Sallie Mae Bank
Headquarters
175 S West Temple
Salt Lake City, UT 84101
See all branch locations →
Phone 800 472 5543
2022 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 $28.92 billion in assets.
| FDIC Insured | Yes |
| FDIC Certificate | # 58177 |
| Date Established | 2005 |
| Assets | $ 28.92 billion |
| Loans | $ 21.31 billion |
| Deposits | $ 21.55 billion |
| Capital | $ 2.49 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 - August 19, 2022
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
|
| 18 Month CD
|
2.80% | $2,500 | - |
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|
| 24 Month CD
|
3.00% | $2,500 | - |
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|
| 36-Month CD
|
3.05% | $2,500 | - |
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|
| 60 Month CD
|
3.05% | $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.
Sallie Mae Bank Raises Its Online Money Market Rate to 0.65% APY
Apr 18, 2022
The bank also modestly increased its CD offerings.
Following Fed Fund Increase, Sallie Mae Bank Raises MM Rate to 0.90% APY
Jun 15, 2022
Sallie Mae Bank has raised its money market rate to 0.90%.
Bank Online Offers
Sallie Mae Bank raises online money market rates again
Jul 5, 2018
Loan Rates - August 19, 2022
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 2022
| Lender | APR | Rate (%) | Monthly Payment |
Learn More |
|---|---|---|---|---|
NMLS ID: 503941 |
5.327% |
5.250% 0.88 points $2,162 fees |
$1,381 | Learn More |
|
NMLS ID: 503941 |
5.327% |
5.250% 0.88 points $2,162 fees |
$1,381 | Learn More |
NMLS ID: 399798 |
5.565% |
5.490% 0.88 points $2,075 fees |
$1,418 | Learn More |
NMLS ID: 1429243 |
4.808% |
4.750% 0.63 points $1,680 fees |
$1,305 | Learn More |
Featured - Virginia Home Equity Line Of Credit Rates 2022
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Bethpage Federal Credit Union See Table |
Intro APR
4.990 %
After Intro: 6.000 % Intro Period: 12 months |
$25,000 |
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:
Ashburn,Virginia
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 |
|---|---|
| 5.04% | 4.01% |
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 March 31, 2022, Sallie Mae Bank had $187,414,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $2,488,692,000 in equity and $1,227,362,000 in loans loss reserves. That gives it a Texas Ratio of 5.04%.
Return on Equity
| Sallie Mae Bank | U.S. Bank Average |
|---|---|
| 24.28% | 9.01% |
Sallie Mae Bank has a Return on Equity of 24.28% versus the BestCashCow average of 9.01%. 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 |
|---|---|
| 8.6% | 10.66% |
Sallie Mae Bank has a Capitalization of 8.6% versus the BestCashCow average of 10.66. 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 March 31, 2022, Sallie Mae Bank had assets of $28,924,742,000, loans of $21,314,527,000, and deposits of $21,549,496,000. 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
March 31, 2022| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 3.44 billion |
| Interest-bearing balances | $ 3.35 billion |
| Total securities | $ 2.34 billion |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 21.31 billion |
| Loan loss allowance | $ 1,227.36 million |
| Trading account assets | $ 38.82 million |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | N.A. |
| All other assets | $ 1,676.44 million |
| Total Assets | $ 26.44 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 21.55 billion |
| Interest-bearing deposits | $ 21.47 billion |
| Deposits held in domestic offices | $ 21.55 billion |
| % insured (estimated) | 95.89% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 4.57 billion |
| Subordinated debt | N.A. |
| All other liabilities | $ 320.65 million |
| Total Liabilities | $ 26.44 billion |
| Shareholders’ Equity | $ 2.49 billion |
Summary Income Statement
March 31, 2022| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 468.03 million |
| Total Interest Expense | $ 80.15 million |
| Net interest income | $ 387.88 million |
| Provision for loan and lease losses | $ 98.05 million |
| Total non interest income | $ 24.45 million |
| Total non interest expense | $ 118.45 million |
| Pre-tax Net Operating Income | $ 195.83 million |
Bank Loan Profile?
The top three loan types in Sallie Mae Bank’s loan portfolio are Credit Card Loans, Multifamily Mortgages, and 1-4 Family Residential 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 |
0.07 | ✓ | ||
| Credit Card Loans | 0.13 | ✓ | ||
| 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 | ✓ | ||
Customer Reviews for Sallie Mae Bank (40)
LeslieGray
August 5, 2022 |
Aweful customer service sending nasty and condescending emails when asked if they would match their own rates through this save better scam. I was told to get lost and I will.
Is this review helpful? Yes:0 / No: 0
JJA
July 27, 2022 |
I've been a customer since the beginning. I called with an inquiry and some woman started arguing with me that it is no longer Sallie Mae but is now called Smarty something. Between this experience and an antiquated website, I am now in the market for a better brand.
Is this review helpful? Yes:0 / No: 0
Jason
April 20, 2022 |
The rates are sometimes competitive, but navigating the website is like trying to find a Monet in a yard sale.
Is this review helpful? Yes:2 / No: 0
j975
November 6, 2021 |
Website agonizingly SLOOOOOWWW. Only 3 linked external accounts allowed.
Is this review helpful? Yes:2 / No: 0
EBHYT
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.
Is this review helpful? Yes:3 / No: 0
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