallie Mae Bank U.S. Bank Average
65.37% 11.29%

Sallie Mae Bank has a Return on Equity of 65.37% versus the BestCashCow average of 11.29%. 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
8.1% 11.72%

Sallie Mae Bank has a Capitalization of 8.1% versus the BestCashCow average of 11.72. 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 June 30, 2021, Sallie Mae Bank had assets of $28,835,767,000, loans of $20,138,717,000, and deposits of $21,690,781,000. 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

June 30, 2021
ASSETS
Cash & Balances due from depository institutions $ 4.65 billion
Interest-bearing balances $ 4.59 billion
Total securities $ 2.07 billion
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 20.14 billion
Loan loss allowance $ 1,160.24 million
Trading account assets $ 35.91 million
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 1,818.18 million
     Total Assets $ 26.50 billion
LIABILITIES
Total deposits $ 21.69 billion
      Interest-bearing deposits $ 21.46 billion
      Deposits held in domestic offices $ 21.69 billion
      % insured (estimated) 94.69%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 4.49 billion
Subordinated debt N.A.
All other liabilities $ 314.66 million
      Total Liabilities $ 26.50 billion
      Shareholders’ Equity $ 2.34 billion

Summary Income Statement

June 30, 2021
INCOME AND EXPENSES
Total Interest Income $ 875.54 million
Total Interest Expense $ 184.46 million
Net interest income $ 691.08 million
Provision for loan and lease losses N.A.
Total non interest income $ 440.99 million
Total non interest expense $ 238.80 million
Pre-tax Net Operating Income $ 1,049.36 million

Bank Loan Profile?

The top three loan types in Sallie Mae Bank’s loan portfolio are Multifamily Mortgages, Credit Card Loans, and Construction and Development Loans.

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
0.06
Credit Card Loans 0.06
Consumer Auto Loans 0.00
Small Business Loans 0.00
Construction and Development Loans 0.01
Commercial Real Estate 0.00
Commercial and Industrial Loans 0.00
Farm Loans 0.00

Customer Reviews for Sallie Mae Bank (35)


  • November 6, 2021 |

    Website agonizingly SLOOOOOWWW. Only 3 linked external accounts allowed.

  • August 4, 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 1, 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 4, 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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