Sallie Mae Bank
For information concerning Sallie Mae Bank online bank, please click here.
Sallie Mae Bank is an FDIC insured institution headquartered at
175 S West Temple, Salt Lake City, UT 84101.
It was founded in
2005 and has approximately $29 billion in
assets. Customers can open an account at one of its 1 branches.
Deposit Rates - March 19, 2024
SAVINGS RATES | APY | MIN | |
---|---|---|---|
SAV
|
4.25% | $0 | Compare |
SAV
|
4.50% | $1 | Compare |
CD RATES | APY | MIN | |
---|---|---|---|
6 Mo CD
|
4.80% | $2,500 | Compare |
9 Mo CD
|
4.85% | $2,500 | Compare |
12 Mo CD
|
4.95% | $2,500 | Compare |
15 Mo CD
|
4.80% | $2,500 | Compare |
18 Mo CD
|
4.75% | $2,500 | Compare |
24 Mo CD
|
4.50% | $2,500 | Compare |
36 Mo CD
|
4.00% | $2,500 | Compare |
60 Mo CD
|
4.00% | $2,500 | Compare |
MM RATES | APY | MIN | |
---|---|---|---|
Money Market
|
4.65% | $0 | Compare |
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Overview 2024
General Bank Information
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 |
Summary Balance Sheet as of June 30, 2023
ASSETS | |
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 |
LIABILITIES | |
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 millionn |
Total Liabilities | $ 26.73 billion |
Shareholders’ Equity | $ 2.42 billion |
Summary Income Statement as of June 30, 2023
INCOME AND EXPENSES | |
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 |
Customer Reviews for Sallie Mae Bank (3)
Rated 1.00 stars out of 5 - based on 3 reviews
Branches
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Sallie Mae Bank Locations
Savings Comparison
This analysis is for demonstrative purposes only. Savings rates may go up or down, and CD rates may not be renewable for the length of the term of the analysis.
PRODUCT
BANK
BANK TYPE
STATE
AMOUNT
TERM
APY
VS.NATL'L AV.
MIN
MILES
Tax Rate: 30%
All calculations are for demonstration purposes only.
- 1ONLINE CDBank-$50,0006 Month4.80%12.09x (National Avg. - 0.40%)$2,500-SCENARIO
Year Rate
4.80%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,400 1,680 2 52,400 2,515 1,761 3 54,915 2,636 1,845 4 57,551 2,762 1,934 5 60,314 2,895 2,027 6 63,209 3,034 2,124 7 66,243 3,180 2,226 8 69,422 3,332 2,333 9 72,755 3,492 2,445 10 76,247 3,660 2,562 11 79,907 3,836 2,685 12 83,742 4,020 2,814 13 87,762 4,213 2,949 14 91,974 4,415 3,090 15 96,389 4,627 3,239 16 101,016 4,849 3,394 17 105,865 5,081 3,557 18 110,946 5,325 3,728 19 116,271 5,581 3,907 20 121,852 5,849 4,094 TOTAL $77,701 $54,391 - 2LOCAL CDOnline Bank-$50,0006 Month5.15%12.97x (National Avg. - 0.40%)$1,000-SCENARIO
Year Rate
5.15%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,575 1,803 2 52,575 2,708 1,895 3 55,283 2,847 1,993 4 58,130 2,994 2,096 5 61,123 3,148 2,203 6 64,271 3,310 2,317 7 67,581 3,480 2,436 8 71,062 3,660 2,562 9 74,721 3,848 2,694 10 78,569 4,046 2,832 11 82,616 4,255 2,978 12 86,870 4,474 3,132 13 91,344 4,704 3,293 14 96,049 4,946 3,463 15 100,995 5,201 3,641 16 106,196 5,469 3,828 17 111,665 5,751 4,026 18 117,416 6,047 4,233 19 123,463 6,358 4,451 20 129,821 6,686 4,680 TOTAL $86,507 $60,555 - 3LOCAL CDOnline Bank-$50,00012 Month5.20%9.42x (National Avg. - 0.55%)$1,000-SCENARIO
Year Rate
5.20%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,600 1,820 2 52,600 2,735 1,915 3 55,335 2,877 2,014 4 58,213 3,027 2,119 5 61,240 3,184 2,229 6 64,424 3,350 2,345 7 67,774 3,524 2,467 8 71,298 3,708 2,595 9 75,006 3,900 2,730 10 78,906 4,103 2,872 11 83,009 4,316 3,022 12 87,326 4,541 3,179 13 91,867 4,777 3,344 14 96,644 5,025 3,518 15 101,669 5,287 3,701 16 106,956 5,562 3,893 17 112,518 5,851 4,096 18 118,369 6,155 4,309 19 124,524 6,475 4,533 20 130,999 6,812 4,768 TOTAL $87,811 $61,468
JPreston
January 7, 2023 |
Called and asked them to match rates offered through save better for a 15 year client since directly offered rates are no longer competitive. Received nasty response. My only regret now is that I need to call back to close account (cannot do it online).
JTrenert
August 30, 2022 |
It is ludicrous in this day and age to have an account where it takes so long to get your money. This may be Sallie's racket, but I am out.
terrible for existing users
July 13, 2022 |
Sallie Mae is offering a 10-month no penalty cd at 1.85% and a 14-month no penalty cd at 2.20 on something called save better. These are like cash rates since the can be withdrawn after 6 days with no penalty, but if you are an existing customer (like me, for over 10 years) you cannot take advantage of these. They aren't available through the regular website.