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 $27 billion in assets. Customers can open an account at one of its 1 branches.

Deposit Rates - January 27, 2023

CD RATES APY MIN
6 Mo CD
3.50% $2,500 Compare
MM RATES APY MIN
Money Market
3.40% $0 Compare

Overview 2023

General Bank Information

FDIC Insured Yes
FDIC Certificate # 58177
Date Established 2005
Assets $ 27.37 billion
Loans $ 19.22 billion
Deposits $ 20.18 billion
Capital $ 2.55 billion

Summary Balance Sheet

ASSETS
Cash & Balances due from depository institutions $ 3.79 billion
Interest-bearing balances $ 3.73 billion
Total securities $ 2.57 billion
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 19.22 billion
Loan loss allowance $ 1,081.07 million
Trading account assets $ 47.71 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 $ 24.83 billion

LIABILITIES
Total deposits $ 20.18 billion
      Interest-bearing deposits $ 20.18 billion
      Deposits held in domestic offices $ 20.18 billion
      % insured (estimated) 96.40%
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 $ 24.83 billion
      Shareholders’ Equity $ 2.55 billion

Summary Income Statement

INCOME AND EXPENSES
Total Interest Income $ 934.09 million
Total Interest Expense $ 170.91 million
Net interest income $ 763.18 million
Provision for loan and lease losses $ 128.60 million
Total non interest income $ 285.05 million
Total non interest expense $ 239.57 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
  • 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).

  • 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.

  • 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.


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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.

  • 1
    ONLINE CD
    Bank
    -
    $50,000
    6 Month
    3.50%
    12.32x (National Avg. - 0.28%)
    $2,500
    -
    SCENARIO
    Year Rate
    3.50%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 1,750 1,225
    2 51,750 1,811 1,268
    3 53,561 1,875 1,312
    4 55,436 1,940 1,358
    5 57,376 2,008 1,406
    6 59,384 2,078 1,455
    7 61,463 2,151 1,506
    8 63,614 2,226 1,559
    9 65,840 2,304 1,613
    10 68,145 2,385 1,670
    11 70,530 2,469 1,728
    12 72,998 2,555 1,788
    13 75,553 2,644 1,851
    14 78,198 2,737 1,916
    15 80,935 2,833 1,983
    16 83,767 2,932 2,052
    17 86,699 3,034 2,124
    18 89,734 3,141 2,198
    19 92,874 3,251 2,275
    20 96,125 3,364 2,355
    TOTAL $49,489 $34,643
  • 2
    LOCAL CD
    Online Bank
    -
    $50,000
    12 Month
    4.15%
    9.63x (National Avg. - 0.43%)
    $2,500
    -
    SCENARIO
    Year Rate
    4.15%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 2,075 1,453
    2 52,075 2,161 1,513
    3 54,236 2,251 1,576
    4 56,487 2,344 1,641
    5 58,831 2,441 1,709
    6 61,273 2,543 1,780
    7 63,815 2,648 1,854
    8 66,464 2,758 1,931
    9 69,222 2,873 2,011
    10 72,095 2,992 2,094
    11 75,087 3,116 2,181
    12 78,203 3,245 2,272
    13 81,448 3,380 2,366
    14 84,828 3,520 2,464
    15 88,349 3,666 2,567
    16 92,015 3,819 2,673
    17 95,834 3,977 2,784
    18 99,811 4,142 2,900
    19 103,953 4,314 3,020
    20 108,267 4,493 3,145
    TOTAL $62,760 $43,932
  • 3
    LOCAL CD
    Online Bank
    -
    $50,000
    24 Month
    4.30%
    7.80x (National Avg. - 0.55%)
    $2,500
    -
    SCENARIO
    Year Rate
    4.30%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 2,150 1,505
    2 52,150 2,242 1,570
    3 54,392 2,339 1,637
    4 56,731 2,439 1,708
    5 59,171 2,544 1,781
    6 61,715 2,654 1,858
    7 64,369 2,768 1,938
    8 67,137 2,887 2,021
    9 70,024 3,011 2,108
    10 73,035 3,140 2,198
    11 76,175 3,276 2,293
    12 79,451 3,416 2,391
    13 82,867 3,563 2,494
    14 86,430 3,717 2,602
    15 90,147 3,876 2,713
    16 94,023 4,043 2,830
    17 98,066 4,217 2,952
    18 102,283 4,398 3,079
    19 106,681 4,587 3,211
    20 111,268 4,785 3,349
    TOTAL $66,053 $46,237
  • 4
    LOCAL CD
    Online Bank
    -
    $50,000
    60 Month
    4.40%
    5.45x (National Avg. - 0.81%)
    $2,500
    -
    SCENARIO
    Year Rate
    4.40%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 2,200 1,540
    2 52,200 2,297 1,608
    3 54,497 2,398 1,679
    4 56,895 2,503 1,752
    5 59,398 2,614 1,829
    6 62,012 2,729 1,910
    7 64,740 2,849 1,994
    8 67,589 2,974 2,082
    9 70,563 3,105 2,173
    10 73,667 3,241 2,269
    11 76,909 3,384 2,369
    12 80,293 3,533 2,473
    13 83,825 3,688 2,582
    14 87,514 3,851 2,695
    15 91,364 4,020 2,814
    16 95,384 4,197 2,938
    17 99,581 4,382 3,067
    18 103,963 4,574 3,202
    19 108,537 4,776 3,343
    20 113,313 4,986 3,490
    TOTAL $68,299 $47,809