Sallie Mae Bank


175 S West Temple
Salt Lake City, UT 84101
See all branch locations →

Phone 800 472 5543

Notable Rates APY Vs.Others
Savings 4.50% 5.50% →
1-Year CD 5.25% 5.50% →
2-Year CD 4.50% 5.00% →
5-Year CD 4.00% 4.61% →
30-Year Mortgage N.A. 0.00% →
15-Year Mortgage N.A. 0.00% →
HELOC N.A. 0.99% →

2024 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 $29.15 billion in assets.

FDIC Insured Yes
FDIC Certificate # 58177
Date Established 2005
Assets $ 29.15 billion
Loans $ 20.94 billion
Deposits $ 21.75 billion
Capital $ 2.42 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 - February 26, 2024

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
SmartyPig Account
4.25% $0 - Learn More
High-Yield Savings Account
4.50% $1 - Learn More
Money Market
4.75% $0 - Learn More
6 Month CD
5.10% $2,500 - Learn More
9 Month CD
5.15% $2,500 - Learn More
12 Month CD
5.25% $2,500 - Learn More
15 Month CD
5.00% $2,500 - Learn More
18 Month CD
4.90% $2,500 - Learn More
24 Month CD
4.50% $2,500 - Learn More
36-Month CD
4.00% $2,500 - Learn More
60 Month CD
4.00% $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

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 - February 26, 2024

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 2024

Lender APR Rate (%) Monthly
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Neighbors Bank
NMLS ID: 491986

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NMLS ID: Not a Lender

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Veterans United Home Loans
NMLS ID: 1907

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NMLS ID: Not a Lender

Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2024

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
7.490 %
$0 Learn More
More Info

Note to Sallie Mae Bank
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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 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
4.93% 4.13%

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, 2023, Sallie Mae Bank had $188,813,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $2,416,412,000 in equity and $1,416,048,000 in loans loss reserves. That gives it a Texas Ratio of 4.93%.

Return on Equity
Sallie Mae Bank U.S. Bank Average
26.66% 26.02%

Sallie Mae Bank has a Return on Equity of 26.66% versus the BestCashCow average of 26.02%. 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
8.29% 10.23%

Sallie Mae Bank has a Capitalization of 8.29% versus the BestCashCow average of 10.23. 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, 2023, Sallie Mae Bank had assets of $29,151,282,000, loans of $20,935,143,000, and deposits of $21,749,515,000. 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, 2023
Cash & Balances due from depository institutions $ 3.72 billion
Interest-bearing balances $ 3.68 billion
Total securities $ 2.32 billion
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 20.94 billion
Loan loss allowance $ 1,416.05 million
Trading account assets $ 52.56 million
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 1,633.81 million
     Total Assets $ 26.73 billion
Total deposits $ 21.75 billion
      Interest-bearing deposits $ 21.74 billion
      Deposits held in domestic offices $ 21.75 billion
      % insured (estimated) 95.34%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 4.23 billion
Subordinated debt N.A.
All other liabilities $ 412.16 million
      Total Liabilities $ 26.73 billion
      Shareholders’ Equity $ 2.42 billion

Summary Income Statement

September 30, 2023
Total Interest Income $ 1,933.98 million
Total Interest Expense $ 724.16 million
Net interest income $ 1,209.82 million
Provision for loan and lease losses $ 329.86 million
Total non interest income $ 201.09 million
Total non interest expense $ 433.45 million
Pre-tax Net Operating Income $ 680.06 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.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 0.00
Credit Card Loans 0.14
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 (45)

  • August 2, 2023 |

    Online CDs 18 Month Rates

    Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.

  • February 28, 2023 |

    How often do people agree? When the overall rating is two stars, then this bank has to be terrible. Try finding multiple deposit accounts; try waiting on your deposit to post due to them floating your funds to and from an external account; the website is geared for transfers and loans, not you tracking your funds. The web designer was clueless in developing this system for users. If you are shaky in your computer knowledge or timid on transferring funds, this is not the bank for you. For peace of mind, you can do much better elsewhere. Again, check the star rating. Are they listening to their customers?

  • February 10, 2023 |

    They will now lock you out of your account until you contact them personally whenever you add an external bank that is not in their system. If it's a big name bank there's no problem but if it's not then prepare to be inconvenienced big time. To top it off you can't have more than 3 external banks. I closed my accounts due to this ridiculous new hoop to jump through.

  • November 30, 2022 |

    Sallie Mae managed to lose our $500,000 account and all the goodwill that had been built over 10 years plus as customers in one simple phone call. Their CSR began screaming at me when I inquired about a product that I saw advertised by something called Save Better. She said "We don't match Save Better. They set their own rates" and went on fuming over the inquiry. My husband and I were both aghast and now we're gone. You should be too.

  • September 11, 2022 |

    If I could leave a -10 star review I would do it in a. This is a classic example of a ridiculously unmanaged government program with zero oversight and zero sensibility.

    In April 2022 I applied for a student loan for my sons flight school. I had a few credit cards and a couple of car notes on my credit report and had about a 740 credit rating.

    I requested a loan in the amount of $113,000 and they wanted 8.75% interest rate on a 15 year loan. That was ridiculous as I haven’t had an interest rate that high since I was in college. I am now 54 I’ve had my home since 2006 never a late payment I have been employed by the same company for 21 years as a professional pilot. There are no negatives whatsoever on my credit report. I had to call them five different times because it took ten days when I reapplied for $100,000 loan and every single time I was on hold for a solid hour or more to get a human being that not once offered any sensible assistance.

    I reapplied for a lesser amount given the horrific interest rate. I had since paid off three cars, all credit cards and I have zero short-term debt. I have a primary mortgage that is well within my means and a second mortgage on a rented rental home. I also have a boat payment that is more than half paid off . Those are the only three line items on my credit report and I have well over $150,000 available credit in credit cards. They all have a zero balance. I also show an 820+ credit rating on all three bureaus.

    During one of my five phone calls the person on the telephone attempted to educate me on how credit scores are calculated. I really wish I had said, do you think with my credit rating that I don’t know how to use credit properly? I did not say that, I did ask her why on earth with my credit rating and my credit file how they now have come back with a 14.75% interest rate, the highest one they can charge.

    She had no answer, only to try and educate me on credit scores and informed me that it was automatically done by the computer and there was nothing she could do, needless to say this is a broken system with zero oversight no accountability and no common sense.

    They have you over a barrel when it comes to flight school training they are literally one of the only ones that will offer a student loan for this type of school.

    If anyone out there thinks that Sallie Mae is a good option for any financing I would think again I would look long and hard to avoid dealing with these morons at any cost.

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