Sallie Mae Bank

For information concerning the 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 - October 1, 2022

CD RATES APY MIN
6 Mo CD
1.75% $2,500 Compare
MM RATES APY MIN
Money Market
2.25% $0 Compare

Overview 2022

General Bank Information

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

Summary Balance Sheet

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 millionn
      Total Liabilities $ 26.44 billion
      Shareholders’ Equity $ 2.49 billion

Summary Income Statement

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

Customer Reviews for Sallie Mae Bank (2)

Rated 1.00 stars out of 5 - based on 2 reviews
  • 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 These are like cash rates since the can be withdrawn after 6 days with no penalty, but if you are an existing customer (like me, for over 10 years) you cannot take advantage of these.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
    1.75%
    6.34x (National Avg. - 0.28%)
    $2,500
    -
    SCENARIO
    Year Rate
    1.75%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 875 613
    2 50,875 890 623
    3 51,765 906 634
    4 52,671 922 645
    5 53,593 938 657
    6 54,531 954 668
    7 55,485 971 680
    8 56,456 988 692
    9 57,444 1,005 704
    10 58,449 1,023 716
    11 59,472 1,041 729
    12 60,513 1,059 741
    13 61,572 1,078 754
    14 62,649 1,096 767
    15 63,746 1,116 781
    16 64,861 1,135 795
    17 65,996 1,155 808
    18 67,151 1,175 823
    19 68,327 1,196 837
    20 69,522 1,217 852
    TOTAL $20,739 $14,517
  • 2
    ONLINE CD
    Online Bank
    -
    $50,000
    12 Month
    1.65%
    3.98x (National Avg. - 0.42%)
    $1,000
    -
    SCENARIO
    Year Rate
    1.65%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 825 578
    2 50,825 839 587
    3 51,664 852 597
    4 52,516 867 607
    5 53,383 881 617
    6 54,263 895 627
    7 55,159 910 637
    8 56,069 925 648
    9 56,994 940 658
    10 57,934 956 669
    11 58,890 972 680
    12 59,862 988 691
    13 60,850 1,004 703
    14 61,854 1,021 714
    15 62,874 1,037 726
    16 63,912 1,055 738
    17 64,966 1,072 750
    18 66,038 1,090 763
    19 67,128 1,108 775
    20 68,235 1,126 788
    TOTAL $19,361 $13,553